Here’s what you need to know if you’ve made a mistake with an online payment from your account to someone else’s - known as a Mistaken Internet Payment (MIP).
Not an MIP? If you’ve made a mistake with a BPAY transaction, a transfer from a business account or simply changed your mind, here's what you need to do.
Tell your bank asap
As soon as you realise there’s a problem with an internet payment, get in touch with your bank. The sooner they know, the quicker they can start fixing it. Have this information ready:
- Date: When the transaction was made
- Amount: How much you transferred
- Account details: Your BSB and account number plus the recipient’s bank details.
- Call us 24/7 on 13 2221
- Call us anytime on +61 2 9999 3283 if you’re overseas
- Drop in to your nearest branch.
What happens next?
Once your bank has confirmed the mistake is an MIP, they’ll usually send the recipient’s bank a request to return the funds – it’s likely you’ll be charged a fee for this. In most cases you’ll also be given a reference number so you can track the status of the investigation.
How long will it take?
The sooner you inform your bank, the quicker the money will be returned to your account (as long as the recipient’s bank doesn’t dispute your request).
Timings differ from bank to bank but with CommBank if you report a mistake:
- Within 10 business days: Money is returned to your account if you contact CommBank within 10 business days and the money is still in the recipient’s account and we are satisfied that the mistake is genuine.
- Between 11 business days and 7 months: It takes longer to return money to your account if you report a mistake after 10 business days.
- Over 7 months: If, by going back through your statements, you notice a mistake that happened over seven months ago you may find it more challenging to recover your money. The recipient has to first consent to the return of your funds. It’s still worth getting in touch with your bank though.
Avoiding a mistake in the future
Check your recipient’s details (BSB, account number, bank address and amount) with them before confirming any further transfers – especially if you’re setting up a recurring payment. Also double-check when inputting the details on a transaction and before you submit it for processing. You can also check the BSB and address of a CommBank branch using our branch locator tool.