Current account fraud. Is my situation normal?

Kempo100

I logged onto my internet banking today (13th September 2010) to find my available balance at zero. I immediately called Alliance and Leicester to check this. Apparently there has been several transactions that had been put through that morning from Gibraltar, obviously these are fraudulent but even though I spotted it and called the bank on the day it happened they were unable to stop the transitions.
I now have to ring back on the 16th September to register the fraud as the money won’t be taken until then so the fraud can’t be registered. Now my account has been locked so I can’t assess it anyway and the only assurance they can give me was that they will try and get my money back for me.
I recorded the conversation with the bank and listened back but I’m still confused as they tell be the money has been taken or is in the process of being taken so they can’t stop it, but I can’t register the claim until the money has been taken.
Is this normal? has anyone else had a similar experiance?
Many Thanks

pmduk

Unfortunately with Santander they appear to make the processes and rules up as they go along.

Lokolo

Once the money has come out you can register it and the bank is obliged to give you the money back until the investigation is complete. However, if they find out that it wasn't fruadulent, then the money will be taking away again. And if you haven't got enough, then charges they come.

Kempo100

Thanks, It just seems crazy to me that I couldn't stop the transaction I guess this is going to take a about 2 weeks to sort out and set up a new account.

rb10

The transaction cannot be stopped just because you report it as fraudulent. Think about how that could work - I spend £100 on my card, then go to my bank and claim that it was fraudulent. Is it fair that the retailer loses out? The only way in which the debit/credit card system can work is if the retailer can be sure that they will get their money.

It also cannot be reversed until it's actually hit the account - plenty of times a retailer will put through an authorisation for money, but never actually claim it (e.g. the damage deposit when you hire a car). So the bank needs to be sure that the money will actually be taken (which you will see when it shows on your statement) before they can process the claim.

I have no experience of Santander for fraud claims, but the way that it would work with Halifax is ...

* You'd be offered a temporary overdraft or overdraft extension (subject to your credit history); and
* Their fraud department would put a mark on the account so that (assuming it's a relatively small amount) as soon as the transaction goes through, the money would be refunded to you pending investigation.

So Santander's attitude doesn't seem too unreasonable, apart from the fact that they are unwilling to monitor it themselves and are relying on you to contact them again.

cockneysean

A transaction relating to Gibraltar could be an online betting site that it has been made with.

I think when I have used Victor Chandler in the past the transaction appears to have been made in Gibraltar.

Hope that helps.

Kempo100

Great response rb10. Thanks for making things clear I am far less worried now.

Kempo