Bank Mis-processes Solicitor's Payment for Sale

cpx2

@Thrugelmir and @AdrianC - thanks for your replies.
@AdrianC - and UK Bank A confirms that the CHAPS payment has been made to the right account and cleared. Yes, it does seem a bit fishy. And trying to get information from M&S is proving hard.

pinkteapot

I would definitely re-post your OP in the banking forum if you've not done so already: 
https://forums.moneysavingexpert.com/categories/budgeting-bank-accounts

Mention that you originally posted in the house-buying forum and include a link to this thread so people over there can see the replies already given. 

Assuming everything you've said is correct and something very strange has happened within M&S Bank, I too would be shouting at them to cough up the money they owe me while they carry on trying to retrieve it from wherever they've managed to send it!

steampowered

This is extremely odd, I would definitely be on the phone to M&S Bank and making a formal complaint if necessary. 

cpx2

@pinkteapot and @steampowered - many thanks for your post.
@pinkteapot have reposted as you suggested - see https://forums.moneysavingexpert.com/discussion/6233132/bank-mis-processes-solicitors-payment-for-sale/p1 - and I plan to shout at them this afternoon.

Thrugelmir

CHAPS transfers are manual transactions. Somebody has miskeyed a digit and the funds have probably ended up in a suspense account at the bank. Waiting for somebody to investigate and resolve. Due to Covid resolution is probably more cumbersome. Downside of WFH policies. 

cpx2

@Thrugelmir - thanks for your post. Are you sure the system is manual? The 'A' stands for automated and it is called an electronic bank-to-bank technology (also I worked on automated CHAPS payment systems a couple of decades ago, and they were not manual then).

Thrugelmir

M&S isn't a clearing bank in it's own right. All it's back office functionality is performed by HSBC.