Lost interest when transferring funds

20Nick09

I had some funds in a savings account with specific rules. If i transferred any funds from this account I would loose the interest paid for the remainder of the month on any remaining funds. When I came to transfer all the funds to another bank, i transferred a small amount to one account and the remaining (about 99% of it) to another. Unfortunately, the majority of the money did not transfer successfully as there was a problem with the direct debit (the recieving bank would not accept the funds). By the time I realised I had lost the interest on the funds that were left in the original bank account. I spoke with the bank and eventually conceeded that there terms were that I would not be paid the interest on the funds that had remained in the account for the best part of a month.

This doesn't feel right as they still had my money. Does anyone have any experience of this and successfully got the bank to pay the interest on the money that failed to transfer??

alastair_h

It doesn't sound like your original bank (and I hate to say it) was at fault, so I don't think you could claim against them as it was the fault/problem with the receiving bank.

Why did the receiving bank refuse the direct debit? If they are at fault you stand a better chance of claiming the loss of interest back from them.

Milarky

Would this be cahoot by any chance? I once tried to have two pending direct debits (into the account I seem to recall) but only the second requested payment was made. It was explained to me that they could not have more than one 'standing' DD request at a time - and when the second request was made it 'replaced' my initial request rather than being 'in addition' to it.

Could it be you inadvertently did something similar?

agsnu

If you're moving large sums around, you might want to consider CHAPS in future since you get certainty that they're moving on the same day.