Premiuym bonds money lost

emyr85

I have made two withdrawals from my premium bonds account with the National Savings & investments organisation.

When the payments had not been received I contacted them was informed the wrong account number was provided.

My money a sum of 1200 pounds has now gone to another person’s account number

National savings and investments have basically washed their hands of the matter so have Santander as they are stating it’s the premium bonds responsibility to chase the payments.

Whereas the premium bonds state it’s the banks responsibility to chase the incorrect payment.

Where do I go from here? As I have lost all my money?

Tigsteroonie

Not sure whether the attached might be of interest?

http://www.payyourway.org.uk/news-and-views/2014/04/24/misdirected-press-release/#.U1lgDGflXH8.gmail

emyr85

thanks however i think i will have to contact the ombundsman and take it much further as bothy sides refuse to even help me out at the very least

vw100

I would start of with National Bonds, and confirm the sort code and account number they have for you. From here you should be able to work out who made the mistake as they were sending the funds.

TonyMMM

vw100 wrote: »

I would start of with National Bonds, and confirm the sort code and account number they have for you. From here you should be able to work out who made the mistake.

This the crucial bit .... did you give NS&I the wrong account details, or did they have the right details but then send it to the wrong account ?

Very, very important difference.

colsten

emyr85 wrote: »

thanks however i think i will have to contact the ombundsman and take it much further as bothy sides refuse to even help me out at the very least

Before you can go to the ombudsman, you need to have given NS&I / Santander up to 8 weeks to deal with your complaint. Have you actually raised any complaint yet?

http://www.nsandi.com/contact-us-make-complaint

https://www.santander.co.uk/csgs/Satellite?c=Page&canal=CABBEYCOM&cid=1210607166846&empr=Abbeycomd&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA2

emyr85

No i gave them 1 incorrect digit on my account number

Outcome as of now is that they are writing to the bank to tell them to try and recover the money from the other persons account!

However if the other people have spent the money i will not get anything back! Realise its my error but to lose 1200 from 1 digit is ridicilous! Also the name doesnt match! So there should be more security involved to stop situations like this happening!

Hopefully the recieving person wont spend it all and realise theres been a mistake and contact the bank! But in this day and age i doubt this will happen

Jim431

Misdirected payments was discussed on BBC Money Box in May. Here is the PDF transcript. It's at the end.

http://news.bbc.co.uk/1/shared/spl/hi/programmes/money_box/transcripts/money_box_31_may_14.pdf


It mentions the "Payments Council, which runs the plumbing through which our money moves around, which has issued a new code of best practice on what it calls these misdirected payments, and that week in May the big banks all adopted it..."

There is some useful guidance - but it doesn't look easy by any means - and you have NS&I in the loop

Good Luck - I think you have a big problem - this really needs a better solution - too many people have made the mistake and one day I fear it might happen to me !!

ChesterDog

Yes indeed. There but for the grace of God...

Very, very easy to do and terribly hard to eliminate totally.

Best of luck.

ManofLeisure_2

OP, I do believe that from a legal viewpoint, if a sum of money is accidentally paid into someone's bank or savings account and they know that it doesn't belong to them, then they must pay it back.

moneyfoolish

ManofLeisure wrote: »

OP, I do believe that from a legal viewpoint, if a sum of money is accidentally paid into someone's bank or savings account and they know that it doesn't belong to them, then they must pay it back.

That's true but I read sometime ago that banks weren't allowed to disclose any details of the recipient. I don't know if this is still the case. If so, it is ridiculous. I'm just waiting for this to happen to me. It's so easy when you're transferring money regularly to make a slight error. Time they got software in place everywhere which asks for a password and matches it with the account number!