Should I go to the Ombudsman?

johnisworried

Quickly: I called my Savings account people and asked how long a transfer would take from my savings account to my current account. They told me if I made it that night it would go in the next morning.

I transferred the money that night, and received a text and an email to tell me the transfer was successful.

The money did not go in until LATE the next day. I lost out on the chance to buy something that eventually cost me £350 more. I could have arranged for my Father to transfer the money to me quicker, and would have done, had the savings peeps not misadvised me.

I complained. Received a letter stating that "as I had not requested the move money until LATE the second day, this was the reason for the hold-up." This is blatantly not true. I have proof that I requested the move the night before.

Building Society have now changed their argument, after I pointed out I had proof, stating that the money DID hit my account the next morning, and I am at fault.

I have chased this up with the boss of the building society, who has in a recorded call (he knew I was recording and was fine with it) told me that he accepts the Building Society were unclear about the time I could expect to receive the funds. He refused to comment on the two conflicting letters/accounts they have sent me. He offered me £150 or go to the Ombudsman.

I am £350 out of pocket here. What do you all reckon will be the likely outcome of the Ombudsman getting involved?

Questions welcome And thanks for reading.

YorkshireBoy

The FOS may refer to the payment services directive, which says payment orders must arrive "by the end of the next business day"...and yours did.

They may award less than already offered, the same, or nothing...but I doubt they'll award £350 under the circumstances.

Your choice.

dunstonh

Banks and building societies do not mostly have online transactions but process in batches. There are cut offs for putting in requests that will go through that day or the next day. Most building societies have overnight processing other than for faster payments.

Going to the FOS will be like playing poker. The building society can withdraw their goodwill offer and if the FOS disagree with your complaint you can end up with nothing. Or they could agree and you could end up with more.

it is unclear from your post when you enquired and when you actually processed the transfer request. If these were done at the same time then you have a good argument. However, if there was a gap. e.g. you enquired at 2pm but didnt do the transaction input until 6pm then your case is very weak.

Reaper

It sounds like you did the transfer online in which case there is usually text on the page which tells you about transfer times. Something along the lines of "payments made after 3pm will be actioned the next day".

If so your argument about being misinformed would be very weak. I would take the money.

johnisworried

Dunstonh, I called them and ten minutes later initiated the transfer that night. It was meant to go through the next morning. They told me in a letter it went out in the afternoon, the changed their story and told me in a subsequent letter it went out that morning as it should have

dunstonh

johnisworried wrote: »

Dunstonh, I called them and ten minutes later initiated the transfer that night. It was meant to go through the next morning. They told me in a letter it went out in the afternoon, the changed their story and told me in a subsequent letter it went out that morning as it should have

What they should have said is that it would have gone through the next day but they are not able to know when in the day it would happen and that your balance may not be updated for cleared funds until the following day.

They really have no control of when in the day the batch will be processed.

somethingcorporate

I think you should take the money.

It's not really the banks fault for your poor planning, if you needed the money so urgently you should have transferred it in plenty of time.

nilrem_2

I would take the cash quickly before they change their minds!

uk1

On the basis that you were clearly told you would have the cash available in the morning and had no reason to believe otherwise and made a loss of £350 I'd take it to the ombudsman.

There is another reason why I say so.

Each complaint to the ombudsman costs the bank £500 as a fee. As your claim is for £350 it is quite likely that once you indicate to your bank that you reject the offer and wish it to be referred to the ombudsman then rather than incurr the fee and then the award and the admin costs and also the additional complaint logged against their name - they may choose to simply pay your claim after this nudge. It's not worth the extra £200 to keep you quiet. They have after all agreed in principle that they are at fault - you're now just haggling about the amount. They should have either said "no" or pay the full amount. This will also wheigh in your favour with the complaint.

Good luck ... and report back.

opinions4u

I'd challenge you to prove you're £350 down.

(because I think the FOS would).

somethingcorporate

opinions4u wrote: »

I'd challenge you to prove you re £350 down.

(because I think the FOS would).

And the fact that it would not have been mitigated by your better planning (i.e. transferring the money earlier).