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Money-back rules for bank transfers

If you were tricked into sending money by bank transfer on or after 7 October 2024, UK banks must now refund most victims. Here is how the rules work.

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Up to £85,000 per claim

Banks must reimburse most victims of authorised push payment fraud, where you were tricked into sending the money, up to £85,000 for each claim.

Claim within 13 months

You need to report the fraud to your bank within 13 months of the last payment. The sooner you report it, the better.

Refunds are meant to be quick

Banks should normally reimburse within five business days of a claim. They can take longer in some cases, for example if they need more information.

An excess of up to £100

Your bank may deduct an excess of up to £100 from a refund. It cannot do this if you are a vulnerable customer.

What is covered

  • Payments made by Faster Payments or CHAPS from a UK account.
  • Payments you made yourself because you were deceived, for example by a fake investment, romance, purchase or impersonation scam.
  • Payments on or after 7 October 2024.
  • Every UK bank and payment firm that offers these payments, not only some.

What is not covered

  • Card payments. These have their own protections, such as chargebacks.
  • International payments and cryptocurrency transfers.
  • Payments to another account in your own name, such as your crypto exchange account.
  • Private disputes, for example about the quality of goods from a genuine seller.
  • Cases where you acted with gross negligence, such as ignoring clear, specific warnings from your bank or the police.

If your payments are not covered, you may still have a claim. See your other options.

How to claim

  1. Tell your bank it was fraud

    Call the fraud line using the number on your card or the bank's official website. List every payment.

  2. Give them the details

    Explain how you were deceived and share your evidence. Your bank may ask questions before it decides.

  3. Get the decision

    If you are reimbursed, the money is paid into your account. If the bank refuses, ask for the reasons in writing.

  4. Escalate if you disagree

    You can refer the complaint to the Financial Ombudsman Service for free, normally within six months of the bank's final response.

General information about the UK rules, not legal advice. Limits and conditions can change; check the current position with your bank or the regulator.

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