Transfers to a closed bank account

Updated 3 months ago by Xavier Mayo

When a bank transfer request is made, Lydia checks that the format of the bank details are in order, but Lydia has no way to check if the bank account is valid or not. If you transfer money to a bank account account that is closed, Lydia cannot detect this.

The receiving bank will notify Lydia of rejected transfers in the days that follow. This step can take several days - sometimes up to 15 days in the longest cases.

In the 3 working days following the bank's rejection of the transfer, the amount will be automatically recredited to your Lydia account
and the erroneous bank details deleted. You will be notified of this by email.

You should attempt the bank transfer again if you still want to, but this time with different bank details instead.

How did we do?