CHAPS Payment held up by "Compliance Team"

minorsqueeze

Hi,

I'm getting rather concerned that a house sale payment has not made it to my account because of HSBC's Compliance Team?

I completed a house sale last Friday and was told by lunchtime the money was with our solicitors. After confirming the completion of the house my solicitor then transferred the money to my account via CHAPS at around 3.20pm. Nothing arrived in my account Friday afternoon, but put it down to a late transmission on the day and it might have been put off till Monday (today).

By lunchtime today it still had not arrived, so my solicitor chased and was told by HSBC it's with their compliance team and that the money was being held. End of day 2 and I still dont have the money.

What are the compliance team doing? I feel powerless to be able to step in and badger people to get a resolution on this but HSBC are saying practically nothing. How long can they hold onto the money for and can I complain to someone? Are they breaking any rules? It's just not knowing what's going on that's making me annoyed right now...anything I can do?

Thanks,

Futuristic

I can only assume it's been flagged for manual review though for business accounts thats usually less than 2 hours with HSBC from past experience(s). Perhaps less staff over the holiday period to handle those in queue?

grumbler

minorsqueeze wrote: »

...
What are the compliance team doing? ... Are they breaking any rules?

I guess they are relaxing and watching !!!!!! - because our well paid lawmakers were relaxing too and forgot to make any rules.

colsten

grumbler wrote: »

I guess they are relaxing and watching !!!!!! - because our well paid lawmakers were relaxing too and forgot to make any rules.

?????????????????????????????

Our well paid law makers have made rules, that's why banks are checking. If you are looking for any absolute deadlines by which all transfers must have been completed, or for banks to tell people why the checks take longer than a few hours for CHAPS, you can wait forever, and I assume you would know why. Hint: it's nothing to do with their sexual appetites.

OP, have you raised a formal complaint with HSBC? Did you ring the FOS and ask for assistance?

xylophone

Is HSBC your bank or the solicitor's bank or do you both bank with HSBC?

minorsqueeze

HSBC are the solicitors senders bank, so wasn't sure what my rights are as a receiver (not with HSBC)

I guess I wanted to know if what they are doing is within allowed rules ie take longer than a day to do what they are doing, or if a routine check should only take so long and now they are taking the mickey.

I've not contacted anyone official just yet,

colsten

They can take literally as long as they want, which is infuriating when you know everything is as it should be. It seems quite unusual though that trasnactions from a reputable Solicitor get held up.

Have you actually reconfirmed with your solicitor that the money was sent to your sort code and account number? Could they have mistyped your details? I.e. did your Solicitor show you proof of the transaction - i.e. has the money left their account? I recall a similar post a while ago from someone whose CHAPS transfer was apparently stuck in Santander and magically turned up after the Solicitor was asked to show proof of sending. Think it was this one: https://forums.moneysavingexpert.com/discussion/5168925

Don't want to frighten you but there have been enough cases recently where fraudsters stole money by giving Solicitors different bank details. Like for example this one: http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/11605010/Fraudsters-hacked-emails-to-my-solicitor-and-stole-340000-from-my-property-sale.html

minorsqueeze

In this case, my solicitor was clear the money has left their account, and the order was definitely for my correct details.

HSBC themselves in an email to my solicitors told them it's with their compliance team and I quote from the email "There is nothing more you can do at this stage"... which I've personally seen.

After all the aggravation in getting us to exchange and complete before Christmas, now this. Just seriously unlucky. I was at the top of a sale chain. God knows what would have happened if i was in the middle of one and this hold up occurred.

grumbler

colsten wrote: »

?????????????????????????????

Our well paid law makers have made rules, that's why banks are checking.

If you are looking for any absolute deadlines

Yes, that's the rules about any deadlines that our lawmakers forgot to make.

you can wait forever, and I assume you would know why.

I have no idea.

Hint: it's nothing to do with their sexual appetites.

Is it online gaming then? Or catch-up TV?

OP, have you raised a formal complaint with HSBC? Did you ring the FOS and ask for assistance?

Absolutely. No rules and, as a result, FOS intervention is required to make things moving.
If, like you say, they do follow the rules and don't relax, how can the FOS 'assist'?

colsten

grumbler wrote: »

I have no idea.

If you seriously cannot think of any reason why some payments will legally be held up for an undefined length of time, or even forever, you are beyond help.

grumbler

What do some payments have to do with this case?
The problem is that the rules allow banks to hold any payment forever and banks have no reasons to stop dragging their feet.