Missing faster payment

MrsMeg

I made a faster payment using the "Pay a Company" function via online banking, from my current account with Bank A to pay a credit card with Bank B.

Bank B say they never received the funds, as Bank A have the incorrect beneficiary details on their portal.

I am stuck in between these institutions blaming each other, with my funds floating in the ether. How do I get this resolved?

emmajones1976

Bank B probably changed their details and Bank A didnt update them, so Bank A would be at fault, however Bank B likely still have access to the old details so would be something for them to sort.

[Deleted User]

Maybe you should make a formal complaint to each bank. In respect of Bank B (who appear blameless) it doesn't really matter what the grounds of your complaint are, just narrate what has happened. Each bank is obliged to investigate the situation and that should get them working together to find your money. If the money has gone to a third party from whom it cannot be recovered, Bank A should be reimbursing you immediately.

born_again

Bank A needs to chase up the payment which if the details were wrong will be sat in a internal account.
But how long ago did bank B change the details.

MrsMeg

I have been given the faster payment ref from Bank A & given to Bank B. No idea if that's even helpful.

Precious little about this kind of thing on line, to research.

Also, have raised complaints to both via resolver this aft. Neither bank has a helpful customer service solution, no one seems to know. I'm not overly bothered, I should say, as either way, I'm not at fault. And kinda relish a run at FCO depending on outcome...!

born_again

Raise a complaint direct with the banks. Not via a 3rd party. They have to deal with it and log it.

Sandtree

How many days has it been?

Have you double checked your bank account again to make sure the funds werent returned?

Last time I made a payment to a wrong account by mistake the funds were returned about an hour later automatically but obviously I assumed they were lost somewhere in the other bank's systems and so didnt think to check my own account again.

Thrugelmir

When was the money transferred?  A faster payment wouldn't be the ideal method to make such a payment. 

SuperAllyB

Thrugelmir said:

When was the money transferred?  A faster payment wouldn't be the ideal method to make such a payment. 

Out of interest, why not? I've paid credit cards for.years by faster payments, although I usually set them up myself using the details on the statement rather than "pay a company"

flo22

MrsMeg said:

I made a faster payment using the "Pay a Company" function via online banking, from my current account with Bank A to pay a credit card with Bank B.

Bank B say they never received the funds, as Bank A have the incorrect beneficiary details on their portal.

When you use Pay a Company then you do not input sort code and account number and they are populated by the details held in the Biller database (for most banks).  What credit card company was it?

cx6

I use faster payment - the receiving account is the generic one and the reference field is your card number.

As above - the sort code and account number are pre-populated when you select eg 'barclaycard'

Bank A having the wrong details would surely cause a raft of failed payments as more people add this payee?

If you tell us what card you are paying we can look up the correct details