Overpaid into my Santander ISA, money lost

JackSnap

Hi,

I used the Santander website, to transfer money into my ISA,
unfortunately I went over the cash limit.

I have my barclays account linked on the santander website, Which it drew the money from as a direct bebit.

The money never appeared in my Santander ISA, but left Barclays.
this was a month ago.

Santander originally sent me a letter to say it was bounced back to barclays, but it isnt there.

Then they say they now need and FPID from Barclays to see where the money went, but barclays say the FPID doesnt exist for direct debits.

I've spent so many hours on the phone to so many different people, I feel like giving up.

Tried to involved the ombudsman, but they cant help for 8 weeks end of Jan), so Im a lot of money down over the Christmas period,

Any Suggestions, as I just dont know what to do anymore.

Best Regards

Reaper

I suggest you stop trying to trace the money - that's up to the banks to sort out. Instead talk to your bank and point out under the Direct Debit guarantee if an error is made on a DD you are entitled to a full and immediate refund.
http://www.thesmartwaytopay.co.uk/directdebitexplained/pages/directdebitguarantee.aspx

alanq

It sounds like the DD was authorised by the customer and was executed for the requested amount. I don't see how the DD guarantee comes into this. Any attempt to invoke it I think would needlessly complicate matters even further.

Reaper

I suppose it depends whether you consider the attempt to return the money (if they did) part of the original DD transaction. The DD guarantee ought to apply whenever a bank has made an error, regardless of whether whether it is the sending or receiving bank that is to blame.

dtaylor84

You could argue that Santander were in error to take the DD -- as they were always going to have to bounce the money back due to the ISA allowance.

I'd try to use the DD guarantee in a case like this.