📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Coop bank and fraud refund?

hi all logged into my coop bank this morning to find £565 was taken out of my account by Tech Giants, whoever they are,
i asked how soon would this money be refunded back to me as its alot of money,
i was told that forms would be sent out then the fraud office would look into it and then if everything is ok it would be refunded back to me,
asked how long this would take and was told they cant say as its depends on people working on the case

my question is do they have to refund the money immediatly? until its looked into
rather than me being out of pocket until they sort it out?

i mean it could take weeks till i get a refund.
anyone have advice as to weather coop have to refund immediatly or do i need to wait until forms come n sent back and wait till they look into it?
«13

Comments

  • antrobus
    antrobus Posts: 17,386 Forumite
    PSR 2009 regulation 61;

    where an executed payment transaction was not authorised in accordance with regulation 55, the payment service provider must immediately
    (a) refund the amount of the unauthorised payment transaction to the payer


    Some banks however are known to quibble about ensuring that the transaction was indeed unauthorised first.
  • LutonGirl
    LutonGirl Posts: 468 Forumite
    Why would a bank refund money in advance of an investigation?

    I honestly think you will have to wait whilst forms are sent and filled and an investigation takes place. The bank will have procedures for dealing with this but like everything, it takes time.

    Has anyone close to you got your bank details/card/PIN who could have possibly made a purchase with "Tech Giants"? If they have, you won't be eligible for a refund. Not saying this is what has happened, it's just one scenario the bank will probably look at and ask you.
  • LutonGirl
    LutonGirl Posts: 468 Forumite
    antrobus wrote: »
    Some banks however are known to quibble about ensuring that the transaction was indeed unauthorised first.

    You put it better than I did, but that's what I meant! :)
  • Hazzanet
    Hazzanet Posts: 1,723 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    LutonGirl wrote: »
    Why would a bank refund money in advance of an investigation?

    Because the law requires them to.
    4358
  • LutonGirl wrote: »
    Why would a bank refund money in advance of an investigation?

    I honestly think you will have to wait whilst forms are sent and filled and an investigation takes place. The bank will have procedures for dealing with this but like everything, it takes time.

    Has anyone close to you got your bank details/card/PIN who could have possibly made a purchase with "Tech Giants"? If they have, you won't be eligible for a refund. Not saying this is what has happened, it's just one scenario the bank will probably look at and ask you.

    thanks for reply, as i told the bank, i never even heard of these let alone made a purchuse with them, and its only me that know pin etc,
    yes i had a quick look on the FOS site and it says they have to refund immediatly , thats why i came on here to query what if anything they thought
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    LutonGirl wrote: »
    Why would a bank refund money in advance of an investigation?
    • Because if it wasn't the customer's fault the customer doesn't have to suffer as a result of this fraud?
    • Because the bank doesn't give any intelligible timescale for their 'investigation'?
    • Because it is easy for the bank at least to provide a free overdraft while the bank is dragging their feet?
  • just made a quick call to coop saying ive had a look on the fsa site and told them about the part where they need to immediatly refund the money while it investigates,
    very nice women said sorry about that the person you spoke to earlier should have mentioned this,
    shes just confirmed that it should be back into my account within next 24 hours, so thats something,
    just need to fill in forms etc and send em back for them to investigate.
    needless to say i shall be keeping close tabs on my account from now on, if it can happen once then it may happen again.

    am in 2 minds to withdraw everything and keep it at home lol, prob be safer

    thanks for all your replys anyway
  • dalesrider
    dalesrider Posts: 3,447 Forumite
    shes just confirmed that it should be back into my account within next 24 hours, so thats something,
    just need to fill in forms etc and send em back for them to investigate.

    Even that is to slow.

    That money should have been back in your account as soon as you had finished talking to them.
    That is the way we deal with fraud or even a disputed transaction. As per the PSD regulations.

    I take it you have spoken the the fraud department about this transaction and not some front like call center rep.

    Make sure you raise this as a complaint and let their customer relation team deal with it.
    This means the PSD failure is logged against them.

    Under PSD (payment services directive) they face a 5K fine if they have not logged the unauthorised transacton and also more if they have not refunded you straight away.
    Never ASSUME anything its makes a
    >>> A55 of U & ME <<<
  • pmduk
    pmduk Posts: 10,680 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    I'm sure there have been other threads recently about the co-op taking this stance?
  • BASFORDLAD
    BASFORDLAD Posts: 2,418 Forumite
    LutonGirl wrote: »
    Why would a bank refund money in advance of an investigation?

    I honestly think you will have to wait whilst forms are sent and filled and an investigation takes place. The bank will have procedures for dealing with this but like everything, it takes time.

    Has anyone close to you got your bank details/card/PIN who could have possibly made a purchase with "Tech Giants"? If they have, you won't be eligible for a refund. Not saying this is what has happened, it's just one scenario the bank will probably look at and ask you.

    You obviously dont know what your talking so please keep quiet
    For everthing else there's mastercard.
    For clampers there's Barclaycard.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.5K Banking & Borrowing
  • 252.9K Reduce Debt & Boost Income
  • 453.3K Spending & Discounts
  • 243.5K Work, Benefits & Business
  • 598.2K Mortgages, Homes & Bills
  • 176.7K Life & Family
  • 256.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.