NS&I Withdrawal Missing as Bank doesn't accept BACS

ns__89

Hi, 
Wondering if others can help/advise on my situation...
Last week, I processed a withdrawal from my NS&I savings to my bank account. This was not an inconsiderable amount of money (£49,500) and is for a house purchase.
However, I have since found that my bank account does not accept BACS transfers and therefore cannot see this transaction at all. They advise to go back to NS&I and enquire with them.
NS&I tell me that they have processed the transaction to the correct sort code and account (details which I checked) and therefore it's 'done' from their side. They also did note any rejection from the bank would come back to them, but as mentioned my bank will not even see this transaction as they don't have a BACS setup (there's nothing to reject).
So now I have a situation where NS&I are saying they've processed the transaction but the Bank do not see it, and it's almost been a full week.
Can someone please advise on this situation? I am down almost £50k! What can I do to enforce NS&I to act rather than say it's all fine?
Thanks!

ischris85

Depending on the withdrawal method used, payments up to £50,000 are next day. 
https://www.nsandi.com/how-long-does-it-take-receive-withdrawal-payment
So which NS&I product do you have, how did you request the withdrawal and who is your current account with?

eskbanker

Which bank are you talking about, and is it a standard current account that you're trying to pay to?

dr_adidas01

ns__89 said:

Hi, 
Wondering if others can help/advise on my situation...
Last week, I processed a withdrawal from my NS&I savings to my bank account. This was not an inconsiderable amount of money (£49,500) and is for a house purchase.
However, I have since found that my bank account does not accept BACS transfers and therefore cannot see this transaction at all. They advise to go back to NS&I and enquire with them.
NS&I tell me that they have processed the transaction to the correct sort code and account (details which I checked) and therefore it's 'done' from their side. They also did note any rejection from the bank would come back to them, but as mentioned my bank will not even see this transaction as they don't have a BACS setup (there's nothing to reject).
So now I have a situation where NS&I are saying they've processed the transaction but the Bank do not see it, and it's almost been a full week.
Can someone please advise on this situation? I am down almost £50k! What can I do to enforce NS&I to act rather than say it's all fine?
Thanks!

Which bank is this? Most salary and benefit payments are made using the BACS system.

ns__89

The bank account is actually a savings account in my name (should have put this to a current account), therefore the bank (Marcus by Goldman Sachs) would have rejected the payment and had it bounce back to NS&I.
However, they're unable to 'reject' the payment because they can't see it due to not being set up for BACs.
The NS&I product was Income Bonds and I made the request online in the usual way from my account.

ischris85

"The payment will normally reach your nominated account by the end of the first banking day after the day we receive your instruction." 
In this instance NS&I don't use BACS, it is most likely Faster Payments. However, how do you know Marcus do not accept BACS payments?

eskbanker

I believe that BACS is a red herring here - the reason the payment won't go through is presumably because Marcus will only accept deposits from a nominated linked current account, so they'll reject the transfer for that reason and it'll make its way back to NS&I.  No idea how long it'll take to sort itself out though....

4justice2

Marcus will only accept payments from your linked account (usually your current account). I suspect the NS & I account isn't your normal linked account? This is from Marcus website help pages:

"Alternatively, if you have given the wrong Marcus account details to your linked account provider or tried to send money from an external account other than your linked account, the money will be sent back to the account you sent it from"

Robin9

Have you not got a standard current a/c (or two) you can use ?

ns__89

eskbanker said:

I believe that BACS is a red herring here - the reason the payment won't go through is presumably because Marcus will only accept deposits from a nominated linked current account, so they'll reject the transfer for that reason and it'll make its way back to NS&I.  No idea how long it'll take to sort itself out though....

4justice2 said:

Marcus will only accept payments from your linked account (usually your current account). I suspect the NS & I account isn't your normal linked account? This is from Marcus website help pages:

"Alternatively, if you have given the wrong Marcus account details to your linked account provider or tried to send money from an external account other than your linked account, the money will be sent back to the account you sent it from"

The BACS is actually not the red herring as far as I can see. Marcus will indeed only accept from a nominated linked current account, the others they will (a) identify (b) reject and (c) send me an email informing of the rejection.
However, they are unable to even do (a), identifying the transaction - they see no trace of it! And they say they wouldn't see a trace of it because quite simply, they're not set up for BACS.

eskbanker

ns__89 said:

eskbanker said:

I believe that BACS is a red herring here - the reason the payment won't go through is presumably because Marcus will only accept deposits from a nominated linked current account, so they'll reject the transfer for that reason and it'll make its way back to NS&I.  No idea how long it'll take to sort itself out though....

4justice2 said:

Marcus will only accept payments from your linked account (usually your current account). I suspect the NS & I account isn't your normal linked account? This is from Marcus website help pages:

"Alternatively, if you have given the wrong Marcus account details to your linked account provider or tried to send money from an external account other than your linked account, the money will be sent back to the account you sent it from"

The BACS is actually not the red herring as far as I can see. Marcus will indeed only accept from a nominated linked current account, the others they will (a) identify (b) reject and (c) send me an email informing of the rejection.
However, they are unable to even do (a), identifying the transaction - they see no trace of it! And they say they wouldn't see a trace of it because quite simply, they're not set up for BACS.

But the point was that the payment won't actually be sent by BACS, but Faster Payments (which Marcus can deal with if from your linked current account)....