Balance transfer has gone missing!

Hazelnutt

We transfered a balance from my card to my husbands for a better deal, but the money did not arrive in my card. When I contacted my credit card company they have pointed us to my husband credit card company and when we contact them they say that my card company have the money. We have established that two numbers in the transfer were swapped round. It was a large transfer of money £9,500, I really cannot afford to loose that as I am hoping to retire soon. Has anyone else had an experience like this? Who can I turn to?
I have now written to the 'customer concerns dept' but the last person I spoke to had a completely 'teflon' attitude (nothing sticks), 'we do not give you and individual person to talk to' 'we do not look for payments when they come from another bank'.
Any suggestions will be gratefully received.

normanmark

How long ago did you do the balance transfer? If its anything more than 10 working days then you need to chase with your card provider and ask them to log a missing payments enquiry for the balance transfer.

The person that did it have probably entered some wrong details somewhere.

Hazelnutt

It is more than 10 days, they logged it with missing payments but on my last phone call I went back to square one with the 'supervisor' saying I had to go back to my husbands credit card provider.
You are right, two numbers were swapped around. They have been given the number of the account to which the money was sent.
Thank you for the quick reply

DrScotsman

I assume the process was that you phoned up your card company to initiate the balance transfer to your husband's card, yes?

In which case if THEY typed the digits wrong then it is entirely their responsibility - if they can't get the money back then it's not your problem. This sounds clear cut enough that a threatening formal complaint letter to them should do the trick; send one to them recorded delivery. Threaten the Ombudsman to show you're not going to be taken for a ride.

normanmark

Well give them a call back & ask for an update on the missing payment. If they tell you to go to your husbands card provider explain clearly to the person on the phone that in a balance transfer the losing card company won't chase a balance transfer. It has to be the gaining card (the one taking the debt) that does the chasing.

If you're still getting no where, ask to speak to their supervisor & ask them to chase and give you an update within 48hrs.

normanmark

DrScotsman wrote: »

Threaten the Ombudsman to show you're not going to be taken for a ride.

I wouldn't advise this, it doesn't get you anywhere. Advisors know quite well that before an Ombudsman gets involved then they have to go down the complaints route & for the card company to announce deadlock on the case.

Keep a level head, realise that they're only doing their job & most of be polite. You'll be surprised how far it gets you.

DrScotsman

normanmark wrote: »

I wouldn't advise this, it doesn't get you anywhere. Advisors know quite well that before an Ombudsman gets involved then they have to go down the complaints route & for the card company to announce deadlock on the case.

I am aware of that, but they also know that most people don't know about the Ombudsman (and the mention they have to give them at the end of an unsuccessful complaint doesn't exactly enlighten people as to how useful the Ombudsman is). Them knowing you're aware of the Ombudsman means they might take your complaint more seriously. That's how I see it at least.

I had a complaint with my car insurance, they ignored a change in my policy I told them and were requesting the £130 to fix it; didn't mention the Ombudsman until they had denied responsibility. Requested a letter of deadlock, they halved the price. If I had mentioned the Ombudsman in the first place, it might have sped things up :rolleyes:

Hazelnutt

Thank you both for posting replies, I have had the data protection act quoted the new credit card laws quoted and I have also been told that the two companies will not speak to one another due to data protection.
I have written to my card company, that is the company loosing the money and my husband is going to speak to his card company, the company gaining the balance today and we will write to their complaints department. Perhaps I am not informed enough, but I have found it difficult to find information regarding their processes. I am really afraid that we will be trapped between two companies. We are not sure who is at fault with this mistake, it was done on the internet and we have found it impossible to pull back the record of the transfer. Thanks once again.

DrScotsman

Hazelnutt wrote: »

We are not sure who is at fault with this mistake, it was done on the internet and we have found it impossible to pull back the record of the transfer. Thanks once again.

Gulp. Does that mean the mistype was probably you/your husband?