How to complain

Stma123

I released £80k from my named savings investment account into a my named TSB account by faster payment , and the money is now being held for further checks .
i telephoned  and was told they needed a further 24 hours , I don’t get it … I answered all their questions , passed security info etc and still being held .
I am at a loss of what to do . Annoyed because , 1) they didn’t inform me of the hold up and I had to make a phone call 
2) a faster payment from the same bank account has been coming into my account from the same company for over 2 years .
3) the time this is taking .
it seems banks can do what they want under the guise of following FCA rules.
the lady in complaints , just said all the right words .

david29dpo

Basically, the banks have to cover themselfs with all the scams now.
Its a nightmare withdrawing large amounts now.

Ayr_Rage

If you really want to make a complaint the bank's website will have the details of how to proceed.

However you may just be banging your head against a wall.

david29dpo

I had a long drawn-out process with Santander recently.
The banks are now being held responsible for some scams, no matter how stupid the customer has been.
So, quite rightly, some would say, the banks have to be very careful. I would do the same if i had a bank.
Common sense has looooooooog gone.

Section62

Stma123 said:

I released £80k from my named savings investment account into a my named TSB account by faster payment , and the money is now being held for further checks .
i telephoned  and was told they needed a further 24 hours , I don’t get it … I answered all their questions , passed security info etc and still being held .
I am at a loss of what to do . Annoyed because , 1) they didn’t inform me of the hold up and I had to make a phone call 
2) a faster payment from the same bank account has been coming into my account from the same company for over 2 years .
3) the time this is taking .
it seems banks can do what they want under the guise of following FCA rules.
the lady in complaints , just said all the right words .

This is TSB holding the incoming payment?

You've probably got some grounds for complaint on 1 and 3.

With 2, although you've got a pattern of receiving payments from that source, the bank won't necessarily know that the next payment isn't fraudulent/criminal in some way.  So no matter how many payments you've had from there, the bank can reasonably argue it needs to check each one, in accordance with its procedures.

Not telling you the payment has been held is poor customer service.  Whether the time taken is poor service or a failure depends on what the terms and conditions of the account say.  You need to look through these and see whether there is anything which limits the amount of time a payment can be held for checks.

The easiest way to complain is to phone the bank and say you want to make a complaint.  Don't be fobbed off with them saying you can't complain, or that the issue will be logged as 'feedback' or 'dissatisfaction'.  Ask for a complaint reference number, and say you want them to issue a final response letter if they don't resolve the issue to your satisfaction.

A complaint reference and final letter will make it easier to take your complaint to FOS if you remain unhappy.

GeoffTF

The original post is not clear. The OP appears to have sent money from a savings account with an unspecified bank (which one?) to a TSB account (current account?) by Faster Payments. Is that correct? Who is holding up the payment? Is it TSB? How long is it since the payment was sent? How large is the payment? How frequent have these payments been? How long have they been happening?

Nasqueron

Section62 said:

Stma123 said:

I released £80k from my named savings investment account into a my named TSB account by faster payment , and the money is now being held for further checks .
i telephoned  and was told they needed a further 24 hours , I don’t get it … I answered all their questions , passed security info etc and still being held .
I am at a loss of what to do . Annoyed because , 1) they didn’t inform me of the hold up and I had to make a phone call 
2) a faster payment from the same bank account has been coming into my account from the same company for over 2 years .
3) the time this is taking .
it seems banks can do what they want under the guise of following FCA rules.
the lady in complaints , just said all the right words .

This is TSB holding the incoming payment?

You've probably got some grounds for complaint on 1 and 3.

With 2, although you've got a pattern of receiving payments from that source, the bank won't necessarily know that the next payment isn't fraudulent/criminal in some way.  So no matter how many payments you've had from there, the bank can reasonably argue it needs to check each one, in accordance with its procedures.

Not telling you the payment has been held is poor customer service.  Whether the time taken is poor service or a failure depends on what the terms and conditions of the account say.  You need to look through these and see whether there is anything which limits the amount of time a payment can be held for checks.

The easiest way to complain is to phone the bank and say you want to make a complaint.  Don't be fobbed off with them saying you can't complain, or that the issue will be logged as 'feedback' or 'dissatisfaction'.  Ask for a complaint reference number, and say you want them to issue a final response letter if they don't resolve the issue to your satisfaction.

A complaint reference and final letter will make it easier to take your complaint to FOS if you remain unhappy.

A complaint that the bank is following the legally required AML process seems petty. I doubt also any bank has the time to ring up and tell people their money is held for security checks, indeed, it's quite possible they cannot to cover themselves under the tipping off rules.

Section62

Nasqueron said:

Section62 said:

Stma123 said:

I released £80k from my named savings investment account into a my named TSB account by faster payment , and the money is now being held for further checks .
i telephoned  and was told they needed a further 24 hours , I don’t get it … I answered all their questions , passed security info etc and still being held .
I am at a loss of what to do . Annoyed because , 1) they didn’t inform me of the hold up and I had to make a phone call 
2) a faster payment from the same bank account has been coming into my account from the same company for over 2 years .
3) the time this is taking .
it seems banks can do what they want under the guise of following FCA rules.
the lady in complaints , just said all the right words .

This is TSB holding the incoming payment?

You've probably got some grounds for complaint on 1 and 3.

With 2, although you've got a pattern of receiving payments from that source, the bank won't necessarily know that the next payment isn't fraudulent/criminal in some way.  So no matter how many payments you've had from there, the bank can reasonably argue it needs to check each one, in accordance with its procedures.

Not telling you the payment has been held is poor customer service.  Whether the time taken is poor service or a failure depends on what the terms and conditions of the account say.  You need to look through these and see whether there is anything which limits the amount of time a payment can be held for checks.

The easiest way to complain is to phone the bank and say you want to make a complaint.  Don't be fobbed off with them saying you can't complain, or that the issue will be logged as 'feedback' or 'dissatisfaction'.  Ask for a complaint reference number, and say you want them to issue a final response letter if they don't resolve the issue to your satisfaction.

A complaint reference and final letter will make it easier to take your complaint to FOS if you remain unhappy.

A complaint that the bank is following the legally required AML process seems petty.

As I said in respect of point 2 - the bank doing what it has to do is not likely to be a justifiable complaint.  But how it does what it needs to do, might be.

Nasqueron said:

I doubt also any bank has the time to ring up and tell people their money is held for security checks,

I don't think anyone mentioned "ring up".

Modern banks tend to use SMS, emails and push notifications to let customers know what is going on with their accounts.  These can be automated, so the bank doesn't need to employ people to do so.  Some banks will notify you every time a payment goes into or comes out of an account.

Nasqueron said:

indeed, it's quite possible they cannot to cover themselves under the tipping off rules.

You think an automated SMS or push notification saying something like "Your incoming payment has been delayed for legally required checks" would amount to tipping off?

What about the CSA who told the OP checks were being done and they needed a further 24 hours?  Could that be tipping off as well?

Bigwheels1111

When you complain make sure you have worked out how much interest you have lost.

Number of calls made etc. Plus the interest rate you were to get on the money.

First direct did this to me, Friday to Monday on 250k worth of transfers.

Held the money, said not on hold by fraud team, until Monday when fraud depot called.

250k @ 5% divided by 365 days X 5 days = £171.23 interest.

Before the call ended they had given me the interest and £50 good will payment.

Yes, I love to complain and would never let it go.

born_again

Stma123 said:

I released £80k from my named savings investment account into a my named TSB account by faster payment , and the money is now being held for further checks .
i telephoned  and was told they needed a further 24 hours , I don’t get it … I answered all their questions , passed security info etc and still being held .
I am at a loss of what to do . Annoyed because , 1) they didn’t inform me of the hold up and I had to make a phone call 
2) a faster payment from the same bank account has been coming into my account from the same company for over 2 years .
3) the time this is taking .
it seems banks can do what they want under the guise of following FCA rules.
the lady in complaints , just said all the right words .

Well without a time line, we have no idea if they might have contacted you.
Same with sending bank, might be over their daily limit.
Remember Faster Payments can take until the end of the next working day to arrive & still be within limits for them.
Yes they normally arrive sooner. Just don't bank on it.

eskbanker

Stma123 said:

I released £80k from my named savings investment account into a my named TSB account by faster payment , and the money is now being held for further checks .
i telephoned  and was told they needed a further 24 hours , I don’t get it … I answered all their questions , passed security info etc and still being held .
I am at a loss of what to do . Annoyed because , 1) they didn’t inform me of the hold up and I had to make a phone call 
2) a faster payment from the same bank account has been coming into my account from the same company for over 2 years .
3) the time this is taking .
it seems banks can do what they want under the guise of following FCA rules.
the lady in complaints , just said all the right words .

When Faster Payments were introduced, the regulatory requirement was that they were completed by the end of the next business day, even though most will complete almost instantaneously.

However, as part of the raft of changes late last year, including formalising the banks' liabilities for reimbursing APP scams, etc, the Payment Services Regulations were amended to allow banks more time to investigate transactions deemed to be suspicious, so it's now up to four business days instead:

https://www.legislation.gov.uk/uksi/2024/1013/regulation/2/made