Money gone missing! - UPDATED

agrinnall

jonesMUFCforever wrote: »

Could the limit be a daily one?
If so your plan to send 2 payments on the same day would not work.

Well, the link I found says that up to 5 payments a day can be made, the £5K is a per transaction limit. However, as BAA1 pointed out, it's for the credit card side of the business so may well not be applicable anyway.

noh

Tesco savings have a £10K per day limit for FP.

http://www.tescobank.com/personal/finance/savings/savingsaccounts/internetsaver/summary-box.html

agrinnall

noh wrote: »

Tesco savings have a £10K per day limit for FP.

http://www.tescobank.com/personal/finance/savings/savingsaccounts/internetsaver/summary-box.html

The link confirms what I said about the maximum withdrawal being £10K but doesn't categorically state that the money can be transferred by FP - I would imagine that it can but if would be helpful if Tesco were a bit more explicit.

YorkshireBoy

agrinnall wrote: »

...would be helpful if Tesco were a bit more explicit.

They're a little more explicit in the account T&Cs...

We’ll let you know how long your transaction will take just before you confirm your instruction. Your transactions will normally be processed using the Faster Payments system unless this isn’t available (it depends on what bank you’re sending the money to) in which case it would be by BACS (which is a slower way of electronically transferring money between banks).

http://www.tescobank.com/assets/sections/savings/pdf/tesco-internet-saver-terms-and-conditions.pdf (page 3)

I've never had a payment go by BACS from this account when transferring less than £10K online. The only BACS transfer I made was one for £50K via phone.

sandraroffey

mmm. this is bad!!!!!!!!!!! remind me not to use tesco bank. ever.

JustKeepSwimming_2

Smartpicture - I hope this gets sorted quickly for you & you don't end up out of pocket. Thats quite a sum of money to have "lost".

I just wanted to stick up for Tesco bank (& I've no connection with Tesco apart from having a savings a/c & c/c with them). I've always found their customer service dept to be far more helpful than many other banks, & any minor problems I've had have been sorted out very quickly. If it is their error & you end up out of pocket I'd expect them to compensate you.

I had a similar'ish problem years ago - before FP & not with Tesco when £50 was "lost" somewher in BACS transfers, but it was resolved thankfully by the bank that should (& did) receive the money - think it took around 10 days to find in the end, & that was dealing with a huge company.

smartpicture

I'm pretty sure it went (somewhere) by faster payments because it does say that on the transaction list. It just doesn't say where it went, which seems an insane way of doing things.

To be fair, the Tesco customer service is good, for a start they're based in the UK. It seems to be the systems that let them down, because unbelievably they can't even see on their systems where it went. I actually rang back to speak to someone else because I couldn't believe it the first time, but they literally cannot tell you the sortcode or account number it went to. At first I thought maybe I'd selected the wrong payee from the dropdown list, but they can't even tell you that. But eventually the investigation department confirmed it went to the company I specified (although even then they couldn't confirm the sortcode or account number or speak to me directly).

tabby_cats_mum

Can't help but if you named the company and why you were giving them that much money you may find other people with similar experiences perhaps? Also you may shame the company into action.

sandraroffey

another working day almost at an end........any news???

smartpicture

I have an answer!

After the company talked to their bank and insisted yet again it wasn't there, I went back to Tescos for the third time. And this time, with a lot of perseverance, I finally got to speak to someone who could actually tell me what sort code and account number it went to. Which bore no resemblance to where I thought it had gone.

Then I went down my list of online payees and managed to match it up, so I guess I must have chosen the wrong payee. Although I'm not sure how, because I believe I set this company up as a new payee and immediately made the payment as part of the same process, but it obviously was my fault. Luckily the payee was someone I know well and they have agreed to transfer the money back.

But if Tescos had shown the payee on my list of transactions - or been able to tell me the sortcode and account number it went to in less than 10 days - it would have been a lot easier!