We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Foreign exchange and Lloyds withdrawing money without permission
Options
veedub_2
Posts: 8 Forumite
Hi All.
Please could I Ask for some advice.
I took 2700 Chinese yuan to Lloyds bank today, to exchange back to pounds. After 40 painful Minutes standing in from of the cashier, he rejected 2 of the notes- no reason given. He said he didn’t know. I didn’t argue and carried on with the transaction. He accepted the rest of the notes and the conversion to £270 or so was put directly into my Lloyds bank account.
I took 2700 Chinese yuan to Lloyds bank today, to exchange back to pounds. After 40 painful Minutes standing in from of the cashier, he rejected 2 of the notes- no reason given. He said he didn’t know. I didn’t argue and carried on with the transaction. He accepted the rest of the notes and the conversion to £270 or so was put directly into my Lloyds bank account.
This evening have received a call saying they have decided not to accept the cash and have taken the £270 back out of my account!!!
So now they have all the Chinese money, and have taken £270 from my account without authorisation.
They just said “we’ll hold the cash for your to collect”. It’s miles to the branch.
My argument is that if that had any queries, they should have been made at the time- before accepting the transaction. They rejected 2 notes- they could have rejected all of them. They haven’t even given me a reason. Not call me hours later to say they had changed their mind.
I don’t know that what they will give back to me, are the same notes that I gave to them.
I’m furious. The manager was useless, as ever.
Where do I stand legally on this? Surely it’s illegal for them to reverse the payment to my account and sit there with all the original cash?
Many thanks for reading.
0
Comments
-
It seems like theft to me! They have taken money from my account without my consent, authorisation, or knowledge.0
-
You have the knowledge they've done it and they'll return your original notes.
Certainly not theft as you haven't had anything stolen.3 -
Sounds like they have discovered the notes are fake. I think they would do the same whether they were notes from China, Germany or the UK.
It's unfortunate that it's not convenient for you to collect them but the distance from the bank isn't really their fault. (well yes it is as they like the rest are closing branches but that's a different complaint)I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇1 -
They've simply reversed a transaction to leave you in the same position you were in before it started - it would obviously have been more convenient if they'd done so at the time rather than later but that doesn't make it theft!veedub_2 said:It seems like theft to me! They have taken money from my account without my consent, authorisation, or knowledge.4 -
No, they aren’t fake. They would have said if they thought that were the case.Brie said:Sounds like they have discovered the notes are fake. I think they would do the same whether they were notes from China, Germany or the UK.
It's unfortunate that it's not convenient for you to collect them but the distance from the bank isn't really their fault. (well yes it is as they like the rest are closing branches but that's a different complaint)0 -
they can decide to reject the cash but it is bad practice. the person that took them may have done so when he shouldn't have. they have rejected the notes when it went through the system so you will have to go into branch and collect them.
would have been easier to go to a bureau de change to change the money!
when i change foreign currency i always want cash in exchange.1 -
Not fake - or they would hold them and not return the notes.Peter
Debt free - finally finished paying off £20k + Interest.1 -
Not great from a customer service point of view, they should have refused the notes at the point of transaction if they don’t accept them, and understandably frustrating and inconvenient for you having to make another journey to the bank to collect them.Having said that, have they done anything illegal? No. Are they allowed to do what they have done? Yes.You mentioned that the manager is useless as ever, suggesting you have had issues with Lloyds before. Maybe it’s time to switch elsewhere?1
-
Have you got the domestic currency rather than the internationally traded version?
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards