SWIFT payment gone missing

flo22

The sending bank should initiate a Credit Payment Recovery (CPR) case, this will be sent to the receiving bank for them to investigate.  This whole process should be completed within 20 days.

born_again

Band7 said:

I can decipher the correct BIC of the receiving bank after field 57. I can also decipher my IBAN after field 59 but there is a blank before the last digit of my IBAN. No idea whether that blank is meant to be there, or whether this has caused a problem. 

Thanks for confirming it’s the sending bank who is responsible for investigating. They are proving to be extraordinarily difficult and have now suggested they could recall the payment. Not sure how they think this would help, as I sent the money to bank B for a reason. It’s an odd amount that I couldn’t withdraw at an ATM, and they have no branches where I could withdraw cash, so the only way to get money out of bank A is by bank transfer. This has worked fine for the last couple of years but now I have this hassle. I will be closing my account with bank A once my money has arrived in bank B. 

Which banks are you talking about here?

Given " It’s an odd amount that I couldn’t withdraw at an ATM" If it's over you daily limit, you can either do it over several days. Or call Bank A & ask them to raise your daily limit.

eskbanker

born_again said:

Given " It’s an odd amount that I couldn’t withdraw at an ATM" If it's over you daily limit, you can either do it over several days. Or call Bank A & ask them to raise your daily limit.

Surely 'an odd amount' in this context means 'not a multiple of £10', rather than a large amount?

born_again

eskbanker said:

born_again said:

Given " It’s an odd amount that I couldn’t withdraw at an ATM" If it's over you daily limit, you can either do it over several days. Or call Bank A & ask them to raise your daily limit.

Surely 'an odd amount' in this context means 'not a multiple of £10', rather than a large amount?

Who knows. But if a small amount, then take the next round amount, or cash back at supermarket or even post office (if bank allows)

Which is why asking which banks.

Ballard

eskbanker said:

born_again said:

Given " It’s an odd amount that I couldn’t withdraw at an ATM" If it's over you daily limit, you can either do it over several days. Or call Bank A & ask them to raise your daily limit.

Surely 'an odd amount' in this context means 'not a multiple of £10', rather than a large amount?

• high 3-figure sum which was meant to arrive in bank B on February 6 2023 has still not arrived in bank B

Band7

OK, the latest is that my money has now arrived back in my account at bank A, minus £25 that someone has pocketed in the process. The explanation given is HOLD ACC NAME NOT N UMBE - which means absolutely zilch to me. My original payment was made to a payee that I set up in 2019, which has never been changed (not by me, anyway) and has the correct sort code and account number as far as I can tell. Over the years, I have made over a dozen of payments to this payee, all bar the last one arrived without problems.

Luckily my daily ATM withdrawal limit at bank A is £1,000, so I have now withdrawn most of the money in cash and deposited the cash straight away into my bank B account, at a counter. Not sure whether the cashier really believed my explanation where the cash (all £10 notes) came from, as it is such a weird story, but she credited it anyway.

I was left with £3.18 in my bank A account, so I have topped it up to £5, ready to withdraw £30 once I have managed to extract the missing £25 out of bank A. Something tells me this could take a while,,,,,,,

ForumUser7

@band7 glad to see most of it has come back. That £25 discrepancy, is it possible it could be a CHAPS fee? I.e. did bank b return it via CHAPS to bank a? Just a thought, as I think CHAPS tends to be £25

Band7

I did speak to bank B earlier today but they were adamant that they had not seen anything of that payment, and they said they were not able to do anything with the MT103.  I can't be 100% certain that they were telling me the truth but I was satisfied that they genuinely tried to help (which can't be said for bank A). So I don't think it was bank B who returned the money.

I thought bank A might perhaps use an intermediary, and the intermediary charged for having been sent a payment they couldn't process for some reason. Who knows. I don't expect to ever know what went wrong. But I won't give up until I have at least my remaining £25 back, and possibly a bit more as compo. And then I will close my bank A account, and also reveal who they are.

Band7

Well well well, the plot thickens...............by sheer and utter coincidence I have just seen that my text msg log for bank B shows that they received a payment for me of exactly the amount I sent from bank A, on the very day I expected this amount to appear in bank B. I don't normally pay much attention to the text msgs they send as I go by the actual transactions I see in the app or in online banking.

The text msg was sent mid morning on Monday but there is no sign whatsoever of this money on my transaction list of bank B on Monday, or any other day.

I'll obviously have to now follow this up with bank B, who might well be the culprit who pocketed the £25. Seems it was a bit previous of me to accuse bank A......

gt94sss2

Band7 said:

Question to banking experts who can help with a payment from UK bank A to UK bank B that has gone missing. Which bank is responsible for locating the money?

Some details about the transaction:

• high 3-figure sum which was meant to arrive in bank B on February 6 2023 has still not arrived in bank B

Should this not just have been a standard faster payment in which case, IBAN and CHAPS should be irrelevant?

Neither would a payment of under £1000 have been unusual.