Direct Debit gone astray

njm123

I opened a new account with Bank A and used my debit Card online to transfer funds from Bank B.


The transaction errored as I was making it, so I rang bank A who couldn't see the money anywhere in their system. Bank B however had a hold on the money (i.e. it was not showing as available funds). I left this a couple days thinking the hold would clear and I could write a check to fund the Bank A account.


Unfortunately for me the money was paid out from Bank B and has disappeared into a hole. Bank B say it has been paid to Bank A, Bank A are looking for it but haven't found it yet.


How long do I give Bank A to find the money before


(a) Asking Bank B to charge back the transaction.
(b) Complaining to Bank A to try and recover the money.
(c) Complaining to Bank B over their handling of my concerns, effectively the bank just dialled their online service and handed me the phone.
(d) Go to the police - as if the money remains missing I will regard this as theft.


If my money is not back ASAP I want to get (b) and (c) moving so I can go to the FSA.


Is it better to skip (a) and move through the complains procedure - and only activate (a) within the 120 day time limit if I get no joy from a complaint - i.e. will I antagonise bank A if I try and drag the money back.

grumbler

What you say doesn't make much sense.

Neither a Direct Debit nor a debit card can be used for transferring money between current accounts (a DD is possible theoretically, but in practice is rerely available and for savings accounts only).

A chargeback can be used only for (1) card (2) purchases. Neither was the case. 120 days is the limit for chargeback only.

The police will laugh if you ask them to help with this error.

I guess it was a bank transfer that you tried to do via bank B online banking.
"The transaction errored" - what does this mean?

If you made an error when entering the sort code and account number and the combination corresponded to a non-existent account, then the money will bounce back rater sooner than later.
If such account does exist you are in big trouble.

To check the details you actually entered check your payees in bank B online banking.

If the details you entered were correct, than you have to contact the bank B and ask them for Acquirer's Reference Number (ARN) for tracking this transaction. Then you pass it to bank A.

YorkshireBoy

grumbler wrote: »

What you say doesn't make much sense.

Neither a Direct Debit nor a debit card can be used for transferring money between current accounts (a DD is possible theoretically, but in practice is rerely available and for savings accounts only).

OP didn't say they were transferring to another current account...just that they "opened a new account with Bank A".


I suspect this new account was something like a YBS Internet Saver, which does accept deposits by debit card. And you only need the 16-digit card number (plus expiry date etc) for this.


Doesn't explain the red herring in the thread title though!


OP, if the funds haven't arrived after 3 working days you make formal complaints to both organisations and sit back and enjoy Xmas. Leave the police to deal with crime!