How do I get my money back from Natwest?

punterro

I have issued two standing order instructions via Natwest to other banks on the same day. Both receiving banks have said they definitely not received those funds and both deny that there are any receipts with the references that Natwest provide. So I have money out of one account but not received.I am therefore down by a sizeable sum.

The information to send the money was accurate (no fat fingers) but Natwest keep referring to the other banks, who keep swearing that they have not got the funds. In such circumstances, my senior banking contacts tell me that the transmitting bank bears the responsibility for lost funds and they should reimburse me. Natwest complaints do nothing and will not admit the responsibility, at least in writing. Without going to the black hole of the FOS and so keeping my legal options alive, how do I get Natwest to adhere to their responsibilities?

Daliah

What date did the transactions take place at Natwest?

Had you previously made any payments to the recipients?

Who are the receiving banks?

Are the recipients private individuals or businesses?

[Deleted User]

punterro said:

I have issued two standing order instructions via Natwest to other banks on the same day. Both receiving banks have said they definitely not received those funds and both deny that there are any receipts with the references that Natwest provide. So I have money out of one account but not received.I am therefore down by a sizeable sum.

The information to send the money was accurate (no fat fingers) but Natwest keep referring to the other banks, who keep swearing that they have not got the funds. In such circumstances, my senior banking contacts tell me that the transmitting bank bears the responsibility for lost funds and they should reimburse me. Natwest complaints do nothing and will not admit the responsibility, at least in writing. Without going to the black hole of the FOS and so keeping my legal options alive, how do I get Natwest to adhere to their responsibilities?

Using the FOS does not stop any legal action though it would be silly to go down that route given how big pockets banks have, exhaust the complaints process then refer to the FOS 

Bobbobbobingalong

I think I might be questioning your “senior banking contacts” as they are not entirely correct. If the information you provided was that upon which they acted ie:- they followed your instructions, they have discharged their duty of care. In other words, if they haven’t followed your instructions, they may well be liable. Remember, the remitting bank has no control over the actions of the recipient institution. 

Did you remit these funds to an account(s) you hold elsewhere?

grumbler

For transfers from EU to UK it's the bank issuing the payment that is responsible for sorting out the missing payment.

I doubt that it's different for bank transfers within UK.

SuzzleBumpkin

Google How to complain about banks. You want the financial ombudsman page. I’m too new to post a link.

stclair

You should ask NatWest to do a trace on the payment. the sending bank should be doing all the leg work.

born_again

SuzzleBumpkin said:

Google How to complain about banks. You want the financial ombudsman page. I’m too new to post a link.

OP stated >>Natwest complaints do nothing and will not admit the responsibility,<<

So googling complaints will not help as they have already complained, as part of the complaint process is, you get a letter stating what to do if you are not happy with the reply. 👍

But Op does need to get Natwest to confirm the account details the payment went to & start the trace.

punterro

punterro said:

I have issued two standing order instructions via Natwest to other banks on the same day. Both receiving banks have said they definitely not received those funds and both deny that there are any receipts with the references that Natwest provide. So I have money out of one account but not received.I am therefore down by a sizeable sum.

The information to send the money was accurate (no fat fingers) but Natwest keep referring to the other banks, who keep swearing that they have not got the funds. In such circumstances, my senior banking contacts tell me that the transmitting bank bears the responsibility for lost funds and they should reimburse me. Natwest complaints do nothing and will not admit the responsibility, at least in writing. Without going to the black hole of the FOS and so keeping my legal options alive, how do I get Natwest to adhere to their responsibilities?

Well, it looks as though my senior banking contacts were entirely and absolutely right; once I escalated to a high enough level Natwest solved this, funds and account now intact. Most worrying about this entire episode was a Natwest Investigations team who simply did not properly investigate, did not recognise the rules and tried to pass this on to the consumer. Quite appalling, my concern as ever is for those in our society such as the old who would have found it hard to exert the demands with stamina over 4 months that I was able to do.

Bradden

How did you get the issue escaleted? I've struggled in the past when dealing with banks to get thorugh to someone who can help.