[new] bank error credited me with over £40,000!!...

jiggy2

never-in-doubt wrote: »

Is it normal to send a chaps payment from a business account to buy personal property....? Isn't that an abnormality in itself?

why not - there is nothing stopping a sole trader/ partner or even a shareholder/company director from doing this.

for accounting purposes it would be drawings / dividends / bonus etc.

hayley11

Something that's puzzling me and I don't work in a bank so possibly why I don't get it but how did two payments get sent? As in how was the second payment funded? Surely you must have had £80k to cover both payments? If not, why on earth would they send a payment when there wasn't enough money in the bank to cover it?

Extant

hayley11 wrote: »

Something that's puzzling me and I don't work in a bank so possibly why I don't get it but how did two payments get sent? As in how was the second payment funded? Surely you must have had £80k to cover both payments? If not, why on earth would they send a payment when there wasn't enough money in the bank to cover it?

A CHAPS payment doesn't go from account A to account B, it goes in to a CHAPS settlement account held by your bank first, which is then used to settle that bank's accounts at the Bank of England. The settlement account will typically feature an unlimited overdraft, meaning a mis-key or similar could allow such an error to happen.

hayley11

BarclaysManager wrote: »

A CHAPS payment doesn't go from account A to account B, it goes in to a CHAPS settlement account held by your bank first, which is then used to settle that bank's accounts at the Bank of England. The settlement account will typically feature an unlimited overdraft, meaning a mis-key or similar could allow such an error to happen.

Ah thanks

greenface

greenface wrote: »

Phone the bank and ask if everything is "ok" and "as it should be" call it a customer fact finding call.

never quoted myself before but i would honestly do this and log it down. Puts the ball back at them and they cant say you havent asked . As for the people who say the cashier/staff would be in trouble "FOR WHAT" surely if they have realised money has gone and how much they would be onto the op. I wouldnt give it back until they ask *my opinion*

honeymonster748

BarclaysManager wrote: »

A CHAPS payment doesn't go from account A to account B, it goes in to a CHAPS settlement account held by your bank first, which is then used to settle that bank's accounts at the Bank of England. The settlement account will typically feature an unlimited overdraft, meaning a mis-key or similar could allow such an error to happen.

...it wasnt a 'mis-key' that caused this.
Bank B, not knowing how to correctly process the transfer sent funds as they would have with one of their own accounts, (from a CHAPS holding account or something) presumably expecting Bank A to settle with them (by transfering the money from our account.)
Bank A (my bank), received the fax instruction to send the CHAPS payment (from Bank and did so, sending the money directly to the recipient from my account.
It is therefore not MY bank (or another bank account holder) who is currently in the red by £42k, it is the sending bank (who cocked it up) whose internal account is still missing this money.

never-in-doubt

honeymonster748 wrote: »

...it wasnt a 'mis-key' that caused this.
Bank B, not knowing how to correctly process the transfer sent funds as they would have with one of their own accounts, (from a CHAPS holding account or something) presumably expecting Bank A to settle with them (by transfering the money from our account.)
Bank A (my bank), received the fax instruction to send the CHAPS payment (from Bank and did so, sending the money directly to the recipient from my account.
It is therefore not MY bank (or another bank account holder) who is currently in the red by £42k, it is the sending bank (who cocked it up) whose internal account is still missing this money.

Can you name the two banks involved?