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Bank transfer to wrong account?
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Bodkin64
Posts: 143 Forumite

Hi, I imagine this question has been asked lots of times but I couldn’t find the answer with a forum search, so apologies if I’m going over old ground.
About a month ago, I helped my elderly aunt sell approx £5000 worth of shares that were managed by Computershare. I completed the transaction through their website, obviously taking enormous care to ensure her bank details were correct. However I’ve just discovered that the funds have not been credited to her bank account. I’ve logged back into the Computershare and sure enough she now holds no shares with them, so they’ve certainly been sold, though strangely in the transaction history there’s no record of the transaction - possibly the website only records transactions up to 1 month old, I don’t know.
So I’m quite worried now, and unsurprisingly thinking that the bank transfer has been made to somebody else’s account, though perhaps there’s another explanation. Whether this is my error or theirs i don’t know. Foolishly I didn’t take a screenshot of the transaction, although I expected to get an email confirmation, which never arrived.
My question is simply this. Could anybody please advise how I best proceed to (hopefully) obtain my Aunt’s money for her? I’m going to get on the phone straight away tomorrow to Computershare to enquire about the transaction, and presumably they will have a record of the bank details for the transfer. But I don’t doubt that they will attempt to disclaim any responsibility for an error, if indeed they made one, and sadly I’ll have no evidence anyway. In which case, I presumably have to try and recover the funds from whoever they were incorrectly credited to, how do I set about this, or in this case would it be the responsibility of Computershare to do that?
Thanks
Thanks
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Comments
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Best not jump too far ahead at this stage - there could be a variety of places that this has got stuck, so first find out what the problem is before trying to solve it. The fact that there's no readily-visible record of the transaction within Computershare would suggest to me that the share sale may not have settled yet (what shares were they - widely-traded liquid ones or something a bit off-piste?), whereas if there was a clear record of the sale then that might indicate a problem further downstream.1
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Do you have/have online access to the contract note detailing the sale? They often include the instructions for the proceeds of a sale.1
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eskbanker said:Best not jump too far ahead at this stage - there could be a variety of places that this has got stuck, so first find out what the problem is before trying to solve it. The fact that there's no readily-visible record of the transaction within Computershare would suggest to me that the share sale may not have settled yet (what shares were they - widely-traded liquid ones or something a bit off-piste?), whereas if there was a clear record of the sale then that might indicate a problem further downstream.Yes I’m trying not to assume the worst, but thought I’d post here so I was prepared for when I contacted Computershare. I’d have thought that if the sale hadn’t been settled yet, I’d have record in my Computershare account of a pending transaction. They’re Colfax Corporation shares, traded on the LSE, so wouldn’t think they’re all that niche. I seem to recall a statement on the site saying the sale would take approx 7 days to clear, so we’re way past that. But for sure my first approach to Computershare will be simply to enquire what’s happened.0
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HobgoblinBT said:Do you have/have online access to the contract note detailing the sale? They often include the instructions for the proceeds of a sale.0
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Malcyb said:eskbanker said:Best not jump too far ahead at this stage - there could be a variety of places that this has got stuck, so first find out what the problem is before trying to solve it. The fact that there's no readily-visible record of the transaction within Computershare would suggest to me that the share sale may not have settled yet (what shares were they - widely-traded liquid ones or something a bit off-piste?), whereas if there was a clear record of the sale then that might indicate a problem further downstream.Yes I’m trying not to assume the worst, but thought I’d post here so I was prepared for when I contacted Computershare. I’d have thought that if the sale hadn’t been settled yet, I’d have record in my Computershare account of a pending transaction. They’re Colfax Corporation shares, traded on the LSE, so wouldn’t think they’re all that niche. I seem to recall a statement on the site saying the sale would take approx 7 days to clear, so we’re way past that. But for sure my first approach to Computershare will be simply to enquire what’s happened.
One other thought - I was under the impression that most such brokers insist on holding details of a single nominated bank account, rather than this being specified from scratch whenever making withdrawals? If you go back into the Computershare account, does it have a bank account stored within the account profile, which would at least allow you to verify that it's the right one they have on record?1 -
eskbanker said:One other thought - I was under the impression that most such brokers insist on holding details of a single nominated bank account, rather than this being specified from scratch whenever making withdrawals? If you go back into the Computershare account, does it have a bank account stored within the account profile, which would at least allow you to verify that it's the right one they have on record?That’s a strange one. Yes my Aunt’s bank account details were held in her Computershare account, however when I came to perform the transaction I was asked to re-enter them from scratch.0
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Malcyb said:eskbanker said:One other thought - I was under the impression that most such brokers insist on holding details of a single nominated bank account, rather than this being specified from scratch whenever making withdrawals? If you go back into the Computershare account, does it have a bank account stored within the account profile, which would at least allow you to verify that it's the right one they have on record?That’s a strange one. Yes my Aunt’s bank account details were held in her Computershare account, however when I came to perform the transaction I was asked to re-enter them from scratch.1
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Having used computershare in the past and more recently Equiniti Sharedealing, I seem to recall that the bank account details are normally stored in the account details and are verified. I had an incident very recently whereby I changed some bank account details on my Equiniti portal which was 100% correct, only to find that on the day of dividend payment no money appeared in the relevant chosen account. It got rejected and refunded and Equiniti then decided to send out a cheque, the whole ordeal took just over 1 month from original date of payment.If you believe you can, you will. If you believe you can't, you won't.
Secured/Unsecured loans x 1
Credit Cards x 8 (total limit £55,050)
Creation FS Retail Account x 1
Creation Credit Sale 0% x 1 = £112.50pm x 20 mths
0% Overdraft x 1 (£0 / £250)
Mortgage Outstanding - £137,707.00 (Payment 13/360)
Total Debt = £7,400 (0%APR) @ £100pm - Stoozing0 -
eskbanker said:That does seem odd - what's the point of holding account details on file if they're not going to be used?! Sounds like a process weakness that could become relevant if it turns out that the money went astray, although I still suspect that the issue will lie elsewhere....0
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Malcyb said:eskbanker said:That does seem odd - what's the point of holding account details on file if they're not going to be used?! Sounds like a process weakness that could become relevant if it turns out that the money went astray, although I still suspect that the issue will lie elsewhere....1
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