Missplaced Assets

shocker667

I'm new on here but I was just wondering if anyone could point me in the right direction.
My mother has a savings book with a well known building society it shows a large some of money in the book ,but when we went to update the book the teller said it was closed...but there is no record of any transaction since Nov 95 when there was a deposit of £6000 and £4000.
So we asked the teller to investigate further after a few weeks my mother received a letter saying there was a closing balance of £11,995 but no explanation to where it went....:mad:
Can anyone tell me if the bank cannot prove where this money has gone that they must replace that.

Any Information would be greatly appreciated as this is a large sum of money to just be misplaced.

DevCoder

Write back and ask them to advise of the outward payment details, although they only have to keep information for 6 years by law.

No, they don't have to replace the money, simply stating there was an outward payment would suffice.

shocker667

I know this sounds a bit stupid what does outward payment mean..like a withdrawal of some kind..? as every transaction is printed in the book with the date.

dzug1

It means the account was closed and the money paid out.

The passbook will not necessarily have had to be produced for such a transaction.

DevCoder

A withdrawl or other forms of transfer (electronic transfer such as faster payments, swift, bacs etc).

Are you sure the account isnt still there just marked as dormant by the building society? (Banks will put blocks on accounts which become dormant, and dormant can mean as little as 1 year of no activity)

shocker667

If it's dormant would they be able to trace to tell us where it went.?

shocker667

Can I just add my mother has 2 other accounts at this bank but there has been no deposits of this amount into either accounts,and to withdraw,transfer would require some form of i.d. etc.
This is VERY FRUSTRATING.....!!!!!!!!
(sorry for shouting)

DevCoder

shocker667 wrote: »

If it's dormant would they be able to trace to tell us where it went.?

If its dormant, the fund wont have gone anywhere, theyll be on the account but the account will be internally blocked as its dormant.

Id advise writing back asking them for details of how the payment out was performed (ie in person, swift, tt etc)