Extra deferment - money taken out!!

ellzman

Hello,

I applied for a 10,000 GBP Loan from another bank provider. I received the loan payment into my natwest account, however the money was "paid in" then it was "withdrawn" on the same day and the description says "EXTRA DEFERMENT" and the title says "INTER-BRANCH PAYMENT"


My bank is natwest. What does this mean? And my card has been cancelled also.


Any help would be greatful!

(p.s. - i just called up, the guy didnt really seem to know the codes or anything, but he said it looks like the branch took it out. Go into the branch tomorrow and try and sort it out...)

Sparx

Not sure, a quick Google search pulls up a few others asking the same question - the replies seem to be to ring/speak to your bank.

Do you have any large debts with Natwest already or any other bank in the RBS group? Maybe they pulled it to pay off other debts?

reclusive46

Could be a money laundering thing

ellzman

hi,

if i did owe natwest any monies it certainly is not anything near 10,000 pounds... probably 500 pounds...

this is all very confusing how the money came in then went out again the same day...

do you think the bank has put it aside to ask more questions? or to see where it has originated from?

(surely banks know where payments come from when they enter somebodies bank account there and then?)

ellzman

reclusive46 wrote: »

Could be a money laundering thing

but it is a loan issued from santander bank itself for home improvements... surely the bank would of known this?

DevCoder

ellzman wrote: »

but it is a loan issued from santander bank itself for home improvements... surely the bank would of known this?

Who Natwest? No, why would they know the purpose of that sum of monies transfer?

£10K is enough to trigger money laundering procedures especially if it is an out of character transaction.

That's if I understand, you took a loan with Santander and transferred the loan monies to Natwest?

ellzman

krisdorey wrote: »

Who Natwest? No, why would they know the purpose of that sum of monies transfer?

£10K is enough to trigger money laundering procedures especially if it is an out of character transaction.

That's if I understand, you took a loan with Santander and transferred the loan monies to Natwest?

i was shopping around for best rate loans and i applied for a santander loan. i do not have an account with them so i used my natwest. they informed me 3-5 days i should receive it via bacs.

agrinnall

I think a money laundering check is the most likely explanation, but I'm slightly puzzled about it saying INTER-BRANCH PAYMENT, one of the posters who currently work for RBSG will know better than me but as far as I remember a IBP would have been for a transfer between branches within the bank. The only reason I could think of why it would say that is if the payment has been transferred away from your sortcode to another one while it's being investigated; I would have thought it could go into a suspense account at your branch but perhaps it's all done centrally.

ellzman

agrinnall ,

when payments are received into someones account, does the receivers bank not know where that payment has come from? until 2-3 days after when it shows the entry on the persons statement? is that correct? or am i thinking way off the mark?

stclair

agrinnall wrote: »

I think a money laundering check is the most likely explanation, but I'm slightly puzzled about it saying INTER-BRANCH PAYMENT, one of the posters who currently work for RBSG will know better than me but as far as I remember a IBP would have been for a transfer between branches within the bank. The only reason I could think of why it would say that is if the payment has been transferred away from your sortcode to another one while it's being investigated; I would have thought it could go into a suspense account at your branch but perhaps it's all done centrally.

Your spot on the funds are most likely being investigated.

IBP is a transfer between Natwest accounts.

I don't think the OP will get any proper answers until Monday now.

The OP may want to take some evidence of the source of the funds into a branch.

stclair

ellzman wrote: »

agrinnall ,

when payments are received into someones account, does the receivers bank not know where that payment has come from? until 2-3 days after when it shows the entry on the persons statement? is that correct? or am i thinking way off the mark?

That's correct.