A Mistaken Internet Payment is the processing of an item where money is paid into a wrong account due to an incorrect BSB and/or account number being entered through a ‘pay anyone’ internet banking facility.
To report a MIP you may contact us on 13 15 63, 24 hours a day.
A MIP should be reported as soon as you discover the mistaken payment.
We require the following specific details regarding the transaction:
We must investigate whether the transaction is a MIP. If satisfied it is a MIP we send a request for return of funds to the receiving bank. The date of the original transaction will determine the length of time allowed to the receiving bank to investigate varying from 10 business days to longer. We must respond to you within 30 business days.
If the Receiving Bank recovers the funds from the unintended recipient then the funds will be returned to ME and we will return the funds to you.
If the Receiving Bank is unable to recover the funds from the unintended recipient, the account holder will be liable for losses from the MIP.