lost CHAPS payment

MarkST

i attempted to transfer my life savings from TSB current account to a Post Office savings account 11 days ago. It was done in-branch over the counter. The account details of the beneficiary bank have been certified as correct. I used CHAPS because I thought it to be the fastest guaranteed securest risk-free method. I paid the £30 fee & the transfer was made. I was told that the money would reach the PO account that day

It is 11 days later & the money has been lost. I have received a letter from TSB saying that I may not get the money back. That would be life-changing for my wife & I. There is no indication of fraud as it was done inside the CHAPS system with all correct account details. I have demanded return of funds immediately but have been denied this. Can anyone help a very anxious forum member?

xylophone

https://www.financial-ombudsman.org.uk/publications/ombudsman-news/42/42_automated.htm

The account details of the beneficiary bank have been certified as correct.

TSB must know where the money went - why have they not traced it?

Lorian

This was a Post Office Savings Account you opened yourself, and was in your name?

agrinnall

I would probably be chasing this from both ends, and making formal complaints to both TSB and PO. Unless you actually are involved in a fraud there is no chance that you won't get your money back, but you may have to involve the FOS so the sooner you start your complaint the sooner you can escalate it if necessary.

xylophone

This was a Post Office Savings Account you opened yourself, and was in your name?

This is a good question - I had assumed that the OP had sent the payment to his own account - I hope to goodness that he hasn't been scammed into sending it to a crook's.

MarkST

Grateful thanks for your replies & advice. TSB say they are trying to chase but think that the PO is at fault. Yes, it was personal account that I opened myself. I have made formal complaints at both ends. I am confident that there is no fraud involved.

xylophone

TSB say they are trying to chase but think that the PO is at fault.

Trying?? And what is the PO "trying" to do?

What does your TSB Bank statement show?

Lorian

A previous similar issue that may be of interest to the OP.

https://forums.moneysavingexpert.com/discussion/5695158/missing-chaps-payment

jonnygee2

Firstly some words of comfort for you. The regulation is exceptionally clear on this, banks cannot simply 'lose' your money. You will get this back, but unfortunately (particularly because you were with Lloyds) it may take a lot of time dealing with inexperienced and incompetent customer service staff who don't really have the skills or motivation to help.

First things first, as another poster has said raise official complaints with both Lloyds and the post offices. To do this you need to tell their front line customer service staff that you have suffered a financial loss as a result of their service and want to complain about it.

This gets your enquiry escalated to someone who is motivated to solve it (their internal complaints team). From there it will probably be solved, but ultimately the worst case is that you have to escalate to the financial service ombudsman (you'll get details at the end of the complaints process) who would ultimately order a bank to compensate you for the loss.

Most likely, when this gets escalated far enough, it will magically get solved, as per the other thread.

pinkdalek

It's possible the account you have sent it to does not accept CHAPS payments, yes there are some sort codes out there that don't like them.

If this was the scenario though TSB would be have been advised and should have contacted you.

I hope you get this sorted, but as others have stated a complaint needs to be raised especially if you have quoted the correct details which were given to you from the PO and inputted by the TSB.

Ergates

When you get your money back, don't forget to demand a refund of your £30 for the CHAPS payment - they breached their T&C on delivery times.