Bank transfer - money missing

db981

Hi, sorry if this is a silly question its the first time I've transferred money between 2 accounts of different banks.

On Wednesday I transferred money from a Halifax account to a Barclays account, yesterday the money was taken out of Halifax but not paid into Barclays it just seems to have vanished its not even in Barclays waiting to be cleared (like a cheque).

It did say it will take about 3 working days but as the money has left one account but not entered the other I'm slightly concerned but as I said I haven't done this before so don't know if its normal, I thought I'd ask here before calling the bank and sounding like an idiot if it is normal.

Thanks.

MarkFromCornwall

db981 wrote: »

Hi, sorry if this is a silly question its the first time I've transferred money between 2 accounts of different banks.

On Wednesday I transferred money from a Halifax account to a Barclays account, yesterday the money was taken out of Halifax but not paid into Barclays it just seems to have vanished its not even in Barclays waiting to be cleared (like a cheque).

It did say it will take about 3 working days but as the money has left one account but not entered the other I'm slightly concerned but as I said I haven't done this before so don't know if its normal, I thought I'd ask here before calling the bank and sounding like an idiot if it is normal.

Thanks.

If it said that it will take 3 working days then I don't think you should be worried. Whilst such transfers are often almost instant these days, they aren't always and in such circumstances the funds will not be in either account for a few days. If it was a large sum this would account for it taking 3 working days, but even if it was a small sum Halifax are notorious for sometimes not sending payments instantly. So I wouldn't worry unless it doesn't show up in 3 working days.

MPH80

It's fine - this is the BACS clearing cycle. It does disappear for a day or two while it's in 'transit. If it doesn't appear by ... say ... Tuesday next week - give your bank a call.

In reality - it's all about overnight processing runs hence the delay. Faster Payments (< 2 hours) is rolling out - but it's having a troubled birth.

Azrael_1701

If it left yesterday, then it will credit to the Barclays account on Tuesday.