Money gone missing in transit?

badger09

No, this isn't the usual tale of miskeyed account details - at least I don't think it is :cool:

On Wednesday 27th I closed 2 Newcastle Big Home Saver accounts online.
Account 1 with balance £x then a few minutes later, account 2 with smaller balance £x (both under £300).

These accounts were both linked to the same Club Lloyds account, which fed both, and to which withdrawals had been made previously.
The correct Club Lloyds account details were displayed on the closure screens for both accounts. Both closures were made before Newcastle's cut off time of 16.00 on 27th.

On 29th balance from account 2 (+ a few pence interest) appeared in Club Lloyds, as credited 28th. Balance from account 1 still hasn't arrived:(

I spoke to Newcastle on 29th, and was assured both sums had been sent, automatically i.e. no human keying details, to the correct account. I was advised that if it wasn't credited on 30th, to phone Lloyds and ask if it was in their holding account.

I spoke to Lloyds who said I should again contact Newcastle. She could start a missing payment form, but it could take up to 3 weeks, as 'it is not our fault' . It would be much quicker if Newcastle did a missing payment trace as they have all the details. I was also told that Lloyds would never stop a payment going into an account, 'especially as the other payment had arrived'.

Newcastle CS is not available at the weekend, and I can't even send a secure message as I'm no longer able to log into my account online:(.

Does anyone have any experience of this sort of thing?

Am I being too impatient?:o

RichyRich

It could be that one of the payments went BACS and one Faster Payments, if perhaps one was over the FP threshold.

Either bank can investigate this for you. It will probably be quicker to try and find what's gone on through Newcastle, but if you get nowhere Lloyds can file a 'Beneficiary claims non receipt' claim to see where the funds are.

My money is on Lloyds' own nostro account.

dave4693

I've found that often the second payment to the same account in a reasonably quick time scale has caused the second to be held for security checks and then released on the next working day. I assume because that is the exact behaviour of someone trying to empty your account via fraud.
Hope i'm right and i feel your pain, was not a nice weekend waiting to see if 7.5k made it.

badger09

RichyRich wrote: »

It could be that one of the payments went BACS and one Faster Payments, if perhaps one was over the FP threshold.

Either bank can investigate this for you. It will probably be quicker to try and find what's gone on through Newcastle, but if you get nowhere Lloyds can file a 'Beneficiary claims non receipt' claim to see where the funds are.

My money is on Lloyds' own nostro account.

Thanks RichyRich

I can see no reason why both payments shouldn't have gone by FP as both were less than £300.

Obviously I'll phone Newcastle on Monday, but its good to know the jargon if I do have to go back to Lloyds.

badger09

dave4693 wrote: »

I've found that often the second payment to the same account in a reasonably quick time scale has caused the second to be held for security checks and then released on the next working day. I assume because that is the exact behaviour of someone trying to empty your account via fraud.
Hope i'm right and i feel your pain, was not a nice weekend waiting to see if 7.5k made it.

Yes, I know that sometimes happens with interbank personal transfers and I understand the reasons for it.

However, these were 2 payments from a Building Society to a bank, and it is the 1st payment which hasn't arrived, while the 2nd payment is sitting safely where I want it;)

Sorry to hear of your experience.

badger09

In case anyone is interested

According to Newcastle, Lloyds rejected the first payment into my Club account as 'the nominated account is not able to accept credits' :huh:

Closing balance finally arrived in Lloyds Club on 2nd February.