CHAPS Help Compensation???

Apreciar

Yesterday I arranged with my own bank to make a CHAPS transfer of £1.3M to a savings institution, the transfer was to take place to-day. The money was debited from my account but did not arrive at the nominated account.
Question?? Once I have done a trace on the funds and eventually find them, how and from whom should I be seeking compensation. At least the £20 CHAPS fee should be refunded, but what about the interest, on this amount it would be around £150 per day. Do I have a chance or am I potentially fighting a lost cause. Any comments or help would be appreciated.

Xbigman

It depends who is to blame for any error. It could be your mistake, the sending bank or the recieving bank. Once you know who is at fault, assuming it isn't you, you can go through their customer complaints procedure.
Regards



X

strawberrylane

Beldray - out of interest what was the outcome? Have you traced the funds now and what was the reason for the error? I'm interested because I'll be making several CHAPS transfers next month. Thanks.

Apreciar

After a two day delay and a considerable number of phone calls the cash was found in Barclays account (this being the proper place for the funds of the end recipient), for two days Barclays denied they had received the transfer, then eventually accepted it had been received. This ran in to late Friday evening when all the interbank transfers had closed; this meant that the money had been in limbo for four days - with the loss of income at £135 net per day- Monday next starts the next phase of trying to ensure the completion of the transfer and negotiation for consequential loss. I am informed by the target of the funds that they will backdate the tranfer into their own account and get involved with the negotiation; if they do remains to be seen. The problem was with Barclays and was due to either total incompetence, or alternatively worse dishonesty: yet to be seen.
Still, better to have the problems and the money than no problems and no money.