For the last few months I have been paying off a loan via automatic payments from my current account that transfer over automatically each month. The loan got paid off and the bank closed the account. I just realised that I forgot to cancel the automatic payments and have sent 300 euro to the loan account which is now closed. The money came off my account. The loan account and current account in question are from different banks. Where has my money gone and how do I get it back?

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    This kind of thing happens all of the time. Don't lose sleep over it. The bank may have already cut a check and it's in the mail.
    – longneck
    Commented May 25, 2016 at 12:08
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    Anecdote, less than an answer... A similar thing happened to me recently on two accounts. An old mortgage was paid with a check, and a loan was paid with an auto transfer. The mortgage company sent the unused check back to me, the loan company made a reverse-transfer of the money back into my account. Very easy.
    – JPhi1618
    Commented May 25, 2016 at 18:11
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    I contacted my bank and it's worth mentioning that my bank automatically reverses any such transactions.
    – C_B
    Commented May 26, 2016 at 12:17

2 Answers 2


Contact the bank where the money is being sent. They should have a record of it, and they will know what happened to it. In some, maybe even most, banks accounts are never truly closed, they are just made inactive. If that is the case with this bank the 300 euro may be sitting in the account as a credit.

If they have the money, ask for them to send it to back by reversing the transaction. If it has been too long they may have another procedure for refunding the money. They might even send it by check.

If they already reversed the transaction, contact your bank to determine where the funds went.

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    I love this common-sense answer. Like I tell my 3 year old "Did you use your words?" We live in a world today where we're constantly taught to keep our cards close to our vest so we always have the advantage sometimes we forget about just asking nicely for what we want!
    – corsiKa
    Commented May 25, 2016 at 16:23

You will be best to cancel the original instruction first, as you will have to wait for any pending payments to be received, as the banks will not entertain multiple refunds. After this can be confirmed the account will simply show a credit which you ask for. Many lenders/banks process these type of transactions after a period of time ie 30 days and there will be no way to speed this up, so the sooner you act the better. When you contact the bank have bank details for the payment(they might transfer externally fingers crossed), or you may receive a cheque in the post. Try to avoid complicating the matter with changes of address and ringing before you have cancelled the instruction etc if possible.

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    I agree with making sure to cancel the original instruction first, but I hardly think the bank has a choice about multiple refunds or not. They have an obligation to refund any money you send them that they're not entitled to, just as you'd be obligated to refund any money errantly sent your way.
    – Joe
    Commented May 25, 2016 at 14:57
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    Not choice, but policy... They work in call centres and will want you to do all your cancellation work first before they have to fill in the long form to request funds be returned. I know because I used to work for a couple of banks.
    – Andrew Day
    Commented May 25, 2016 at 16:09

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