Bank Payment made in Error

Dynamo5

After receiving my latest bank statement I saw that an in-branch fast payment to my credit card had in fact been made to a different recipient.

I have contacted my Credit Card who have told me I have a late payment and interest charge, and a late payment has been recorded. They asked me to make at least the minimum payment which I have done.

I also went into my branch who said it was a branch error, they would refund any charges, and 'try' to get the payment back, but weren't sure how long this might take.

Is there anything else I need to do to help resolve this issue?

Rafter

Sounds like you have already taken the necessary steps.

If the bank have admitted it was their error though - they should reimburse you straight away and not 'try' to get the payment back!

You can also claim the late payment and interest charge back from your bank if it was their error as you suggest.

If you are unhappy with progress getting this resolved I suggest you write a formal letter of complaint which requires to bank to take more formal steps or risk you escalating your complaint to the ombudsman service.

Good luck

R.

pmduk

Rafter wrote: »

If the bank have admitted it was their error though - they should reimburse you straight away and not 'try' to get the payment back!

I just want to emphasis the above point as the very least the bank must do. In fact if they haven't done it by Monday you should start the complaint process without further delay.

IJP20

As the bank has admitted it wasn't your fault you should also ask them to remove any late payment marker that has been recorded with the Credit Reference Agencies.

Although I guess they might refuse if your Bank is different to the provider of your credit card as from the credit cards point of view they didn't get a payment and it wouldn't be the CC provider's fault.

Dynamo5

Thanks for quick replies, I'll get a letter written up over the weekend to chase the repayment.

Dynamo5

I went in to my bank again today to see if the money had been returned, and it turns out that my bank has to contact the bank that received the payment in error, they then have to contact the customer to see if they will return the money. They have 14 working days to do this, if the customer dosent reply within that time my bank has its own procedure which could take another 1-2 weeks.
They've increased my overdraft and said they will refund any charges, but looks like a long wait. It was the month I paid my car insurance so its a lot of money to have missing.

Is there anything I can do to hurry things along?

agrinnall

Reread the posts by Rafter and pmduk. As the bank has admitted responsibility you should not be waiting for them to get the money back before refunding you, they should be doing it immediately. Go to the branch and stand there complaining loudly until they do what they are required to.