Bank Mis-processes Solicitor's Payment for Sale

born_again

xylophone said:

I notice that this comment was made on your other thread

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

HSBC must hold thousands of foreign accounts.......

Which is true.
But factor in that payments are not a manual process. It's all automated. In exactly the same as any faster payment. 

So the issue of how it got to a foreign account is a odd one. Given to direct it to a foreign acc requires a swift/iban and not just a sort/account no.

There must have been some interbank contact on this. 

flo22

born_again said:

xylophone said:

I notice that this comment was made on your other thread

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

HSBC must hold thousands of foreign accounts.......

Which is true.
But factor in that payments are not a manual process. It's all automated. In exactly the same as any faster payment. 

So the issue of how it got to a foreign account is a odd one. Given to direct it to a foreign acc requires a swift/iban and not just a sort/account no.

There must have been some interbank contact on this. 

CHAPS payments are not automated like FPS payments

cpx2

@Fighter1986 - many thanks for the compensation clarification - have mentioned this specifically to the bank. 

born_again

flo22 said:

born_again said:

xylophone said:

I notice that this comment was made on your other thread

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

HSBC must hold thousands of foreign accounts.......

Which is true.
But factor in that payments are not a manual process. It's all automated. In exactly the same as any faster payment. 

So the issue of how it got to a foreign account is a odd one. Given to direct it to a foreign acc requires a swift/iban and not just a sort/account no.

There must have been some interbank contact on this. 

CHAPS payments are not automated like FPS payments

In what way.
Other than someone having to type the details in (same as a faster payment) Chaps requires nothing at the receiving bank to be actioned.

Retiredwelshman

born_again said:

flo22 said:

born_again said:

xylophone said:

I notice that this comment was made on your other thread

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

HSBC must hold thousands of foreign accounts.......

Which is true.
But factor in that payments are not a manual process. It's all automated. In exactly the same as any faster payment. 

So the issue of how it got to a foreign account is a odd one. Given to direct it to a foreign acc requires a swift/iban and not just a sort/account no.

There must have been some interbank contact on this. 

CHAPS payments are not automated like FPS payments

In what way.
Other than someone having to type the details in (same as a faster payment) Chaps requires nothing at the receiving bank to be actioned.

They do - they are checked to make sure that the beneficiary name and account number match - otherwise the payment is rejected and returned.

xylophone

They do - they are checked to make sure that the beneficiary name and account number match - otherwise the payment is rejected and returned.

Which makes the  error described by the OP extremely difficult to understand.

Lloyds Bank initiated the CHAPS payment  (on the instruction of their customer, the OP's solicitor) and have provided documentary evidence  to the OP's solicitor (copied to OP)  of the date, amount and recipient account and all are correct.

 In these circumstances  it would appear that the back office clerk at HSBC ( for M&S Bank)  had no reason to reject the payment and therefore it should have appeared in the OP's account, presumably on the same day or at any rate, no later than the following day?

M&S have advised the OP that in fact the money went to a foreign account  but how?

colsten

Retiredwelshman said:

born_again said:

flo22 said:

born_again said:

xylophone said:

I notice that this comment was made on your other thread

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

HSBC must hold thousands of foreign accounts.......

Which is true.
But factor in that payments are not a manual process. It's all automated. In exactly the same as any faster payment. 

So the issue of how it got to a foreign account is a odd one. Given to direct it to a foreign acc requires a swift/iban and not just a sort/account no.

There must have been some interbank contact on this. 

CHAPS payments are not automated like FPS payments

In what way.
Other than someone having to type the details in (same as a faster payment) Chaps requires nothing at the receiving bank to be actioned.

They do - they are checked to make sure that the beneficiary name and account number match - otherwise the payment is rejected and returned.

I can't see anything about this in the CHAPS Reference Manual, so it doesn't appear to be compulsory.

cannugec5

If I get something stuck in my throat it is referred to as a “foreign body”. Could foreign account be used in a similar vein - ie not meaning overseas, but simply meaning a ‘wrong’ account? 

eskbanker

cannugec5 said:

If I get something stuck in my throat it is referred to as a “foreign body”. Could foreign account be used in a similar vein - ie not meaning overseas, but simply meaning another persons account? 

A moot point as OP actually said "they advised me that it had been paid into an overseas account"....

cannugec5

eskbanker said:

cannugec5 said:

If I get something stuck in my throat it is referred to as a “foreign body”. Could foreign account be used in a similar vein - ie not meaning overseas, but simply meaning another persons account? 

A moot point as OP actually said "they advised me that it had been paid into an overseas account"....

Yes, I did notice that, but thereafter it is referred to as a foreign account, and I wondered if this was down to (mis)interpretation of the original discussion. You often remember what you thought was said.