Lost money in bank transfer

Azurei

Hi,
I'm hoping someone can help me with my problem. I've looked at various threads dealing with similar issues, but I can't seem to really find the answer I'm looking for.
Basically me and my ex partner have just started work a new company and we were meant to be paid around the 18th June. However, the payment never came through. We still currently share a bank account (I'm not sure if it is classed as an actual joint account, as it is my account that his name was added onto at a much later date) although having recently split up we will be sorting this out.
Anyway, we were informed it didn't go through the first time because it bounced back due to the computer system at Barclays (the companies business account is with Natwest and our personal account is Barclays) rejected it due to the fact that it was two payments, to the same account number for the same amount (£2000 each) but under two different names on the same date.
So, the system declined it.
Something I would have thought the accountant would have noticed might be an issue, but I guess not.
So anyway, he was meant to send the payment again, £4000 in total under just one name (I believe mine, although I am not sure) on Tuesday.
Nothing came through by Friday and I was informed by my boss who had checked the account that the money had left Natwest on Wednesday night.
Now it's the Monday after and still nothing. I have called my bank and they are unable to tell me if anything is pending to be paid into my account, as apparently they can never see if a payment is waiting to go in unless it's a cheque. They did, however, tell me if the money came out of Natwest on the Wednesday night, it should have cleared in my account by now as it has been 3 working days.
I am at my wits end, I was meant to be paid days and days ago and have barely any money left to live on and two children to support. I also owe out £1000 which I had to borrow off relatives to move house for this new job and the money is needed urgently by them.

The company I am working for is new and is ran by a friend of mine, and myself and my ex partner are directors.
I know the accountant appears to be incompetent and is impossible to get hold of. I also cannot currently contact the head of the company as he is in business meetings all day and I really need an answer as soon as possible before I lose my mind with worry.

A couple of other issues I am confused about, are the fact that the accountant told us 24 hours max for the initial payment to be processed (that was rejected) and then he suddenly changed the timescale to 3 working days for the second attempt.
To be honest, I would have thought for a payment of £4000 via Natwest to Barclays that it would go through via faster payments, but obviously not. I was told it was a BACS payment, but why would the accountant deliberately put it through like that, when he knew we were already very late on being paid?
I wish I could get an answer from him, but the company he works for appears to have an almost constant answering machine. My boss has managed to contact him a couple of times, but he wasn't helpful and I am sick and tired of calling my bank and other places, I've had a massive phone bill because of this.

I have double checked the bank details that I sent and they are correct.
Can a payment like this really take so long? I am waiting to see what Natwest say, when my boss contacts them, but I get the feeling they will just say the money left the account Wednesday and there is nothing more they can do.
Can it be longer for business to personal bank accounts? Am I being too impatient?
Any help is appreciated, thanks.

Mark_In_Hampshire

Whether or not a payment can be a faster payment depends on the rules of the sending bank.

I think it's still the case that limits are imposed, so it is possible that 2 x payments of £2k can be faster payments, but 1 x £4k might need to be a BACS transfer which takes 3 working days. (note: working days, which may answer your question depending on the definition of "Wednesday night" - if after banking hours on Wednesday then it should show up tomorrow - Thur, Fri, Mon).

So the accountant might well be telling you the truth..

Azurei

Hi, thanks for your reply. I know that Natwest and Barclays both have a £10,000 limit on faster payments, which was why I didn't understand why it wasn't going through as that.
I was also wondering if perhaps it is delayed due to it being an unusual amount being paid into my account. I think the most i've ever had paid directly in this account before was about £1000. I have constant payments going in every week though, for tax credits etc. I've been with the bank for 13 years and I've never had a problem with transferring money myself or anyone transferring to me, even via Natwest, although much smaller sums.

Azurei

Also, I thought the payment would actually go in on the third working day (today) not the day after?

Azurei

Ok, I've found out what the issue was.
Basically my boss contacted his bank manager today and it seems the accountant has placed a BACS payment to be deposited in my account on the 13th July.
For some bizarre reason. None of us can believe it, or why the guy has done that when he knew my pay date was 18th June and I needed the payment asap.
Needless to say, we're getting a different accountant.
The bank manager is trying to see what he can sort out, although I don't think a BACS payment can be stopped, can it?
Perhaps the date for when it goes in can be changed?
I hope so. I can't last that long without any money!

Azrael_1701

Azurei wrote: »

Hi, thanks for your reply. I know that Natwest and Barclays both have a £10,000 limit on faster payments, which was why I didn't understand why it wasn't going through as that.
I was also wondering if perhaps it is delayed due to it being an unusual amount being paid into my account. I think the most i've ever had paid directly in this account before was about £1000. I have constant payments going in every week though, for tax credits etc. I've been with the bank for 13 years and I've never had a problem with transferring money myself or anyone transferring to me, even via Natwest, although much smaller sums.

The FP limits can change on an hourly basis within the bank dependant on various factors (no idea what they are tbh), i have seen the limit when sending payments go from £1000 down to a few hundred in the course of a day.

Azurei wrote: »

Ok, I've found out what the issue was.
Basically my boss contacted his bank manager today and it seems the accountant has placed a BACS payment to be deposited in my account on the 13th July.
For some bizarre reason. None of us can believe it, or why the guy has done that when he knew my pay date was 18th June and I needed the payment asap.
Needless to say, we're getting a different accountant.
The bank manager is trying to see what he can sort out, although I don't think a BACS payment can be stopped, can it?
Perhaps the date for when it goes in can be changed?
I hope so. I can't last that long without any money!

Very strange, they should be able to change the date if it has been set to go in the future.

Azurei

Thanks, I hope so! I find out tonight or tomorrow morning, so fingers crossed.