Extra deferment - money taken out!!

keyser666

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.

Seems the likely reason

Agricolae

Extended Deferment is something which is used normally with cheques where the bank considers there to be a higher risk of an item returning unpaid. In layman's terms it means the bank will delay in making funds available to the person paying the cheque into the account, i.e. they defer the time funds are made available to a later date.

It can be used where payments like this are concerned as well. I would guess that Santander have transferred the funds via BACS.

BACS payments can be recalled and NatWest have pulled the money out of your account into a suspense account until they are certain that the payment will not be recalled. After this point I suspect they will release the funds to you. It's all about risk - the bank does not want to be in a position where a customer received a payment, spends part or all of the money, then the payment gets recalled.

The other possibility is Anti-Money Laundering checks however I think the words "Extended Deferment" point to the above instead.

EDIT: "extra" deferment amounts to the same thing.

opinions4u

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?

While they will know it's come from Santander, they won't know which account it's come from.

It could easily be from Mr Ali Al Terrorist's money laundering slush fund.

Or Mr Roman Eastieeuropeanovic's Internet logging software proceeds.

Or a perfectly legitimate transaction.

ellzman

Ok thanks for your help.

Regards to the above post.

Wouldnt the entry show on my statement something like (santander Personal Loan Ref-35365)?? (Or something like that?) (i have never applied for a loan before)

(Obviously i wont know what the entry says until probably monday/tuesday as i applied for the loan on wednesday just gone.

stclair

ellzman wrote: »

Ok thanks for your help.

Regards to the above post.

Wouldnt the entry show on my statement something like (santander Personal Loan Ref-35365)?? (Or something like that?) (i have never applied for a loan before)

(Obviously i wont know what the entry says until probably monday/tuesday as i applied for the loan on wednesday just gone.

I doubt anyone is going to know what Santander used as the reference. The best person likely to answer that question is Santander.

Agricolae

ellzman wrote: »

Ok thanks for your help.

Regards to the above post.

Wouldnt the entry show on my statement something like (santander Personal Loan Ref-35365)?? (Or something like that?) (i have never applied for a loan before)

(Obviously i wont know what the entry says until probably monday/tuesday as i applied for the loan on wednesday just gone.

Depends on how they transferred the money. If by BACS they would be able to see any reference on their BACS report.

In any case I don't think you should be too worried at this stage. I believe the bank is waiting for confirmation that the payment will not be recalled and will release the funds then.

ellzman

I will be going in branch tomorrow.

I will be demanding that it is a bank loan payment and it should be returned to me immediately and effectively

opinions4u

ellzman wrote: »

I will be going in branch tomorrow.

I will be demanding that it is a bank loan payment and it should be returned to me immediately and effectively

I always find asking nicely but firmly works better than demanding,

GlennTheBaker

ellzman wrote: »

Ok thanks for your help.

Regards to the above post.

Wouldnt the entry show on my statement something like (santander Personal Loan Ref-35365)?? (Or something like that?) (i have never applied for a loan before)

(Obviously i wont know what the entry says until probably monday/tuesday as i applied for the loan on wednesday just gone.

The thing is, anyone could put 'Personal Loan' as the reference on a BACS payment so this would mean very little.

Agricolae

The branch will be unlikely to have any authority to release the payment. The best they can probably do is raise a complaint for you or put you through to the complaints department on the phone (who have more time to investigate these things).

If you're going in, taking your loan documentation may help.