Payments into closed accounts

Prefade

A quick question which repeated searches do not appear to have thrown up the answer to.

I recently switched bank accounts, the whole process having gone through very smoothly and without incident). I have since discovered that one or two small payments have continued to be made into the old account after it was closed. Those making the payments have told me the money has been taken from their account - but of course has not appeared in my possession.

I was under the impression that automatic diverts existed so that if any money was paid into a closed account it would be seamlessly redirected to my new one. That hasn't happened, so where on earth has my money gone and how do I get at it?

Rafter

I suggest you speak to your old bank. The amounts are probably in some suspence account waiting to be sent back to the payer.

While the transfer process works well for payments from your account (direct debits and standing orders) your old bank doesn't hold details of organisations paying into your account and it would be your responsibility to make sure these are all transferred.

I'm sure it will get sorted eventually.

R.

davidcampbell

Prefade wrote:

A quick question which repeated searches do not appear to have thrown up the answer to.

I recently switched bank accounts, the whole process having gone through very smoothly and without incident). I have since discovered that one or two small payments have continued to be made into the old account after it was closed. Those making the payments have told me the money has been taken from their account - but of course has not appeared in my possession.

I was under the impression that automatic diverts existed so that if any money was paid into a closed account it would be seamlessly redirected to my new one. That hasn't happened, so where on earth has my money gone and how do I get at it?

the process as some banks would be when you request a closure, the account is 'pending closed' for a perios (14 days or so). reason being that the 14 day period should allow any residual transactions to be completed without any hassles such as you have encountered. if a transaction hits the account though in the 14day period, the clock starts again. it may well be that the payment hit the account before it was officially closed and hence is in there waiting for you to claim it ??

just a thought

speak to your old bank, should clear it up in a jiffy

DC

Prefade

Thanks to all those who posted advice so far. I called into my old bank who told me that if an account is closed, the money is just returned immediately. They called up the details of the account and confirmed that it was closed on the date of my last statement and there has been no further activity since.

So now it is a bit of a mystery as the people who made the payments have confirmed they have not seen their money returned. Clearly it is sitting somewhere but it looks as if I am going to have to ask the people who made the payments to chase from their end.

Poor service from the banks, what a surprise.

davidcampbell

Prefade wrote:

So now it is a bit of a mystery as the people who made the payments have confirmed they have not seen their money returned. Clearly it is sitting somewhere but it looks as if I am going to have to ask the people who made the payments to chase from their end.

QUOTE]




when was the payment sent from originator? (do you know)

reason i ask is my thought would be it is winging its way back to them as we speak just not quite there yet.

maximum BACS timescale should be 5 working days (although in theory quicker at 3 days) but if we take 'worst case scenario' and assume it takes 5 working days in each direction then you are looking at up to about 12/13 working days for them to get it back

(5 working days to get to your bank, 2/3 days in suspense account at your bank, 5 working days back)

call it 13 ... 13 working days ago was 11th march. was it sent on or after the 11th? if so thats why originators dont have it ... yet! give it a day or two maybe and it should arrive


(i would think your bank should be able to tell you when they got it and when they sent it back as long as you can supply them with approx date of receipt and exact amount .... the fact it never hit your acc is irrelevant in that respect)

hth

DC