We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

lost CHAPS payment

Options
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?
«134

Comments

  • xylophone
    xylophone Posts: 45,607 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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
    Lorian Posts: 6,235 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    This was a Post Office Savings Account you opened yourself, and was in your name?
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    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
    xylophone Posts: 45,607 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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.
  • 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
    xylophone Posts: 45,607 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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
    Lorian Posts: 6,235 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    A previous similar issue that may be of interest to the OP.

    https://forums.moneysavingexpert.com/discussion/5695158/missing-chaps-payment
  • jonnygee2
    jonnygee2 Posts: 2,086 Forumite
    1,000 Posts Second Anniversary Name Dropper Combo Breaker
    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
    pinkdalek Posts: 1,355 Forumite
    Tenth Anniversary 1,000 Posts
    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
    Ergates Posts: 3,033 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.