What to do now
Official pages: MoneySmart, Unauthorised and mistaken transactions, ASIC, ePayments Code, AFCA, Mistaken internet payments, AFCA, Make a complaint (free call 1800 931 678, MoneySmart/AFCA: about 9 am to 5 pm, Monday to Friday).
-
Contact your bank immediately. Tell them whether you think it is a mistaken payment (wrong BSB, account number, or payee) or an unauthorised transaction (you did not agree to it). Ask them to stop further transactions if a card, PIN, or password may be compromised. Get a reference number (MoneySmart).
-
Write down the facts today. Date and time, amount, BSB and account you intended vs used, payee name shown, screenshots, and any SMS or email alerts. Do not keep sending more money to "fix" the mistake.
-
Ask which process they are using. For personal accounts with an ePayments Code subscriber, the bank must investigate mistaken internet payments and apply the Code's unauthorised-transaction liability rules (ASIC; MoneySmart). Ask for the expected next step and deadline in writing.
-
If the bank stalls or refuses, lodge a formal internal dispute resolution (IDR) complaint with the bank (MoneySmart: use the word "complaint", your contact details, what went wrong, and the outcome you want). Keep a copy.
-
Then AFCA if needed. When IDR finishes unsatisfactorily, or the bank's IDR time limit passes, complain to AFCA. AFCA is free and independent for banking deposits and payments. Complain soon after IDR ends; time limits apply (MoneySmart).
This is legal information about banking dispute paths in Australia, not personal legal advice.
Mistaken vs unauthorised
MoneySmart draws a clear line:
- Unauthorised transaction: someone transfers money from your account without your permission (including some card, ATM, EFTPOS, online, or BPAY activity you did not agree to).
- Mistaken transaction / mistaken internet payment: you paid the wrong person or company because you used the wrong bank details (for example wrong BSB or account number). AFCA notes the payment can still go through even if the account name does not match.
These are different processes. Tell the bank which one you mean. Soft cite: AFCA mistaken internet payments.
Mistaken internet payment clocks (ePayments Code)
AFCA summarises the ePayments Code recovery steps when you report a genuine mistaken internet payment and the unintended recipient still has funds:
- Within 10 business days: funds are generally returned to you.
- After 10 business days and within 7 months: the receiving bank freezes the funds; the recipient usually has 10 business days to show they are entitled to them. If they do not, the funds are returned to you.
- After 7 months: funds are usually returned only if the unintended recipient agrees.
If funds have already left the recipient's account, recovery is harder. The receiving bank may still try (for example by asking the recipient to repay). Report early while money may still be there (AFCA; MoneySmart).
AFCA also notes the ePayments Code mistaken-payment regime does not apply to small businesses making internet banking transactions in the same way as consumers. Check whether your account is a consumer facility and whether your bank is a Code subscriber (ASIC subscriber list or account terms).
Unauthorised transactions
MoneySmart says you are more likely to get money back where, for example, a forged, expired, blocked or cancelled card was used; a bank employee or seller acted fraudulently; the transaction happened before you received the card, PIN or password; a seller debited more than once incorrectly; the transaction happened after you told the bank the card was lost or stolen, or that someone else may know your PIN or password; or it is clear you did not contribute to the loss.
You are less likely to recover where you acted fraudulently, did not keep your PIN or password secret, unreasonably delayed telling the bank about a lost or stolen card or shared PIN/password risk, or accidentally left your card in an ATM (MoneySmart). The ePayments Code sets detailed liability rules; your bank must apply them if it subscribes (ASIC).
Bank IDR, then AFCA
- Formal complaint to the bank (IDR).
- If still unresolved, AFCA about banking deposits and payments. Soft cite: MoneySmart, How to complain.
Fee for AFCA: free for consumers. Wait: banks have IDR response timeframes under ASIC guidance (RG 271); ask your bank for its complaint deadline in writing. AFCA: complain as soon as possible after IDR finishes (MoneySmart).
Free help if you are stuck: a community legal centre, or a financial counsellor via National Debt Helpline on 1800 007 007 if the loss is causing hardship (MoneySmart).
Related paths (not the same problem)
- Card purchase you authorised but goods never arrived or were not as described: Chargebacks and debit card disputes (scheme chargeback, usually 45 to 120 days).
- Cannot keep up with loan or credit card repayments: Financial hardship and AFCA.
- Collector chasing an old debt: Statute-barred debt.
- Insurance claim denied or delayed: Insurance claim denied or delayed.