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

xylophone

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.

Marcus should be able to give details of procedure and timescale for a returned payment?

RG2015

BACS payments to non accepting accounts must happen quite often. There must be a standard process that is more informative than “We cannot see it so there is nothing we can do”

Otherwise there would be a fortune out there sitting in limbo.

wiseonesomeofthetime

Source: bacs.co.uk

​What do I do if something goes wrong with a Bacs Direct Credit?

In the unlikely event that a payment doesn't arrive into your account it may be because it has the wrong account details. First find out how the organisation sent it e.g. via Bacs. Also ask them for the sort code and account number they quoted on the payment, and the date they requested it to be credited to your account. Next contact your payment service provider​ (PSP) to ensure that they haven’t received the payment. They may require additional information, including details of the remitting organisation and their sort code and account number. If your PSP is still unable to locate the payment you should contact the remitting organisation as soon as possible so they can initiate an investigation.

Thrugelmir

ns__89 said:

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?

Which is they can't "reject" anything as they can't see anything due to the transaction being BACS. 

Probably come up as an unreconciled item on the account. Which will be rejected, i.e. returned in due course. Such transactions will be dealt with in date order. The problem for Marcus is that they are looking for a needle in a haystack. Hence why they'll simply follow due set internal process. Waste too much time chasing around for individual transactions. 

mazzetti

Let us know how you get on and if you get your money back or should I say when you get your money back

ns__89

mazzetti said:

Let us know how you get on and if you get your money back or should I say when you get your money back

Thank you and thanks to everyone's advice. I've raised a formal complaint with NS&I and they've said they'll come back to me acknowledging within 5 working days, and potential resolution in 15 working days. Failing this I will go to the Financial Ombudsman. I'm hoping the transaction is simply reverted before any of this though. 

RG2015

I don't quite see that NS&I have done anything wrong.

eskbanker

ns__89 said:
I've raised a formal complaint with NS&I and they've said they'll come back to me acknowledging within 5 working days, and potential resolution in 15 working days. Failing this I will go to the Financial Ombudsman. I'm hoping the transaction is simply reverted before any of this though. 

What's the basis of your complaint, i.e. what do you feel NS&I have actually done wrong?  I can see there's a line of argument that their validation processes could, perhaps even should, identify a destination that's incompatible with BACS, but ultimately you instructed the transfer and didn't notice that your Marcus account can only be populated from your nominated linked current account, so IMHO it wouldn't be particularly reasonable to try to pin all the responsibility on NS&I....

penners324

Surprised you didn't check which account you were sending it to. Marcus make it very clear they only send and accept payments from linked accounts.

ns__89

Aeskbanker said:

ns__89 said:
I've raised a formal complaint with NS&I and they've said they'll come back to me acknowledging within 5 working days, and potential resolution in 15 working days. Failing this I will go to the Financial Ombudsman. I'm hoping the transaction is simply reverted before any of this though. 

What's the basis of your complaint, i.e. what do you feel NS&I have actually done wrong?  I can see there's a line of argument that their validation processes could, perhaps even should, identify a destination that's incompatible with BACS, but ultimately you instructed the transfer and didn't notice that your Marcus account can only be populated from your nominated linked current account, so IMHO it wouldn't be particularly reasonable to try to pin all the responsibility on NS&I....

Agreed. Thank you I do not have much basis for complaint so will not take this approach. Should have noticed so I accept that responsbility. I will try to recover the funds by other means.