Missing fund transfer to savings account

ADMSE

Hi, 

Was just wondering if anyone has had a similar issue and can offer any advice.

I opened a new easy access savings account with Cynergy Bank, my current account is with HSBC.

As with all new payees, I sent £1 from HSBC which credited into my new savings within an hour or so. This created a 'saved payee' from which I then sent a much larger sum which has been missing for over 2 weeks now.

I have since sent 2 small payments over which have all credited into my savings account ok.

I now find myself stuck in the middle of these two banks who can't seem to work out what has happened. I requested a trace of funds from HSBC and the letter I received shocked me because it said the money had been sent to a sort code/acc number that is completely different to my Cynergy savings account, in face the sort code they said I sent it to is an HSBC sort code.

On further pushing, all 4 payments I have made have actually gone into this erroneous sort/acc number. But what is weird is that 3 of those payments are in my Cynergy savings and one is completely missing.

I am 100% confident that I have done no wrong here as I can see my saved payee details and they are 100% my Cynergy savings details, yet HSBC are saying I sent them to this erroneous HSBC sort/acc number. My question to them was, so how come 3 out of 4 of those payments you said I sent to this erroneous HSBC sort/account are actually in my Cynergy savings, to which they have no answer.

Hope someone can help!

Shakin_Steve

This, from cynergy's own blurb, suggests that they use HSBC for their payment processing, which would account for the HSBC sort code:

Payments in over the counter at our UK branch or a UK HSBC branch

You can deposit cheques, pounds and euros and US dollars cash into your account at our North London branch (see page 16 for address). We will normally only accept cheques in the currency the account is set up in, i.e. pounds or euros and they must be drawn on a UK bank. We may also accept other cheques into your account in certain circumstances.

You can also deposit cheques in pounds or cash in pounds into your account at any HSBC branch in the UK.

Shakin_Steve

https://www.cynergybank.co.uk/media/1926/s-marketing-_rebrand-deposits-product-packs-and-other-materials-guides-for-current-accounts-pca-guide-cynergy-bank.pdf

Thrugelmir

ADMSE said:

On further pushing, all 4 payments I have made have actually gone into this erroneous sort/acc number. But what is weird is that 3 of those payments are in my Cynergy savings and one is completely missing.

Nothing erroneous, all non clearing banks operate this way. Cynergy's internal process of account reconcilation needs to determine what has happened. They've got the money. More than likely something clerical has gone awry. 

ADMSE

Thanks Steve, 

I was aware of Cynergy using HSBC counter services.

My money went from HSBC current to Cynergy savings via online/mobile banking. I hope the money is retrievable, i'm a bit worried though.

ADMSE

Thrugelmir said:

ADMSE said:

On further pushing, all 4 payments I have made have actually gone into this erroneous sort/acc number. But what is weird is that 3 of those payments are in my Cynergy savings and one is completely missing.

Nothing erroneous, all non clearing banks operate this way. Cynergy's internal process of account reconcilation needs to determine what has happened. They've got the money. More than likely something clerical has gone awry. 

Thanks, hoping they sort it out as they have been next to useless so far.

robatwork

They are coming in for something of a pasting on this very forum lately. I wouldn't snog or marry them.

cx6

Is the saved payee a generic Cynergy  HSBC sort code / account number with your actual account number in the reference field?

If so, the money will have arrived at Cynergy's HSBC bank account but not allocated to your actual account.

Shakin_Steve

Deleted_User said:

robatwork said:

They are coming in for something of a pasting on this very forum lately. I wouldn't snog or marry them.

I don't understand some of the statements made in this thread that suggest when paying into a Cynergy savings account you have to address it to an HSBC Sort Code.

I've had saving accounts with Cynergy (previously called Bank of Cyprus) for many years. I have opened new saving accounts recently and, in order to pay into my savings accounts I have to give only Sort code: 40 63 77 + my account number: xxxxxxxx and there is no reference field to be added. Looking up the sort code tells me it belongs to Bank Of Cyprus UK Ltd.

I don't understand all these suggestions in this thread talking about the payments being filtered through HSBC since my personal experience suggests my payments go straight through to Cynergy.

No one is suggesting anything, the OP said that cynergy provided sort codes matching hsbc when a query was raised. I merely pointed out that they do have an association with hsbc as they use them for counter payments.

born_again

Can OP post sort code their payments have gone too?

My21

I'm having problems in the other direction. The bonus rate on my Cynergy easy access savings account has come to an end and I transferred a five-figure sum to my nominated account (Barclays). It hasn't arrived. I subsequently made another transfer (for the same amount) and that arrived in minutes. But still no sign of the original one. (Both transfers show in my Cynergy account as "completed". Just to make absolutely sure which of the transfers had gone missing (as they are for the same amount) I got from Barclays the faster payments reference number for the one that has arrived. Cynergy says it's not a number they recognise, although Barclays told me it's the number Cynergy themselves gave to the transfer. Days of sending Cynergy messages and talking on the phone every day have only produced assurances that they're looking into it. So at the moment my money is still missing. In the meantime, the deadline for adding funds to a higher rate savings account my missing money was destined for has come and gone. There are still funds left in my Cynergy account which I'd intended to transfer but, frankly, at the moment I'm not inclined to do it because I'm not confident it won't be lost. 🤷🏻