The Co-operative bank have lost a cheque for £6.5k, they have accepted liability but WON’T reimburse

Pedro1974

Hi There
I really hope that someone can help...
I paid a cheque for £6.5k from Barclaycard into my nearest Co-operative Bank branch.  I have the stamped and initialed receipt and the bank has told me that they have CCTV images of me paying in the cheque and of the cashier processing it.  They have told me that they have the scan of the cheque, and have admitted full liability for the loss and Barclaycard have told them that the cheque hasn’t be cashed.
Despite all of this, they are refusing to credit my account until they receive another cheque from Barclaycard who have told them that this will take between 3-5 months
I am going through the banks complaints procedure, and they have given me a tiny interim payment of £300, but they simply won’t credit my account for the full amount and can’t give me a time scale on when I will receive it.

Could anyone give me some advise as to how I can recover this money in a reasonable time frame as waiting up to 5 months is far too long to wait???????

Voyager2002

I think that you should contact Barclaycard and negotiate a more reasonable time frame for them to issue a replacement cheque.

Then use the Co-op bank complaints procedure to obtain a reasonable sum for your actual losses resulting from the delay in receiving payment: if you had been going to use the money to pay off a debt then you should claim the actual interest you have had to pay as a result, otherwise about 8 per cent per year is a reasonable rate to use for your loss of use of the money. And perhaps fifty pounds for the inconvenience as well.

mab3000

What is the cheque from Barclaycard for, and why will it take them up to 5 months to cancel and re issue the cheque?

Even though it’s annoying that the Co op bank have lost the cheque, I don’t believe it is reasonable to expect the Co-op to credit your account with the full amount until you bank the other cheque. How do they know that the cheque will definitely be paid in and clear? 

When you say they have given you an interim payment of £300, is that supposed to be a loan of some sort? Or this this a payment for the distress and inconvenience? If this is the latter then this to me is a reasonable payment for the inconvenience, if you don’t think it is maybe ask for a bit more. But I don’t believe that the Co op bank should be loaning you the full amount of that cheque. 

bonkersbonkers1

Does the co op digitally image cheques.
If they do the cheque is in the branch somewhere. If not and it was sent to clearings - it would be quicker for the OP to contact Barclaycard and obtain a duplicate cheque.

Grumpy_chap

Surely, the first cheque can simply be 'stopped' and then restart the process from the start.  Annoying and mistakes should not happen, but it happened and this seems the most straightforward exit strategy to get everything square.

dunstonh

Despite all of this, they are refusing to credit my account until they receive another cheque from Barclaycard who have told them that this will take between 3-5 months

The request from co-op is reasonable.  However, the timescale from Barclaycard is frankly disgusting.

I am going through the banks complaints procedure,

With which bank?

Barclaycard are the ones that need a complaint.  

bonkersbonkers1

dunstonh said:

Despite all of this, they are refusing to credit my account until they receive another cheque from Barclaycard who have told them that this will take between 3-5 months

The request from co-op is reasonable.  However, the timescale from Barclaycard is frankly disgusting.

I am going through the banks complaints procedure,

With which bank?

Barclaycard are the ones that need a complaint.  

I suspect the timescale given to the OP is because Co op are trying to sort it out through the digital cheque imaging company that banks/B. Societies use to process cheques.
I don't think it is Barclaycard that is saying it will take so long to issue a new cheque.
The cheque imaging company has never been up to date since it started a year ago - many weeks of backlogs - ask anybody working for banks.

colsten

bonkersbonkers1 said:

I don't think it is Barclaycard that is saying it will take so long to issue a new cheque.

Pedro1974 said:

Despite all of this, they are refusing to credit my account until they receive another cheque from Barclaycard who have told them that this will take between 3-5 months

Seems they did. Utterly ridiculously long time.

xylophone

Why can't a stop be put on the cheque while Barclaycard make a faster payment to the OP's bank account?

bonkersbonkers1

colsten said:

bonkersbonkers1 said:

I don't think it is Barclaycard that is saying it will take so long to issue a new cheque.

Pedro1974 said:

Despite all of this, they are refusing to credit my account until they receive another cheque from Barclaycard who have told them that this will take between 3-5 months

Seems they did. Utterly ridiculously long time.

If Co op hold an image of the cheque - there should be no need to get a new cheque Barclaycard can say yes or no to 'paying' the existing cheque.
It all depends on how they process cheques.

Thrugelmir

Pedro1974 said:

Despite all of this, they are refusing to credit my account until they receive another cheque from Barclaycard who have told them that this will take between 3-5 months

Sounds surprising. Have you spoken to Barclaycard yourself? Better use of your time than simply raising a complaint.