We closed all Coconut current accounts in 2022. Read about it here.
Bank transfers and refunds that are sent to your old account will be returned to sender automatically. If the funds don't automatically appears after 5 days, the sender will need open a trace funds request with their bank, as it is likely they will be sat in a settlement/holding account.
Here's some guidance to help:
When managing invoices in Coconut, issues might arise where payments are sent to closed accounts or invoices remain unpaid despite payment attempts. Review the specific scenarios and resolutions below to ensure smooth processing of payments related to your Coconut account.
A bank transfer has been sent to my old account
There may be times where you or your clients accidentally send a bank transfer to your closed Coconut current account.
If this happens, the funds will automatically bounce back to the sender. This usually happens immediately with most regular banking providers (eg high street banks).
Some providers have different systems that do not support automatic bounce backs, but instead funds a transferred back to a settlement/holding account with the provider, and then it's up to the provider to re-apply the funds to the sender's account. Most providers do this within 5-7 business days.
What if funds haven't been returned
If this timeframe lapses and the funds haven't bounced back to the sending account, the sender will be able to trace this with their bank - it may be that the funds are in their settlement/holding account.
Please note that once a Coconut current account is closed, we will not accept bank transfers in.
Additionally, invoices generated using Coconut should always include valid and up-to-date bank account details to prevent payment issues. Ensure that clients sending payments are informed about updated payment instructions to avoid complications.
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