Transfer to Switched Account Gone Missing

Ergates

thewagster said:

Thanks @penners324 and @eskbanker

Advice from both banks has been very poor - spoke to Nationwide (bank I've switched to) for the third time today. I'd read up on CASS overnight - Nationwide's representative disagreed and read an extract from their procedures which puts the onus on the transferring bank. The representative couldn't offer me any process for Nationwide to investigate what had happened.

As it was an internal transfer from one Halifax account to another Halifax account - the mostly likely outcome is that the money has never left Halifax (despite what they told your daughter).  Nationwide will have no visibility or knowledge of this transaction and there is nothing they can do here to help you.

You need to focus you efforts on Halifax - until such time that they can provide concrete evidence they actually sent something out of the door to Nationwide.

thewagster said:

The adviser I spoke to couldn't understand what had happened - as the account was switched within the last 3y, either my old Halifax account would redirect it to the Nationwide account, or it would bounce the funds back to my daughter's Halifax.

There are another options:  The transaction got flagged as an internal transfer to a closed account as is stuck in a queue awaiting manual review (the funds being in a suspense account).

Or, the account number has been reused, and the money is sitting in the account of a new Halifax customer who is wondering who this generous benefactor is.  Or who has withdrawn/transferred the money elsewhere (i.e. stolen it).   *IF* this turns out to be the case, then this exposes a big hole in Halifax's Confirmation of Payee system!