A pensioner was left short of his £193,000 inheritance after he input a minor sort code error when trying to deposit his money. The payment was withheld by the bank when they noticed the mistake, however, the news was soon made worse when the bank account to which the money was sent refused to return the money.
Mr Teich paid his legal team £12,000 before managing to uncover the name of the Barclays’ customer who wrongly had his cash.
He then had to pursue the case in high court, throwing down another £34,000 to get a freezing injunction.
Although the final ruling saw the customer returning Mr Teich’s inheritance to him, the pensioner was still out of pocket when it came to legal fees.
According to The Daily Mail, Barclays initially refused to pay his legal fees; though the bank finally coughed up the £46,000 in full, as well as £750 compensation for the trouble.
“It could have taken Barclays a few days to recover the misdirected funds, but instead they did nothing,” he said.
In a statement, Barclays said: “It is evident that on this occasion we have failed to meet the high standards that Mr Teich can expect to receive from Barclays, and for this, we have offered our sincere apologies.
However, as of March, next year more stringent security checks will come into place which will take into account the names of customers.
It is hoped this will cut down on the number of people who are conned out of their hard-earned cash every year.
Even with this policy in place, though, it is vital account holders keep are very careful when entering their information and double-check everything before processing requests.