Faster Transfers??????????

NMG424

I transfered £1000 from my Nationwide account to my partners Lloyds TSB account over 4 weeks ago and it is still not in his account and but has left mine.

I have phoned Natiowide several times a week to start with but am now calling multiple times a day and all I get are false promises and lies, They have told me that they have sent it to the wrong account, it is a technical issue, it will be completed today/tomorrow and by 9am, 11am , 2pm and yet nothing has happned

Will the Financial Ombudsman help yet?

I am desperate as I do not have £1000 spare

Can anyone advise

innovate

Sounds absolutely awful. Though Nationwide normally don't get such simple things wrong - are you sure you used the correct sort code and acct number?

Have you made a formal complaint in writing yet? You will need that, or at least precise records of who you spoke to when and what they said, if you want to take it to the Ombudsman.

Nationwide Complaints

It appears the Ombudsman won't do anything for you before 56 days are up.

Mikeyorks

Did you do it online? In which case it's sent to the details you provided. Have you checked them? Is it a payee (bill payment) you've used before?

Get Nationwide to put a trace on the payment. Do it in writing and in the form of a complaint - and stop 'phoning. If no adequate response you can then refer it to the FOS.

GlamGirlie

Mikeyorks is correct - it may be your mistake, not theirs!

But either way, it's clearly not gone to the right place. Try ringing again, or failing that, write and complain.

The Ombudsman won't take up any case unless it has exhausted the bank's own formal complaints procedure first.

Donkey88

Having had some experience of Faster Payment problems, there are usually two causes:

User error - ie, putting in the wrong details on the phone, online etc.
Beneficiary bank error - they've had the money but kept it in a suspense account or something daft.

Realistically Nationwide should be able to tell you relatively quickly whether Lloyds confirmed receipt of the money or not - Nationwide will NOT be able to tell you if Lloyds have done their bit (applying it to the account), but I can't understand why Nationwide would take so long over quite a simple query. They should be able to pull the Faster Payment reference number - it is a long reference number but requesting this may give them the steer they need.

The FOS won't look at it until 56 days, or until Nationwide issue a final response letter, which ever comes first. Even then, the FOS are not exactly speedy so I would try not to rely on them.

Gromitt

If you did it using online banking, you can check if Lloyds confirmed receipt of the money or not via the payment outcomes page (might now be called 'Faster payment status' or some such).