Money gone missing! - UPDATED

smartpicture

I made an online faster payment for £6000 from my Tesco Bank savings account to a company. They say they haven't received it. Who do I chase and how to resolve this?

Tesco's have a stupid online system where you can see that an amount has gone out, but you can't see who to, nor can you send a secure message to query it. I rang them to see if I'd accidentally put in the wrong details, and they said they couldn't see who payments go to either and I'd have to wait for a 5-day investigation! Eventually they rang back and said they have a bank receipt to prove that it went to the right account at the right bank by faster payment on the same day I made it, but the company still says it hasn't been received. I asked Tescos to provide written proof, but they're not happy to do this. Without it, the company say they don't believe I made the payment, and I don't believe that they haven't received it, so we're at an impasse. How do I sort this out?

auto-man

Its not everyday a company will get a £6k credit but worth checking that their bank have not witheld it pending money laundering checks or something. I had something like this happen, its a pain but get sorts eventually.

Maybe stop using such bad bank like tesco/rbs with substandard equipment yes.

JuicyJesus

Are you sure you can't check the details the money was sent to with Tesco? Will they not supply the sort code+account number it was sent to? If you can get those, compare them with details given by the company (NOT your record of them, in case that record is mistaken).

A FP will not be accepted by the receiving bank, and not sent by the sending bank unless the account number and sort code it is sent to is a live account.

What happens then depends on how it was sent and if the details match. If the details match then the company has the money and they are fibbing. If they don't then you need to speak to Tesco to get them to send a letter to the receiving bank to try and get their customer to send the money back. This is not guaranteed, and you may well end up out of pocket unless Tesco made an error (e.g. you made the payment over the phone and they took down the correct details you gave them wrong - a recording will evidence this) in which case they should reimburse you. If it was done online and the details don't match then they do not have to reimburse you, as you are responsible for the correctness of details you input.

smartpicture

The account details definitely match those given to me by the company, I can see the details of the payment arrangement to the company online and it matches, and I've also sent that sort-code and account number back to the company and they've confirmed it is their account.

What I can't check online is whether the 6000 going out by faster payments on my transaction record went to that specific payment arrangement. This is what Tescos have confirmed verbally for me, but when I asked them to confirm the sortcode and account number they couldn't - and they don't seem to have a process to then put this in writing. I can't talk directly to the investigations department either because that's not allowed.

All I know for certain is that I don't have my money any more - yet I still owe this company £6000!

opinions4u

Does the receiving account accept Faster Payments?

jonesMUFCforever

OP are you sure you have not been scammed?
Did you confirm the sort code and account number with the company?

lizzywig

I work for a Publishers and as part of my job I am forever having to chase up missing payments for authors. I normally get our accounts dept to contact the bank and ask them to get a transaction ID. ALL bank transactions have an ID or reference number associated with them. Once you have this then call the company who are missing the payment and give them the reference and tell them it has come direct from your bank. This should locate the missing money.....if it's legit. Good luck.

pqrdef

Unless it's a very small company, it's not enough to get the sort code and bank account number right. There will need to be another piece of data, your account number with the company or the invoice number, to say what the payment is for.

If that is missing or wrong, the company's system will miscredit the payment internally. The staff you speak to may be too obtuse to understand the problem and may not be in a position to fix it.

The interesting question is whether the company, based on the info it gets from its bank, is able to determine that the payment came from you.

smartpicture

lizzywig wrote: »

I work for a Publishers and as part of my job I am forever having to chase up missing payments for authors. I normally get our accounts dept to contact the bank and ask them to get a transaction ID. ALL bank transactions have an ID or reference number associated with them. Once you have this then call the company who are missing the payment and give them the reference and tell them it has come direct from your bank. This should locate the missing money.....if it's legit. Good luck.

Okay, I now have this reference and have emailed it to the company to chase. Altho the difficulty is that they don't believe I made the payment, so they might not check very hard. Why can't Tescos provide something in writing about which sort code and account number it definitely went to???

pqrdef

smartpicture wrote: »

Why can't Tescos provide something in writing about which sort code and account number it definitely went to???

Tesco only know which bank they sent it to. You'd need something from the company's bank, but they probably won't talk to you.

pmduk

auto-man wrote: »

Maybe stop using such bad bank like tesco/rbs with substandard equipment yes.

I think you'll find that RBS don't provide Tesco's banking facilities any more