Money "disappeared" from NatWest account

chexum

Mikeyorks wrote: »

It's not an 'awkward' method to syphon equivalent funds from the current account without authorisation - it's bordering on fraud.

I would agree, but - or rather, because - I have no idea how this works at most banks. However, at least Barclays are reported to show the investigation as an internal transfer with a note ("TO RECONCILE MANCHESTER PREMIER ADV").

Barclays removed all my money !!
https://forums.moneysavingexpert.com/discussion/comment/48234367#Comment_48234367

Would anyone agree that any such transfer is clearly not authorised? Does that mean it's bordering on fraud?

The last few transactions on the OP's current account might be more revealing - the OP clearly said that the sum ended up in the ISA, but was it really the cheque deposit?

madgagoo

I think I know what has happened here.

When you went into the branch and filled in the 'relevant paperwork' - was this an a4 form? If so I bet you haven't paid into the ISA for some time, at least since the 09/10 tax year?

What's happened is that the person that has filled in the form has (incorrectly) asked for it to be reactivated with a £3100 transfer from your current account, rather than by depositing the £3100 cheque.

The cheque has gone off with the form to a processing centre but they didn't have any instruction on what to do with the cheque (they have to follow the form to the letter and can't decide that the form is wrong and you actually meant the cheque to be paid in rather than making the transfer). I expect they will have returned the cheque to your branch and they will be in touch soon to explain what has happened.

I could be wrong but I think this is what has happened.

curiousperson

You are right - I had to reactivate the ISA and that reactivation required a form to be filled in.

I went to the branch today and spoke to the manager (though the online person had advised me not to as "this would confuse matters").

The manager is not sure what has happened but seemed quite alarmed. I told her that there were two issues to be sorted:

1. They have to find out what happened to the cheque

2. They have to refund me immediately as it is completely unacceptable to leave a client who has not done anything wrong without money

Anyway, she told me she would speak to her senior to get my refunding authorised. And I guess once they have refunded me they will be VERY keen on finding the cheque...

She also speculated that the employee who was dealing with the reactivation simply got it wrong and actually made a hint that this was an inexperienced employee...:eek:

Let's hope I get my refund soon, I have quite a few hefty bills to pay this month...:eek:

brian_sp

I has a similar problem with HBOS last year and without trying to worry you too much it took me 4 months to resolve.All I can advise is make sure you have a complaint reference number and ensure it is an "official complaint" but as previously stated yours will not be the only complaint being dealt with.They have up to 8 weeks to resolve your complaint failing which you can complain to FOS.Unfortunately you then go into their queue of complaints.HBOS deal with theirs in date order recieved and it is likely that your bank will do the same.It does seem a simple mistake which you would hope would be easily resolved but I thought that as well. Good luck.

madgagoo

curiousperson wrote: »

You are right - I had to reactivate the ISA and that reactivation required a form to be filled in.

I went to the branch today and spoke to the manager (though the online person had advised me not to as "this would confuse matters").

The manager is not sure what has happened but seemed quite alarmed. I told her that there were two issues to be sorted:

1. They have to find out what happened to the cheque

2. They have to refund me immediately as it is completely unacceptable to leave a client who has not done anything wrong without money

Anyway, she told me she would speak to her senior to get my refunding authorised. And I guess once they have refunded me they will be VERY keen on finding the cheque...

She also speculated that the employee who was dealing with the reactivation simply got it wrong and actually made a hint that this was an inexperienced employee...:eek:

Let's hope I get my refund soon, I have quite a few hefty bills to pay this month...:eek:

The cheque has not been paid in anywhere yet, that's the problem.

I would expect the cheque to turn up in a day or two, the branch can then pay it into your current account. Everything will be back the way it should be.

If it is a cheque you have written from your own account, then I would cancel the cheque and write out a new one. If its from family/friends ask them to do the same - it might make things quicker for you. Otherwise hold on for a few days.

Whatever happens I would be looking for some compensation for your inconvenience, after all it was their mistake filling in the form in the first place.

noh

madgagoo wrote: »

The cheque has not been paid in anywhere yet, that's the problem.

I would expect the cheque to turn up in a day or two, the branch can then pay it into your current account. Everything will be back the way it should be.

If it is a cheque you have written from your own account, then I would cancel the cheque and write out a new one. If its from family/friends ask them to do the same - it might make things quicker for you. Otherwise hold on for a few days.

Whatever happens I would be looking for some compensation for your inconvenience, after all it was their mistake filling in the form in the first place.

As the cheque was for an ISA subscription it had to be written from the subscribers own account otherwise it would not be accepted.

Mikeyorks

noh wrote: »

As the cheque was for an ISA subscription it had to be written from the subscribers own account otherwise it would not be accepted.

Why did everyone else miss that bit! So obvious in hindsight.

And why is the OP puzzled, therefore, that the cheque value has been debited from their current account? Which suggests that - at least - it is not from the same current account. Closed ISA account elsewhere?

xylophone

Mikeyorks wrote: »

Why did everyone else miss that bit! So obvious in hindsight.

And why is the OP puzzled, therefore, that the cheque value has been debited from their current account? Which suggests that - at least - it is not from the same current account. Closed ISA account elsewhere?

See post 11 above - no answer vouchsafed....

curiousperson

Mikeyorks wrote: »

Why did everyone else miss that bit! So obvious in hindsight.

And why is the OP puzzled, therefore, that the cheque value has been debited from their current account? Which suggests that - at least - it is not from the same current account. Closed ISA account elsewhere?

Why should I not be puzzled? You give them a cheque asking them to put the money in your ISA. You then find that the sum has been taken from your current account WITHOUT the cheque being used. When you then ask about the cheque they cannot give you an answer.

Example:
customer has £3120 on current account. Hands in cheque of £3100 and wants it paid into ISA.
Then £3100 turn up in ISA but the current account has dropped down to £20.

If they had used the cheque the customer should still have £3120 on the current account, not a single penny should have disappeared.

So: where has the cheque money gone?!?!

By the way: I have not heard from the bank since, they do take their time. What if I cannot pay my bills because of the missing money?

noh

If the cheque was not drawn on your NatWest current account then it must have been drawn on another of your current accounts with a different organisation.
If that cheque has not been cashed you still have £3100 in your other account so simply use that to pay your bills.

No money is missing. If the cheque has not been used then the money is still in the account it was drawn on.