Missing payment between two banks help

lazytoad2001

Good morning 

I switched from the Halifax to chase via the switch guarantee. My employer the day after I switched made a payment to the Halifax it was moved across to chase but they don’t accept faster payments. I contacted chase who provided a return reference for it back to Lloyds banking group. I spoke to the Halifax who are adamant they don’t have it!! My employer banks with hsbc who haven’t had the payment returns. I raised a complaint against both banks and got nowhere. 

Can anyone help me out here on where I go next? I suspect it’s in a Halifax holding account awaiting return. 

SiliconChip

Why is it a Swift payment, does your employer bank with HSBC outside the UK?

Halifax definitely won't have it, and have no responsibility for it. I have to assume that Swift payments are picked up by the central CASS processing, which will have attempted to route it to Chase, that has presumably failed if Chase don't accept Swift, so it will then be returned to the originator. However, as it's Swift it could take a convoluted route back to HSBC, who are the only bank in the process who will have ever had any sight of the payment. You need to go back to your employer and convince them to press HSBC harder.

RacingDriver

Under the switch guarantee your new bank, Chase, is responsible for the transfer so you should chase Chase.

Zopa_Trooper

lazytoad2001 said:

Good morning 

I switched from the Halifax to chase via the switch guarantee. My employer the day after I switched made a payment to the Halifax it was moved across to chase but they don’t accept swift payments. I contacted chase who provided a return reference for it back to Lloyds banking group. I spoke to the Halifax who are adamant they don’t have it!! My employer banks with hsbc who haven’t had the payment returns. I raised a complaint against both banks and got nowhere. 

Can anyone help me out here on where I go next? I suspect it’s in a Halifax holding account awaiting return. 

Same thing happened to me with CHASE with a large amount (£20,000) going missing from a transfer under HSBC. Your money will be in a CHASE holding account. It took ages for me to get it sorted (weeks) but in the end it was returned. CHASE is your problem.

lazytoad2001

Thankfully this is £136 so not the end of the world but still infuriating for something which should be easy how did you manage to get chase to confirm it was still in a holding account? 

I will go back to them quoting switch guarantee that it’s their problem to find but suspect I will get push back on it as the last three times it’s been talk to Lloyds banking groups we don’t have it. So annoying for something which should be easy 

la531983

Sending such small amounts via that method seems odd.

lazytoad2001

It was sent via that method to pay
me quickly it had been missed off the bacs run 

eDicky

lazytoad2001 said:

It was sent via that method to pay
me quickly it had been missed off the bacs run 

So perhaps you mean that it was sent by Faster Payment, not swift or SWIFT which is used in general for international transfers.

But what do you mean by Chase not accepting swift payments? The payment from HSBC to your switched Halifax account should have been redirected to Chase.

If you asked Chase to look for an incoming SWIFT payment and they told you that such payments are not accepted by them, try again using more precise terminology.

Zopa_Trooper

lazytoad2001 said:

Thankfully this is £136 so not the end of the world but still infuriating for something which should be easy how did you manage to get chase to confirm it was still in a holding account? 

I will go back to them quoting switch guarantee that it’s their problem to find but suspect I will get push back on it as the last three times it’s been talk to Lloyds banking groups we don’t have it. So annoying for something which should be easy 

Lots of messaging and phone calls. They kept trying to fob me off but in the end it was in their intermediary account lodged with another bank. There is a thread on here from November 2022 but I can't find it. 

SiliconChip

lazytoad2001 said:

It was sent via that method to pay
me quickly it had been missed off the bacs run 

This doesn't really help to clarify what happened, can you confirm whether the payment was sent by SWIFT? If it wasn't, and when you said swift you just used it as a confusing synonym for faster then the whole thing makes little sense, as Chase do accept Faster Payments (I send money to my Chase accounts all the time and it's invariably there within seconds).

lazytoad2001

Sorry it was a faster payment that was sent and Chase don’t take faster payments swift was my error in terminology.