Help!!! Money paid into closed natwest account

ILOVETHISSITE

Hi there, basically my wage was paid into a closed natwest account. I'm now having trouble getting the money, as my employer is saying, that they have not received the money back from natwest, which usually happens when money is paid into a closed account i.e it bounces back to the paying account. My employer is maintaining natwest have the money, so I went into my former branch and told them this and they said, that they had not received any money and showed me all the statements for the given period in which the money was supposedly paid into my closed account and nothing had gone into my closed account or out which was really strange as my employer our maintaining natwest have not returned the monies.

I called up my employer again and told them this and they are saying there is nothing they can do as the money has not been returned to them for them to reissue it to my new account :mad::mad:. My employer are telling me that the monies must be in some sought of holding or suspense natwest account. So I went back to my former branch and they told me the same as before, and gave me some advice, basically to tell my employer to put a trace on the bacs payment as thats the only way natwest can trace it.

Anyway any advice and help will be greatly welcomed thanks.

System

The bank is correct.
Your employer should ask their bank (or their BACS contact) to trace the payment. When the trace is complete, there will be evidence of who has the money and thus who should return it to your employer.
It will either be NatWest who have it in a holding account or it will be your employer's bank who has it because NatWest returned the payment to them.

See : http://www.bacs.co.uk/Bacs/Businesses/BacsDirectCredit/Services/Pages/ARUCS.aspx

coolesticeking

Your Employers should be working with the their bank to get the matter resolved, it's not your job to chase up as they are the only ones who can get this recalled.

They may need this:

http://www.paymentscouncil.org.uk/resources_and_publications/sort_code_checker/additional_bank_reference_data_information/

ILOVETHISSITE

More help and advice will be greatly welcomed.

Gromitt

Not much more you can do to be honest. Your company will be working it out with the banks. They are not going to pay you twice, so you'll have to wait until they get the money back and recredit it to the right account.

molerat

The big question is why did they pay it into the old account ? If you did not inform them in time to change their system then it is down to you, if you informed them correctly they should pay you and sort their problem out re getting the money back. Most reasonable companies would give a loan to cover till next payday.

System

It depends what type of employer you work for, but...

If you gave your employer plenty of notice to pay your salary into a new bank account, and your employer failed to act on your instructions, so paid into your old account, then you could ask them to pay you into the correct account immediately since it was their mistake.

However, they may still delay the new payment until they have traced the missing money.

If you did not give them enough notice of the change of bank account before your salary payment was due to be paid, then I doubt if they would be willing to pay you before the money has been retrieved.

If you are suffering hardship because of the lack of payment, you could ask your employer for an advance, they may be understanding.

ILOVETHISSITE

Thanks for your input and advice folks. I got a call from my employer today and they said they had spoken to their bank liaison team and they said. that all they could do is ask me to send in my bank statements for the given period the money was supposedly paid into my account, so I went into my local branch and they said that they will send me the statements so just waiting for the statements.

stclair

ILOVETHISSITE wrote: »

Thanks for your input and advice folks. I got a call from my employer today and they said the had spoken to their bank liaison team and they said all the could do is ask me to send in m bank statements for the given period the money was supposedly paid into my account, so I went into my local branch and they said that they will send me the statements so just waiting for the statements.

If Natwest are sending the statements the statement will only be upto the date the account was closed.

pqrdef

Why does anybody need a trace? Anybody who understands NatWest's systems must know exactly where this money is, and if you can establish that it's yours they could move it straight into your account.

opinions4u

I'm gobsmacked on two counts.

1) How come Nat West and your employer haven't managed to resolve it yet.

2) How come the OP hasn't managed to explain how the error happened.