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Payments & Refunds Sent to Closed Coconut Current Accounts
Payments & Refunds Sent to Closed Coconut Current Accounts

Has someone paid you? Now that we've closed all current accounts, what happens if a payment is accidentally sent to a closed account?

Updated over a week ago

We closed all Coconut current accounts in 2022. Read about it here. Bank transfers will be returned to sender automatically, but card refunds may sometimes go to your old account. Here's some guidance to help:

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.

I've received a Card refund to my old account

If you're expecting a refund for a debit card purchase that is being refunded directly to your Coconut card, please contact us via email on [email protected].

There are instances where these may still arrive, so the support team will need to arrange a return of funds by working with our former banking partner, PPS.

Read more:

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