Money gone missing?

IAMORGAN

When i have transferred money to my Nationwide account from my Barclays account, I just entered the sort code and acc no on my flex card, and put in the reference "123" -this was just so i could see on my statement what it is. The reference, as far as I was aware, was just an option to show you on your statement what the transaction is, or if you are paying another company, who the payment is from, i.e. ABC Ltd. may want your account/invoice number if you are doing a funds transfer. But AFAIK, you just need sort code, acc no and amount.

If HSBC are telling you the details are right, then I don't see what the problem is, nowhere does it tell you about a ROLL number (whatever that is -I have no idea) and i have never used it either through telephone banking or through online banking. HSBC in my experience have been nothing but infuriating to deal with, bordering on plain rude, as opposed to Barclays who always seem to be polite and helpful.

Of course, I don't have much experience as a 17 year old, but that's my experience and it works fine for me. I may of course, be being completely thick and missing something!

Good luck and it really isn't acceptable, whoever "fault" it is, they should have sorted it by now!!

IAMORGAN

Smiley_Mum wrote: »

I don't know whether this will help or not.

I did a balance transfer a few years ago. The payment to clear the credit card account from the credit card I was placing the debt onto was sent to the correct bank but they had miskeyed the account number. As a result, the payment was rejected by the bank to which I was trying to clear the balance as the account number that resulted due to them miskeying did not exist. This resulted in the amount being sent back to the credit card company I was wanting to do the balance transfer for me. The money ended up being held in a suspense account with the bank as they had nowhere to send it as a result of their mistake. It took numerous phone calls back and fore between banks to find out what happened to £1,500. Think of the interest they make on all the money that is held in suspense/holding accounts, they make a blinking fortune out of us and yet pay us a pittance back in interest. Legal thieves is all that they are.

Keep at both banks/building societies like a dog at a bone. If the money hasn't been incorrectly credited to someone's account, then one of the building societies is making interest on your cash as it will be sitting in a suspense account making interest for them.

You are right of course; it's strange isn't it how they can quickly tell you that you are £1 overdrawn, yet when they have basically lost your money, they can't be bothered to sort it. It just infuriates me no end, if they were just honest and said "i don't know where your money is mr/mrs X, but we're trying to find out, your details were correct, we've spoken to Nationwide its not in your account there, so we'll credit it to you and sort it out amongst ourselves, is there anything else I can do to help you today? Thanks for calling, have a great day." Smaller companies could not get away with service like that, if you pay your window cleaner and they lose the money, they don't refuse to clean your windows until you pay them again!

IAMORGAN

ejones999 wrote: »

I wonder if OP has made a previous payment between these two accounts?

If not - a tip I always follow (even with repaying credit cards) is to send a small payment (say£5) to test the system before embarking on a big transfer.

I know not much use to OP now but for the future....?

I really don't mean to be rude, but there is nothing difficult about making a transfer from one 'normal' bank account to another; the FlexAccount which the OP has is AFAIK, i would call a 'normal' account. If the banks can't set up their system properly, it really shouldn't be the problem of the OP.

Of course, in reality, your suggestion is very sensible, because at least you don't lose all the money. In this case however, the OP had sent money through this transfer to this acc. before and there was no problem.

A quick question, does the transaction get manually processed?? I just assumed that the systems were linked through a type of ATM system -such as LINK (I thought it was BACS) and just went through automatically. I thought the only real UK Bank to UK Bank transfer that involved human intervention was a CHAPS transaction, and i'm not sure even that requires humans -if it does, why does it?? Is the system architecture archaic, or is it more complex than it seems?

Thanks.:A

Arcana

kelloggs36 wrote: »

I have a couple of accounts and made an on-line payment from one account to another (different bank - from HSBC to Nationwide). The money left my HSBC account immediately on 31 July but has not arrived at the Nationwide. I rang HSBC who say that they will put a trace on the money - Nationwide say that they can't do anything as the money never reached them. I asked if this was true as it is possible it could have been rejected (had this with Halifax who denied ever having my money but rejected it but never returned it to HSBC). My query is how long should it take for the money to come back to my account if it was rejected? The account details given by HSBC show that I input the correct account number and sort code. I wonder if the mistake is that the reference is my name and the fact that it is a current account and not mine and my husband's names?? Even if I did that though, surely as the account with Nationwide is a joint account and the money is in my name with the correct details it should still have found its way there?

It is so frustrating as my employer owes me money which was promised in my account today, but it wasn't paid, so I have no money at all to access!!!

What can I do to get this sorted out quickly?

something like this happen to me a month ago with Aliance & Lecester account but was sorted out in less than two weeks.

Inactive

ejones999 wrote: »

If you had done this payment before then wouldn't the details already be in your 'bills payment' section of your online banking?
It seems daft to me that you have to enter details time after time - does your system not hold them for you?

Correct, it does, the OP has still not explained why they didn't just use the stored info.

gt94sss2

Inactive wrote: »

Correct, it does, the OP has still not explained why they didn't just use the stored info.

From post 29, it appears that the OP has two accounts at HSBC:

- a student account
- a current account

and that all the previous transfers were done from the current account which has the details stored.

This transaction was from his student account..

As I have suggested before, I suspect the best thing to do is await the results of the HSBC trace - there is no point asking Nationwide atm as they could tell you anything until the results of the trace come through.

I do not believe there is any manual processing at all of HSBC online payments - its fully automated after the customer enters the details - so HSBC staff will not have mistyped something.

Regards
Sunil

Smiley_Mum

I'd send both Nationwide and HSBC a stern letter stating that the money had been transferred etc, neither of the local banks that you have been in touch with are accepting blame for the money going astray, you want the money with compensation on top credited back to your account asap or you shall be contacting Head Office of both banks. No joy from them then it's onto the Ombudsman.

BWZN93

Did this ever get sorted?? Out of interest I want to know what happened!

Jo x