Missing Nationwide CHAPS

Biggles_dh

Last Friday I paid my final balance by CHAPS. Nationwide confirmed receipt of request at c11am and then debited my account at c3pm. Called yesterday morning as solicitor didn’t receive funds and after a long wait told there was a technical error but my money would arrive later that day and nothing I could do - I complained and wanted an explanation of where my money was, Nationwide promised to send me a message on internet banking that day and also call. Following day solicitor still hasn’t received the money to allow completion, on calling Nationwide and spending an hour on the phone they say the money was sent and received but solicitors confirm that’s not the case. They’ve now put a trace on the money but it may take 10 working days to find where they’ve sent it (details I gave we’re correct). My 10% deposit is now at stake as clearly can’t complete as legally required. I’ve spoken to the FCA who’ve made it clear there are no safeguards for money unless the bank goes bust. They can’t deal with the issue as it’s not a problem apparently ... What can I do as it seems crazy the bank can lose my money, cause me to lose a £30k deposit and have no liability. Unless the balance is returned I’ll lose that too so all in my life savings of 60k gone and nothing to show whilst the bank seem to have no-one Who overseas this.

jonnygee2

This should not be too hard for the banks to sort out, so I don't know what the problem is. I suspect they are just a bit inept and you need to rattle some cages to get them to actually investigate.

Firstly, confirm on the phone with the solicitor the bank details they sent you, then quadruple check that transfer went to the right bank account. There HAVE been cases where a solicitors email was hacked and details of fraudsters accounts have been inserted into email chains. Hopefully you aren't a victim of this, but worth checking.

From there, you just need to pressure your bank. Call them and say you would like to escalate this to a formal complaint. This tends to get banks moving. You may also want to Tweet them (I'd go with 'Nationwide have LOST the mortgage deposit I've spent 5 years saving for and now can't find it!!!' - or something similarly dramatic). Your solicitor should be raising formal complaint with their bank too.

Eventually you can (and should) take this to the ombudsman if the bank doesn't resolve this via their informal complaints process - the ombudsman can force the bank to award compensation. But right now what you need is someone with a bit of seniority to take notice and work on your case. They won't listen until you've gone through the internal process, though.

Slithery

This is why you should always transfer funds early, there's no insurance backed guarantee as to how long CHAPS payments will take.


I've always made it a point to transfer funds at least a week before they're needed.

Smodlet

The bank (assuming it is in the UK) cannot lose your money. Again, assuming (something I hate to do) you did not hand over a bunch of bank notes but made this payment electronically, whichever institution sent the money to the Nationwide must have a way to find out where it went and thus to retrieve it.

I know it is easy to panic but what does it ever achieve? Please just calm down and deal with these idiots (yet again assuming the mistake is theirs and not yours) We are all human, we are all fallible.

HTH and I hope it all works out for you very soon.

Biggles_dh

Thanks for the reply, I quadruple checked details before submitting and then again on confirmation advice I received - all correct and also forwarded same advice to the solicitor who’s confirmed it too. I’ve raised formal complaint earlier today, compensation sadly is apparently unlikely to cover my deposit which the seller retains if I fail to complete. Crazy, there should be regulation in place as if I accidentally mislaid my companies money I can guarantee the police would arrest me...

Biggles_dh

We’re only a couple of days short of a week now - so being a week early wouldn’t have resolved this case. more worryingly there seems no accountability for my money and no regulation to protect it unless the bank goes under.

Biggles_dh

Thanks, it’s Nationwide who I bank with and are responsible for sending my money and not being able to explain where too. Also no explanation on what the technical error last Friday was despite taking the money from my account. I’d be less stressed if buying a house didn’t involve such punitive measures for failure to complete.

dawyldthing

Chaps goes through your account I think? So can't you click on online banking and double check it's the right sort code and account number then email your solicitor to check they gave you the right ones first time round. Double check it too

Smodlet

You already have the answer. The Nationwide must know where they sent your money. It cannot just disappear. You need to remain calm (a big ask, I know) and complain to however many levels it takes: Escalate your complaint to the manager's manager's manager if you have to.

You need to complain up to whatever level until the NW either confirm your money has arrived at the correct place (obvs your solicitor needs to confirm receipt) or it reappears in your account, having failed to reach its intended destination. This will be resolved if you pursue it. Just do not take "We don't know" for an answer.

Bass_9

I'm sorry to hear you're in this position, it must be very stressful.

If you end up in a worse case scenario and the complaints procedures do not resolve your case in a satisfactory way, you could always go to the papers if Nationwide won't take responsibility?

I know that sounds extreme but I don't think you're anywhere near that point yet. Have faith and good luck OP.

davidmcn

Possible it's fallen into an anti-money-laundering limbo while they "audit" it.