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VARA’s Kassa discusses incorrect bank transfers

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On Saturday 18 October, VARA’s Kassa will once again discuss incorrect bank transfers. The programme may give the impression that something went wrong when old account numbers in customers’ online banking address books were converted to IBANs. This is not the case. Where these customers transferred money to the wrong accounts, the incorrect account numbers were already in their address books before the conversion.

Presenter in the studio of VARA's consumer program counter, with a screen and messages in the background that illustrate the theme of consumer prices and receipts. At the bottom is the website “live.counter.vara.nl”.

Keep your online banking address book up to date

Banks advise customers to keep their address books up to date. Selecting an outdated account from an address book can result in an incorrect transfer. By law, banks are not permitted to reverse these unintended transfers, although they can mediate between the customer and the unintended beneficiary at the customer’s request.

Fewer incorrect transfers with IBAN

Fortunately, bank customers rarely make an incorrect transfer. Last year, these represented only a very small proportion of all mobile and online banking transfers. The proportion is expected to fall further following the introduction of IBAN, as every IBAN contains a two-digit check number that detects typing errors in the account number.

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