Money "disappeared" from NatWest account

Mikeyorks

curiousperson wrote: »

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?!?!

It's gone into the ISA - where you asked them to put it!

So all of this ridiculous fuss boils down to the fact you're complaining that your cheque should have taken 4 days to clear into the current account? Which is held at the same Branch as the ISA?

Are you unaware of the fact that when you pay a cheque into the same Bank / Branch as your own account - then it's cleared overnight as a purely local transaction. It never goes into Clearing ..... effectively it gets torn up.

timjim

"It's gone into the ISA - where you asked them to put it!

So all of this ridiculous fuss boils down to the fact you're complaining that your cheque should have taken 4 days to clear into the current account? Which is held at the same Branch as the ISA?"

I don't think you are reading what the OP is saying.

The question is where has the other £3100 gone. If the OP had £3120 and then paid in a cheque for £3100 making £6120 and asked for £3100 to be transferred to his ISA therefore there should still be £3120 in the Current Account

Mikeyorks

timjim wrote: »

I don't think you are reading what the OP is saying.

I don't think you've read the thread? There was no 'making £6120' ........ the cheque was from the OP and paid direct to the ISA :

I handed the clerk a cheque of £3100 and asked her to pay the money into my ISA

As he's ducked all questions on the origin of the cheque (which must be his own funds if going into an ISA) ..... it's not an unreasonable assumption that :

You then find that the sum has been taken from your current account WITHOUT the cheque being used.

........ the cheque was drawn on the current account. But the £3100 (hence the 'without') does not have a cheque number against the transaction?

madgagoo

Mikeyorks wrote: »

Are you unaware of the fact that when you pay a cheque into the same Bank / Branch as your own account - then it's cleared overnight as a purely local transaction. It never goes into Clearing ..... effectively it gets torn up.

Not so, Natwest removed the house cheque process in September last year. All cheques now go through the same 2-4-6 clearing now.

lolavix

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.

Really? I always pay any odd cheques I get straight into my ISA, none of which are drawn on my own account :huh:

noh

lolavix wrote: »

Really? I always pay any odd cheques I get straight into my ISA, none of which are drawn on my own account :huh:

In my experience, because of the requirement that ISA subscribtions must be from the account holders own funds, many providers will not accept cheques drawn on third party accounts.
Although it seems they are at liberty to do so.

http://www.hmrc.gov.uk/isa/isa-guidance-notes.pdf

"Cash subscription

6.6 Investors can subscribe cash to either type of ISA. They must subscribe with their
own cash, and this includes payment by cheque, direct debit, charge card, credit
card, telegraphic transfer and standing order. Cash subscriptions from third parties
can be accepted without question unless the ISA manager holds information that
shows that the cash does not belong to the investor. "

xylophone

Curious person - was the cheque paid into your isa drawn on your current account with Natwest or an account that you hold with an institution other than Natwest?

Or was the cheque drawn in your favour by another party? If so, contact the person who drew it?