When Credicorp refunds an overpayment or a surplus, our standard practice is to return the money to the business bank account the original payment came from. Occasionally that account has since been closed, for example after the company changed banks. In that case we cannot simply send the refund back the usual way.
What happens instead
If the originating account is closed, contact your account team and let us know. We will arrange to verify your company's current business bank account before releasing the refund. This extra check protects your business by making sure the money goes to a genuine, verified company account rather than the wrong destination.
What we may ask for
- Evidence that the original account is closed.
- Details of your company's current business bank account.
- Confirmation from an authorised signatory or director on the facility.
Why the checks matter
Redirecting a refund to a different account is exactly the kind of change fraudsters target, so the verification step is there for your protection. It may add a little time, but it keeps your company's funds safe.
Facilities are provided only to UK limited companies and LLPs for business purposes and sit outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.
See also: Will I get a refund if I overpay at settlement?, Who can authorise payment changes on my company's account?, Can I change my monthly payment date?.