I sell things online. Recently my bank has flagged some of the money I received in return for goods as being fraudulent - that the sender hadn't intended to send it (they call this an 'unauthorised payment'). They've taken the money from me, and I can't get the goods I sold back. They also closed both my business account and personal account without warning.
I can understand the account closure, although warning would have been nice. What I can't understand is why I am losing quite a significant amount of money for someone else's mistakes. Either the sender is fraudulently claiming this was unauthorised, or their bank doesn't have adequate security standards - why is it me who loses out here? Additionally my understanding is that a Faster Payment is as good as cash once received.
Can the bank legally take money from me that was received via Faster Payments?