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No liability for recipient banks when transfers go wrong – will the bank customer be out of pocket when mistakes happen?

2015-01

A bank customer makes a mistake when filling out a bank transfer form and enters the wrong number, resulting in the money landing on the wrong account. The recipient bank is, since the introduction of the regulations of the Austrian Payment Services Act, no longer liable for this. This was confirmed by the Supreme Court in their decision 2 Ob 224/13z (Supreme Court 23/10/2014).

Full article in German

Authors

Picture of Anna Konopka
Anna Konopka