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

xylophone

"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"

Ring Marcus and ask about their procedure/time scale for rejecting a payment in these circumstances.

mazzetti

It must be worrying for you but try not to worry you are dealing with to two reputable organizations and it will get sorted out

 as above just contact Marcus and say a payment was made by faster payment but not from your linked account - how long do their procedures for returning the money take.

Also factor in that once it is returned to NS&I it may take a little while to actually show in your account

ns__89

eskbanker said:

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)....

Maybe you're right. However, according to my online statement on NS&I, it clearly states BACS was used (unable to screenshot) but it does say this.
Probably because earlier in that day I withdrew other money from NS&I. (The limit of £50k Faster Payments is probably capped at day level.)
Anyway, the question remains, does anyone know what to do in this scenario?

ns__89

IanManc said:

eskbanker said:

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)....

Eskie's right. Payments out from Income Bond Accounts up to £50k are made by faster payments:



Under £50k payments take up to a day so are Faster Payments, while over £50k withdrawals take three days, so are BACS payments. Your BACS argument is a red herring.

Thank IanManc, I did reply to this from Eskie. BACS was used seemingly, as Faster Payments was used for a previous transaction that day (limit is £50k and this transaction took it over the limit). This does point to BACS does it not?

colsten

I have never seen payments out of NS&I accounts to be anything but BACS payments. Even the transfers of Premium Bond winnings to the NS&I Direct Saver are recorded as BACS transfers, and take 3 working days. This might just be a hangover from the olden days. Other withdrawals do arrive sometime during the next working day, so may be they are processed as FPs, up to £50K.

However, I agree with all those who say BACS is a red herring in the OP's case. The issue is that they tried to make a deposit into Marcus from an account other than the linked account. This is just not possible (see Marcus T&Cs), and Marcus will return the money to NS&I. It is quite possible that all this will take ages to process at the NS&I end as they generally take ages to clear normal deposits, and a return is unlikely to be considered a normal deposit. So it's just a matter of waiting, I'm afraid.

ns__89

colsten said:

I have never seen payments out of NS&I accounts to be anything but BACS payments. Even the transfers of Premium Bond winnings to the NS&I Direct Saver are recorded as BACS transfers, and take 3 working days.

However, I agree with all those who say BACS is a red herring in the OP's case. The issue is that they tried to make a deposit into Marcus from an account other than the linked account. This is just not possible (see Marcus T&Cs), and Marcus will return the money to NS&I. It is quite possible that all this will take ages to process at the NS&I end as they generally take ages to clear normal deposits, and a return is unlikely to be considered a normal deposit. So it's just a matter of waiting, I'm afraid.

Really appreciate everyone's responses to this. However, I should reiterate (5 working days since transaction), Marcus is telling me they do not see the transaction, and their accounts team advise that if by BACS they will not see the transaction as they're not set up for it.
They also advised that IF this was by Faster Payments, then they would see it and they would reject it. However this is not what happened.

colsten

ns__89 said:

IanManc said:

eskbanker said:

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)....

Eskie's right. Payments out from Income Bond Accounts up to £50k are made by faster payments:



Under £50k payments take up to a day so are Faster Payments, while over £50k withdrawals take three days, so are BACS payments. Your BACS argument is a red herring.

Thank IanManc, I did reply to this from Eskie. BACS was used seemingly, as Faster Payments was used for a previous transaction that day (limit is £50k and this transaction took it over the limit). This does point to BACS does it not?

BACS is irrelevant.

You tried to deposit money into Marcus from an account other than your nominated current account. That's the issue. Marcus only allows deposits from your nominated account. You created the issue yourself.

xylophone

I have to say I am mystified by this "not accepting BACS" business.
If your linked account was your current account with XYZ Bank and XYZ Bank made the payment by BACS, would Marcus  still reject it?

eskbanker

ns__89 said:

eskbanker said:

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)....

Maybe you're right. However, according to my online statement on NS&I, it clearly states BACS was used (unable to screenshot) but it does say this.
Probably because earlier in that day I withdrew other money from NS&I. (The limit of £50k Faster Payments is probably capped at day level.)
Anyway, the question remains, does anyone know what to do in this scenario?

Yes, the NS&I help info linked in the first response does indeed make it clear that if multiple withdrawals cumulatively exceed £50K in one day then they'll be sent via the slower multi-day BACS timescale, so those of us saying it was nothing to do with BACS were doing so on the understanding that you were withdrawing less than £50K, as you hadn't mentioned the other withdrawal at that stage and it does make a difference.

Having said that, it's clear that Marcus won't accept an attempted payment either by BACS or by FP from a non-linked account, so ultimately the net effect is that the money will bounce back to NS&I and Marcus are unlikely to be able to shed any light on the matter, so if you want to chase it up then doing so via NS&I will be more productive than talking to Marcus.

ns__89

xylophone said:

I have to say I am mystified by this "not accepting BACS" business.
If your linked account was your current account with XYZ Bank and XYZ Bank made the payment by BACS, would Marcus  still reject it?

That's a good question I don't have the answer to. I can only tell you what Marcus directly tell me on the phone. Which is they can't "reject" anything as they can't see anything due to the transaction being BACS. Now this may be completely incorrect/ red herring/ falsehood on their part but different people from Marcus have said the same thing to be on separate occasions.
You can check on bacs.co.uk/Resources/Pages/OnlineSortCodeChecker.aspx
Marcus' Sort Code is 40-64-67 and you can see there that they don't accept BACS Credit...