Bank Mis-processes Solicitor's Payment for Sale

phillw

Ballard said:
If so then the funds would have originally arrived at HSBC and they would have an obligation to pass the funds and information onto M&S.

I thought HSBC operated all the accounts. M&S Bank is a subsidiary of HSBC since 2004 when they bought it from M&S & uses the M&S name under license. They have their own license and board, but I think the day to day running is outsourced back to HSBC

born_again

Steves2 said:

Hi Everyone
I just had a call rom M&S to say they found my money in a suspense account and they have transferred it to me.  They are investigating how it happened and will confirm to me when they can along with details of compensation.  Thank you so much everyone - you kept me going in some very difficult times.

Sat in a suspense account either means some details were not correct or fully there to allow allocation to your account. Or someone simply missed transferring the payment.

Having worked on transactions in suspense accounts, they can be a nightmare, even when you know what you are looking for.

Glad it's sorted. Now think of a figure for the distress you have been caused It's haggle time.

Armorica

Steves2 said:

Hi Everyone
I just had a call rom M&S to say they found my money in a suspense account and they have transferred it to me.  They are investigating how it happened and will confirm to me when they can along with details of compensation.  Thank you so much everyone - you kept me going in some very difficult times.

Excellent news. That is all too commonly the reason (and should have been the first place they looked!).

BrownTrout

Good to hear you got your money back
Be good to hear the closing news on this.

cpx2

Guys,

An update.

We have been not been lucky like Steves2  - it is now 50 days ago since the payment has gone astray.

We have raised the various legal questions with M&S Bank and we get this standard reply - almost verbatim - see below.

There is absolutely no attempt to answer the queries we raised.

5/2

Thank you for email. I’m sorry for the delay in responding to you I have been absent from the office.

I have liaised with my colleagues on our Eps team and they are still in the process of retrieving your funds. I’m sorry for any disappointment this may cause.

I can assure you that the information I’ve provided is correct and we are working to return your money to your account. I understand that this is an extremely distressful time. As discussed previous this has been escalated as a top priority and we will review compensation to be awarded.

27/1

As discussed The EPS Services (Electronic Payment Services) team are currently in the process of retrieving the money from the overseas account that your money was routed to in error. As your money was sent to an overseas account they are liaising with the third party and processing the request to return your money to you. Once they have competed the actions they will be able to provide details/evidence on how the error occurred.

I can confirm that your money has been located and is the process of being returned to you. Your complaint has been escalated to the appropriate management team as top priority in order to resolve the issue.

I guess the next step is to follow Steves2 CEO complaint route.

colsten

cpx2 said:.

I guess the next step is to follow Steves2 CEO complaint route.

I am surprised you haven't done this already. Absolutely, fire off your email to the CEO straight away.

xylophone

Your complaint has been escalated to the appropriate management team as top priority in order to resolve the issue.

It should have been top priority in the first place!

Many years ago I worked for a financial institution and a complaint of this nature (where it was quickly established that  an error had occurred at our end) would have had files with huge red flags being scooted round to a  Senior Manager, a letter of apology signed and sent and restitution made without delay.

It seems to me extraordinarily poor that EPS (HSBC?) have not put you in funds while they wait to recover the money they misrouted to an overseas account.

naedanger

If top priority means the customer is still missing £x,000 pounds, through no fault of their own, after 50 days I hate to think what their lower priority service is like.

Steves2

cpx2 please do write to the ceo I really hope they will help.  

Initially they gave me (without any ask) £150 for the poor service I received.  I then got a further £310 from them quoting the 8% from the FOS and another expense I had incurred.  I am happy with this.  I just feel so sorry that you are still waiting.  

RetSol

Steves2 said:

cpx2 please do write to the ceo I really hope they will help.  

Initially they gave me (without any ask) £150 for the poor service I received.  I then got a further £310 from them quoting the 8% from the FOS and another expense I had incurred.  I am happy with this.  I just feel so sorry that you are still waiting.  

If you have not already done so, I strongly suggest, @cpx2, that you report your difficulties to the media (eg Daily Mail This is Money, Daily Telegraph personal finance, Guardian personal finance, R4 Moneybox) and tell the CEO that you have done so.  MandS bank's conduct is shocking and deserves to be outed.  Plus, the journo may take up your case with the bank.