NatWest honoured a cancelled standing order

pg2114

jamesd wrote: »

If you haven't already done it, contact HSBC and ask them to assist NatWest in correcting this error by returning the funds to the NatWest account it came from without penalty.

If HSBC decline, NatWest should be paying you redress of the amount it takes to put you into the position you would have been in if the transfer hadn't happened. That would include the whole of any penalty levied by HSBC. But it's still much better to see if HSBC will help to solve the problem easily.

I'm assuming that the penalty isn't grossly disproportionate to the amount of money involved. Say losing all interest on a hundred thousand pounds for a year when the payment into the HSBC account was a thousand Pounds and you don't have any urgent need for the thousand Pounds. In such circumstances, NatWest making an interest free loan to you for the time the money is locked up at HSBC might be the most proportionate and appropriate resolution, that minimises the costs to you and NatWest while leaving you with access to the money until you can get it from HSBC and repay the loan.

Many thanks for that! I shall certainly give HSBC a call tomorrow, however I won't hold my breath.

stclair wrote: »

How much money we talking here?

I don't really wish to say the exact amount, but it's about a full weeks wage for me. Not a ridiculously huge amount, but still enough to worry about!

Peter.

gt94sss2

pg2114 wrote: »

The standing order has paid money into another account of mine at HSBC. Due to the rules of the HSBC account, I cannot withdraw any funds without incurring a penalty.

Out of interest, what type of account was the money paid in at HSBC?

Regards
Sunil