Missing Bank Transfer

rishja

My wife opened a Chase Account and transferred £100 from her Metro Account. This transfer appeared in her Chase Account within a couple of minutes. She then transferred a larger sum using the same Chase Account details and this left Metro but after 36 hours has not arrived in her Chase Account. She has spent hours on the phone to Metro, who confirm the transfer has left and Chase who have not received it. We appear to be going round in circles as neither Bank seems willing to own the problem and we’re worried sick. Can anyone provide any ideas on how we can locate our money?

Olinda99

although obviously I cannot know for sure my best guess is that it is being held up by Metro because you have sent it to a new account and they are holding it for checks. 

it won't have gone astray if you used the same payment details as you did for the original 100. It will be being held somewhere and it is unlikely to be at the recipient bank Chase

Ayr_Rage

A small transfer followed by a large transfer has probably triggered a "suspicious activity" algorithm at one of the banks and your money is being held somewhere, most likely at the sending bank.

SiliconChip

Were these transfers to the new Chase 5.1% savings account? I did exactly the same as you from Metro, the first £100 arrived instantly but the following £18,800 was held up until the next day. I eventually got a call from Metro to take me through a few security questions and to confirm that I was happy for the transfer to go ahead, which it did soon after the call ended. It's likely that the people you speak to when you call Metro are not the ones who do the security check, and there may well be a temporary flag on the account to warn them not to give you any information in case there are any AML implications.

rishja

SiliconChip said:

Were these transfers to the new Chase 5.1% savings account? I did exactly the same as you from Metro, the first £100 arrived instantly but the following £18,800 was held up until the next day. I eventually got a call from Metro to take me through a few security questions and to confirm that I was happy for the transfer to go ahead, which it did soon after the call ended. It's likely that the people you speak to when you call Metro are not the ones who do the security check, and there may well be a temporary flag on the account to warn them not to give you any information in case there are any AML implications.

Thanks, this is exactly what happened, although the 4 people we spoke to had no idea, even though there were notes on their system saying "payment with Payments Withheld team". Definite "disconnect" between teams, however resolved yesterday after we got the Fraud Team involved as the payment had not reached Chase after 24 hours. A stressful 24 hours, because front line teams don't know what their back office teams are doing!

Bigwheels1111

I have had this with multiple banks.
If funds have not arrived within 2 hours I call the bank and ask for the fraud team.
They all say it’s not a fraud team issue but eventually put you through.
Guess what it is the Fraud team blocking the payment.

First Direct did this 18 months ago, 3 large payments were held from Friday to Monday.
On the Monday I got through to fraud team and money was sent.
After a bit of jumping up and down, I got the £133 of interest I had lost at 5% for four days, plus £150 for my
time and effort, calls etc. The stress and anxiety it caused. 😳

Lay your complaint on thick, Time, effort, call costs, borrowing money from friend or money from another bank account etc. To cover your temporary loss.
Each item gets you a bit more of a payout.
TSB was around £150 per issue.
Over 1k from them when they changed their banking platform and I could not access my money for weeks.

SiliconChip

Bigwheels1111 said:

I have had this with multiple banks.
If funds have not arrived within 2 hours I call the bank and ask for the fraud team.
They all say it’s not a fraud team issue but eventually put you through.
Guess what it is the Fraud team blocking the payment.

First Direct did this 18 months ago, 3 large payments were held from Friday to Monday.
On the Monday I got through to fraud team and money was sent.
After a bit of jumping up and down, I got the £133 of interest I had lost at 5% for four days, plus £150 for my
time and effort, calls etc. The stress and anxiety it caused. 😳

Lay your complaint on thick, Time, effort, call costs, borrowing money from friend or money from another bank account etc. To cover your temporary loss.
Each item gets you a bit more of a payout.
TSB was around £150 per issue.
Over 1k from them when they changed their banking platform and I could not access my money for weeks.

You must be an extremely annoying person when making a complaint as FD had no reason to pay you anything other than to make you go away, because Friday to Monday is entirely within the requirements of the Payment Services Directive. And your figures seem slightly doubtful, to earn £133 in interest at 5% over 4 days would require a principal amount of over £240,000, which even with 3 payments seems unlikely as the maximum transaction amount at FD is £49,999.

I also wouldn't recommend anyone else to lie about the impact of a delay in order to try to increase a payout.

Bigwheels1111

SiliconChip said:

Bigwheels1111 said:

I have had this with multiple banks.
If funds have not arrived within 2 hours I call the bank and ask for the fraud team.
They all say it’s not a fraud team issue but eventually put you through.
Guess what it is the Fraud team blocking the payment.

First Direct did this 18 months ago, 3 large payments were held from Friday to Monday.
On the Monday I got through to fraud team and money was sent.
After a bit of jumping up and down, I got the £133 of interest I had lost at 5% for four days, plus £150 for my
time and effort, calls etc. The stress and anxiety it caused. 😳

Lay your complaint on thick, Time, effort, call costs, borrowing money from friend or money from another bank account etc. To cover your temporary loss.
Each item gets you a bit more of a payout.
TSB was around £150 per issue.
Over 1k from them when they changed their banking platform and I could not access my money for weeks.

You must be an extremely annoying person when making a complaint as FD had no reason to pay you anything other than to make you go away, because Friday to Monday is entirely within the requirements of the Payment Services Directive. And your figures seem slightly doubtful, to earn £133 in interest at 5% over 4 days would require a principal amount of over £240,000, which even with 3 payments seems unlikely as the maximum transaction amount at FD is £49,999.

I also wouldn't recommend anyone else to lie about the impact of a delay in order to try to increase a payout.

You must be an extremely annoying person, How did you know.

House money.

Yep, over 240,000.

All set up in advance, to fund 5 year fixed rate bonds.

I think they were CHAPS payments, not sure. Did not charge me for them.

The issue was they would not put me through to the fraud team on the friday.

So their fault. On the Monday I got a text, we have been tring to contact you.

It was the other way round.

FD call handlers were just unplesant and unhelpful.

Did not want to do their job. Must have been home time.

SiliconChip

Bigwheels1111 said:

SiliconChip said:

Bigwheels1111 said:

I have had this with multiple banks.
If funds have not arrived within 2 hours I call the bank and ask for the fraud team.
They all say it’s not a fraud team issue but eventually put you through.
Guess what it is the Fraud team blocking the payment.

First Direct did this 18 months ago, 3 large payments were held from Friday to Monday.
On the Monday I got through to fraud team and money was sent.
After a bit of jumping up and down, I got the £133 of interest I had lost at 5% for four days, plus £150 for my
time and effort, calls etc. The stress and anxiety it caused. 😳

Lay your complaint on thick, Time, effort, call costs, borrowing money from friend or money from another bank account etc. To cover your temporary loss.
Each item gets you a bit more of a payout.
TSB was around £150 per issue.
Over 1k from them when they changed their banking platform and I could not access my money for weeks.

You must be an extremely annoying person when making a complaint as FD had no reason to pay you anything other than to make you go away, because Friday to Monday is entirely within the requirements of the Payment Services Directive. And your figures seem slightly doubtful, to earn £133 in interest at 5% over 4 days would require a principal amount of over £240,000, which even with 3 payments seems unlikely as the maximum transaction amount at FD is £49,999.

I also wouldn't recommend anyone else to lie about the impact of a delay in order to try to increase a payout.

You must be an extremely annoying person, How did you know.

House money.

Yep, over 240,000.

All set up in advance, to fund 5 year fixed rate bonds.

I think they were CHAPS payments, not sure. Did not charge me for them.

The issue was they would not put me through to the fraud team on the friday.

So their fault. On the Monday I got a text, we have been tring to contact you.

It was the other way round.

FD call handlers were just unplesant and unhelpful.

Did not want to do their job. Must have been home time.

Ah well, now you've introduced new information that has taken the thread in a different direction. CHAPS payments are governed by a different set of rules to Faster Payments (which is what was being discussed by everyone else) so you probably had a good case to complain, which means you may not have been as annoying as I initially thought .

I have to say that I never found FD to have the fantastic customer service that surveys declare, they were OK but not anything to shout about, and I closed my accounts with them 18 months ago.