Telegrahic transfer problem. Need someone with banking knowledge.

edited 30 November -1 at 1:00AM in Reclaiming Mortgage Fees, Council Tax, etc
1 reply 1K views
en8wallen8wall Forumite
8 Posts
Hi. I sold a property last week, it was completed Friday and my solicitor received cleared funds from the buyer.
These funds were then Telegraphic Transferred to my bank account (Nationwide) at 12;45 the same day. Unfortunately i had given my solicitor an incorrect account number (1 digit out). I have spoken to Nationwide who explained that they rejected the payment at 14:08pm and returned it to the original account (my solicitors) on 14.09pm but it won't clear till close of business on 18/1/10 (Tuesday) due to weekend.

Is this right and does the money go straight back to Solicitors account (Barclays) or a holding account? It's a lot of money and i just want to get my hands on it asap. Sols is being blaise.

HELP!

Replies

  • MikeyorksMikeyorks Forumite
    10.4K Posts
    Part of the Furniture Combo Breaker
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    en8wall wrote: »
    Is this right and does the money go straight back to Solicitors account (Barclays) or a holding account?

    It goes back to whichever account in Barclays your Bank directed it to. As they had the source account (the solicitor) they would have directed it there. No reason whatever for it to default to a holding account?

    In the light of the clearance time ....... sounds as though they have returned the cash via BACS (3 days)
    If you want to test the depth of the water .........don't use both feet !
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