Online bank transfer money not received by my bank

ohwhattodo

Thought about it overnight and contacted IF Visa Card and as a lot of you suspected the funds are sitting in a holding account and they will transfer the funds either back to my Barclays account or to the IF current account. The lady on the phone said they have thousands sitting in their holding account never claimed. I find that frustrating as why does the money not automatically get sent back to the sender as I suspect banks are making a fortune in holding onto unclaimed money. Have certainly learnt a good lesson and will up my standards as suggested and test future transfers first although for info if you want to pay money across to IF you can ring them and they will deduct the money from your Barclays debit card and it goes straight in much better than online transfers. All's well that ends well and life is about learning lessons and upping your standards. Thanks for the advice everyone.

MoneySavingUser

Sometimes they are sent back

But I guess the reason for a holding account is incase the sending account has since been closed etc. then their would be extra steps to finding the money!!

pmduk

MoneySavingUser wrote: »

Sometimes they are sent back

But I guess the reason for a holding account is incase the sending account has since been closed etc. then their would be extra steps to finding the money!!

When I used to deal with this area for a building society, that was only used as the ultimate solution. No financial institution likes giving money back!