Ontario father sends $5,000 for his son to stranger's bank account

An Ontario father who was trying to pay his son's college fees got a shock when he mistakenly sent $5,000 to the wrong account.
"I wanted to transfer funds from my account to my son's account to pay for his education," said Paul Mifsud, of Keswick, Ont.
Mifsud and his son Kyle both use Wealthsimple, an online investment management service, and he felt it was easy to transfer money through the platform.
  "Everything looked good, $5,000 for my son Kyle. I hit submit and I'm done."
But Mifsud said she became concerned when her son didn't receive the funds, and that's when she realized the money had been sent to the wrong account — to someone else, who also happened to be named Kyle.
When the family contacted Wealthsimple, they were told nothing could be done. The company says on its website: "Once funds are sent, they cannot be canceled or recalled."
Mifsud was disappointed that his funds could not be returned.
"It's not resolved at this point, I lost $5,000 and I feel like a victim here," Mifsud said.
Wealthsimple said they agreed to look into Mifsud's case.
"We have been working with Paul and have reversed the $5,000 transfer that he mistakenly shared," a company spokesperson said in a statement.
We also informed him that the funds will be returned in the next 24-48 hours. "We are deeply sorry for the inconvenience and inconvenience he has caused."



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