Advice sought - Money gone missing

[Deleted User]

Hi All, just after some advice. I sold my car 26th September to a dealer in Mansfield. They paid me the agreed price and sent me a receipt showing the money going to CHASE from HSBC. The money never turned up in my account and it wasn't until two days later I found out that CHASE do not accept payment via SWIFT CHAPS. They had kept my money in a holding account and on the 28th September said they'd returned it and gave me a reference number to prove it. This was given to HSBC to "find" the money but after a couple of days more they said they hadn't received it. I contacted CHASE again and this time they gave me the unique transaction number by which they said all money between banks could be traced. Again, I passed this on to HSBC and again I've heard nothing back and the dealer says the money has not been returned to their account. I'm at a loss at what to do next. The dealer bought my car, said they've paid so unless the money is returned to them that's it. CHASE say HSBC has the money. HSBC says it doesn't and I'm piggy in the middle, the only one out of pocket. Anybody got any idea what I should do or legally who is it that owes me the money?

TheBanker

Has the dealer, as HSBC's customer, raised it with them? Whilst you may be talking to them, it should really be him raising it. This is also more likely to result in the money being located. 

It is unclear to me why the Chase Sort Code is enabled for CHAPS, when they do not accept this type of payment, but that doesn't help you.

Daliah

TheBanker said:

It is unclear to me why the Chase Sort Code is enabled for CHAPS, when they do not accept this type of payment, but that doesn't help you.

My Chase sort code doesn't show CHAPS enabled. Do you have a different one?

[Deleted User]

Thanks for the response. I'm not talking directly to HSBC, the dealer is acting as an intemediatery, it's actually extending the problem as HSBC asks the dealer to ask me to contact CHASE, then the response happens in reverse. Why the two banks can't sought this out between them I don't know. None of it makes any sense, how can the money disappear, it has to be somewhere?

[Deleted User]

What I really want to know is, who can I get my money back from? The dealer hasn't got it back and both banks say the other has it. I'm flummoxed.

[Deleted User]

The dealer asked me for my bank details which I gave them. They then sent the money to the account, CHASE said they couldn't accept it but kept it in a holding account. Don't know why. Anyway I asked them to send it back, they said they had, HSBC say they haven't received it and that's where I am. 

xylophone

HSBC say they haven't received it and that's where I am. 

You are not HSBC's customer. The dealer is.

The dealer has bought your car and is responsible for paying you for it.

You provided  correct details of your Chase  bank account to the dealer who instructed his bank (HSBC) to make the payment.

You have been advised by Chase Bank that a payment was received from HSBC which could not be applied to your account and was therefore returned to HSBC.

Chase Bank has provided you with full details (reference/date/account/sort code) of the returned payment.

It is up to the dealer as their customer to contact HSBC and instruct them to locate the returned  payment.

Write to the dealer setting out the full facts and requesting payment for the car you sold.

TheBanker

Daliah said:

TheBanker said:

It is unclear to me why the Chase Sort Code is enabled for CHAPS, when they do not accept this type of payment, but that doesn't help you.

My Chase sort code doesn't show CHAPS enabled. Do you have a different one?

No, but how did HSBC send a CHAPS to a non-CHAPS sort code, and why?

This doesn't help the OP, but I think I've seen another person where something similar happened.

[Deleted User]

Indeed, there is another case on here that I found when I initially googled CHASE and CHAPS.

Customers Transferring Money to Chase Accounts Using CHAPS Risk Seeing the Money “Disappear” (moneyexpert.com)

Sadly I didn't know about it before. However, it wasn't I that sent the money, it was HSBC, I'd have thought it their responsibility to check. What I do blame CHASE for is keeping the money in the first place. If they don't accept money through CHAPS, why wasn't it instantly sent back? Also, why not just send it to me as their customer instead of going through all the rigmarole?
It's another day. Maybe today it will get sorted. I'll report back when it does. Thank you all for the help, advice and interest.

[Deleted User]

Latest update. CHASE says they sent it. HSBC says they haven't received it. There you have it. Stalemate.

xylophone

See my post above - write to the dealer.

Letter before action?

https://www.citizensadvice.org.uk/law-and-courts/legal-system/small-claims/making-a-small-claim/