Wealthify SIPP - lost deposit

sm77j

I set up a Wealthify SIPP on Saturday and deposited £500 by debit card. The payment showed as pending on both the Wealthify dashboard and my bank account. On Monday I checked to see if the funds cleared and it had left my bank account but disappeared from my Wealthify dashboard (no longer even showing as a pending transaction!). I contacted support who told me that if it left my bank account it will be sorted within 24 hours. 

Roll on 24 hours later and I had an update to say it's been escalated to their custodian who has now raised the issue with their debit card payment processer. My question is:
1. How could the amount have been shown as pending and suddenly disappear even though it left my bank account? 
2. What options have I got - e.g. wait for them to sort it out or insist on remuneration into my account while they find the money they lost? (I can show proof of funds leaving my bank account)? 

I chose Wealthify over Vanguard as I am new to investing and it seemed a very easy platform to use (the plan would be to move the SIPP to a cheaper provider once the pot had built up to a more significant amount). Starting to regret that now!

Thrugelmir

Be surprised if a SIPP opened online at the weekend would be fully functional by Monday.  There will be administration processess to be undertaken.  . 

sm77j

Thrugelmir said:

Be surprised if a SIPP opened online at the weekend would be fully functional by Monday.  There will be administration processess to be undertaken.  . 

It's not the fact that it's not fully functional - it's the fact that the deposit is seemingly 'lost'. It shows as a failed payment on their end (from speaking to their customer advisor today), even though it's left my bank account. 
 

Thrugelmir

Can take up to 3 days for the funds to appear in the recepients bank account. Weekends are not working days. Then it's a question of when the administration is undertaken. As won't be instanteous upon receipt. 

sm77j

Thrugelmir said:

Can take up to 3 days for the funds to appear in the recepients bank account. Weekends are not working days. Then it's a question of when the administration is undertaken. As won't be instanteous upon receipt. 

Okay, thanks. The customer service team made it out like a bigger issue than that - that the payment is showing as failed and they need to escalate the matter (the payment was by debit card and they said it should appear within hours, or at very least by end of Monday if done over the weekend). Hopefully it's as you say and the funds show up tomorrow!

Alexland

Suggest you let them have a little time to look into it for you.

Thrugelmir

sm77j said:

Thrugelmir said:

Can take up to 3 days for the funds to appear in the recepients bank account. Weekends are not working days. Then it's a question of when the administration is undertaken. As won't be instanteous upon receipt. 

Okay, thanks. The customer service team made it out like a bigger issue than that - that the payment is showing as failed and they need to escalate the matter (the payment was by debit card and they said it should appear within hours, or at very least by end of Monday if done over the weekend). Hopefully it's as you say and the funds show up tomorrow!

Customer service aren't going to know what the finance team are up to. More than likely they are working from home so can only talk about what they can see on their part of the system. 

sm77j

Thanks - I'm pretty new to investing and although I'm prepared to tolerate risk I was a bit concerned at the thought of the money being lost before even getting invested Your responses are reassuring!