WENDY KNOWLER: Why you should be very careful when making an EFT
'Sadly, too many people’s moral compasses malfunction at the sight of the lovely new balance on their bank statement'
THE problem with processes that are quick and easy is that it’s also easy to make a mistake — as many do, every day, when doing electronic funds transfers (EFTs). Businesses mean to pay their suppliers but “gift” a stranger instead; consumers think they’ve made a payment to a friend but one wrong number saw their funds disappear into someone else’s account; and some have finger trouble when choosing a beneficiary on their list and end up paying the wrong company. If the beneficiary is the sort who, having spotted the mistake, immediately informs the bank and is willing to do the right thing and return their windfall, that money is usually back into the payer’s bank account within five days.