Bank lost my Money

bottoms

Hi i paid a credit card account through my bank in October and the Bank say they have lost my Money (My credit card company are pestering me to pay the interest) it has gone to another account, So i had a meeting with the manager who was not that rehasuring she would get it back soon She knows where it has gone What is the best thing to do

Thanks

Organic12

I don't know the whats and the wherefores when it comes to banks and payments. The following is simply how I'd handle it. Hopefully someone who knows more will post.

I would start with a letter of complaint to the top person in the bank, not the (usually overwhelmed) complaints department.

The bank is admitting they lost the money by putting it to the wrong account. I would have thought it reasonable that they pay the original amount plus the interest immediately to the credit card company and recognise that you have been put out by having to correct their mistake.

I don't really understand why they have to retrieve it from this other account first of all. It was their mistake, they need to correct it right now. They can sort out the retrieval in their own time, not yours or the credit card company's. Why are you being lumped with the consequences of their mistake?

I would also write to the credit card company and let them know what has happened.

I understand mistakes happen, I make plenty myself but object when companies think their customers will sit back and take it.

Good luck!

jonesMUFCforever

How did you pay? In branch? Post? telephone or online?
You say that it has gone to another account which may suggest online payment - which also would indicate that you inputted a wrong number - is that correct?

If so the bank are not at fault and I would pay at least the interest or risk your account defaulting.

Mikeyorks

bottoms wrote: »

She knows where it has gone What is the best thing to do

Hope she gets it back! If it's working with the manager .. not a lot else to do at the moment other than negotiate with the CC company what you do about the interest in the interim.

Did you pay it with a handwritten Bank Giro slip?

Scousebird_2

It should be easy to trace-good luck! Maybe ask the Manager if you can negotiate a gesture of goodwil to cover what you would be out of pocket on the interest payments.

opinions4u

1. Ensure at least the minimum payment is made to the credit card company to protect credit rating while the issue is resolved.

2. If it is the bank's mistake you need to:
(i) insist on the full amount plus interest being sent to the credit card company.
(ii) insist that the bank write to the credit card company confirming it was their error.
(iii) insist that the bank contact all relevant credit reference agencies to 'clear' your name on this issue.
(iv) insist that the bank compensate you for any additional interest and charges levied by the credit card company. You may need to prove the amounts.
(v) request an appropriate level of compensation for the stress caused. My thoughts would be somewhere between £50 and £100 - but you will know exactly what stresses this has caused.

3. If it is your mistake, you still need to ask the bank to quickly resolve it for you. The funds have gone to someone else and they need recalling. You need to give a few days grace to achieve this before taking the issue to the bank's complaints department. I don't think you can expect any compensation for additional costs or stress or anything official to correct your credit rating in these circumstances.