FPS -who's bank should initiate a trace?

perrybond

I paid a supplier via FPS. I didn't check the invoice, and paid to their old closed account, not their new account. My fault, no question.
This money did not get bounced back, (It usually does). My bank (Santander) states, they must have been moved it to "a suspense folder with the receiving bank and thus, they, the bank, will need to run a credit trace on behalf of the receivers"

My supplier states it's my problem and I still owe them the money. (Not helpful or polite, but they have a point)

Now I think it's up to my bank to initiate a trace, but they insisted there was nothing they could do.

Any suggestions how to go about retrieving this money?
It's £420

jonesMUFCforever

Who gave you the bank details?

If the retailer gave you wrong information then I would suggest they initiate the process.

If it was your mistake then the remitting bank should do it.

perrybond

Yes, it was my mistake.
I have asked them, they said there was nothing they could do.
I asked them to put that in writing, they have, but now I'm at a loss as to how to make them

YorkshireBoy

Ask them (Santander) again, using this method...

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1210607166846&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA2

coldhandoff

YorkshireBoy wrote: »

Ask them (Santander) again, using this method...

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1210607166846&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA2

I'm not sure that they would take it as a complaint seeing as the bank is not at fault.

I would imagine that the payee's old account is still open and that's why it has not yet been rejected. When did you make the payment? It might not yet have bounced back.

If your bank were to do a trace I don't think they'd be able to track it past it going into the account you paid it to. If it were moved into a suspense account by their bank i'd guess that would be something that they would have to look into.

pmduk

It is Santander's fault that they're not attempting to help. Unsurprising though, as they're pretty ignorant about banking. The general convention is that the initiator's bank can trace it until it arrives at the receiving bank via a reference number, which in turn can be tracked by the receiving bank.

The fact that Santander have failed to do this is grounds for a complaint.

giorgio992

pmduk wrote: »

It is Santander's fault that they're not attempting to help. Unsurprising though, as they're pretty ignorant about banking. The general convention is that the initiator's bank can trace it until it arrives at the receiving bank via a reference number, which in turn can be tracked by the receiving bank.

The fact that Santander have failed to do this is grounds for a complaint.

If its the OP who has made the mistake then Santander have no obligation to investigate it. My understand is that they should write to you and explain how to contact the recipient bank to claim the funds back, they are not liable and they warn you both online and over the phone that once you make a faster payment that it can't be recalled. The information provided about the payment suspence account is correct if the account number no longer existed it would bounce back or into that. Either way sorry to say but it is upto the OP to contact the recipient and their bank to retrieve the funds now.

YorkshireBoy

giorgio992 wrote: »

If its the OP who has made the mistake then Santander have no obligation to investigate it.

The Payment Services Regulations, section 74-(2)(a) says they do.

However, section 74-(2)(b) allows them to charge for such a service (so long as the framework contract allows them to).

http://www.legislation.gov.uk/uksi/2009/209/pdfs/uksi_20090209_en.pdf

The complaint approach I suggested earlier should make them see the error of their ways.

Plxply

giorgio992 wrote: »

If its the OP who has made the mistake then Santander have no obligation to investigate it.

Although I agree with the fact it's OP's fault, Santander should still start a trace since it's simple to do on their part and would just be in line with good customer service. Although I imagine most people have come to expect the worst from Santander.