Single wrong digit sees couple lose $230,000

It’s the stuff of Aussie nightmares. And in this financial climate it’s particularly terrifying that so much money could vanish in thin air.

It’s the stuff of Aussie nightmares.

And in this financial climate it’s particularly terrifying.

A Sydney couple feared they had lost hundreds of thousands of dollars after a bank error saw the money transferred into the wrong account — and all they did wrong was enter a single incorrect digit.

Stephen Tibbs, who is in the grip of stage 4 cancer, made a decision he thought would improve his financial situation.

He cashed in his UK pension and transferred nearly $200,000 to his Australian mortgage account using foreign exchange platform Wise.

Stephen Tibbs and wife Michelle. Picture: A Current Affair

The only problem was one digit in the account was wrong — sending the money to the National Australia Bank instead, A Current Affair reports.

Mr Tibb’s wife Michelle called NAB only to be told by a branch manager “there was not an account number linked to that branch”.

The couple initiated a recall of the payment through Wise, but nearly two months on, the money was still missing.

“Wise is apparently the only people who can help us and as of Friday last week they told us the recall process had taken six-to-eight weeks and they’d had no response from the NAB so that was the end of the amount of time they could help us,” Mrs Tibbs said tearfully.

NAB also told the couple, as they weren’t customers with the bank, it couldn’t help them either.

The money, according to the couple, had literally vanished.

Financial pain exacerbates health struggle

Money is the last thing the Tibbs family want to be stressing about due to Mr Tibb’s terminal cancer diagnosis.

“I have grade 4 cancer, the highest grade of cancer,” Mr Tibbs said. “It is widely spread.

Stephen and Michelle Tibbs with their three sons. Picture: A Current Affair

“I feel like I am two people; the guy before February 2 who had thirty years ahead of me, and the second person who has limited time.”

Mr Tibbs said he had wanted to set up his wife and three teenage sons financially because he is unable to work.

His wife told A Current Affair she is struggling to look after her very sick husband, children as well as hold down a job.

“I can’t work more because I am looking after one very sick husband and three teenage boys,” Mrs Tibbs said.

Bank comes good

In a statement Wise confirmed one payment had bounced back but couldn’t say why the first one hadn’t.

“Unfortunately, Wise has no control over a customer inputting incorrect account details,” it said.

“Similarly, if an account isn’t active with a bank, Wise has no visibility on that.”

The cancer is ‘widely spread’ says Stephen Tibbs. Picture: A Current Affair

Thankfully the NAB has now located the money and safely deposited the sum into the Tibbs’ mortgage account.

In a statement NAB’s Jocelyn Turner said: “We’re delighted we were able to recover Mr Tibbs’ funds and have safely sent them on to where he originally intended.

“The time it took and the experience Mr Tibbs had wasn’t good enough and we’re determined to do better.

“Our team is now looking at how we get to the right answer quicker when customers accidentally transfer money to the wrong account.”