Incorrect bank details

[pamelaharris85]

Where do surplus settlement funds go if the vendor’s account details are incorrect? In this case vendor has provided account details for an account that was to be closed on settlement (they did not know the account would be closed - it was an offset). Bendigo & Adelaide Bank are saying money should have gone to solicitor, solicitor doesn’t have the money and have spoken to PEXA who are saying funds are being held by the bank. It appears to be going around in circles. The matter is urgent as vendor is buying another property with settlement in 2 days and requires money to facilitate the purchase. 

[BallaratConveyancing]

Generally PEXA will send you (although the process has changed now) a Corrective Payment Instruction if the funds have not hit the said destination account. 

New process - Log into PEXA and see if you have any corrective payment instructions on the left hand side menu.  (If you do fill this out and send it back to PEXA asap). 

You can complete the Corrective Payment Instruction and send it back to PEXA who then generally redirect the funds. 

This can take some time though. 

Good luck! 

[TomDavy]

Hi @pamelaharris85 ,

Thanks for your question. 

@BallaratConveyancingis correct with their answer for this one, the correctives payement process has changed and is now completed within the platform.
Your Subscriber Manager will be able to see the Corrective Payments tab on the left hand side of their dashboard.

If there is an incorrect payment for you to action, a notification will be displayed to users of the responsible subscriber informing them that action is required on their part to correct the payment particulars

Once this has been completed on your end, PEXA will then be able to successfully correct these instructions to its intended recipient. 

Please note, normal banking times still apply for these payments. 

We also have a guide on how to complete Corrective Payments which you can find in our help centre here (https://community.pexa.com.au/t5/Help-Centre/Corrective-Payments-Help-Centre/ba-p/16789)

Please let me know if I can help further. 

Regards, 

Tom