Bank not informing customers of holds on payments

GarySmithspacecadet

I'm with the Cooperative Bank. I had to make a large payment to my roofer for completion of work. Made the payment via bank transfer. My account showed payment had gone through but he never received it. Turns out, the bank put a hold on the payment as it was so large, however, it was under their £19,999 limit as stated online. They never got in touch in any way to tell me there was a hold and my roofer was very insistent that it be done. Only when I rang the bank did I discover the "hold on payment" situation. They released the payment once I convinced them it was legitimate but they would never have contacted me about this. Surely this can't be right? Also, if the money is not in my account or in the recipients account, where is it? Are the bank benefiting by holding on to this money, even if only for a short time? Or is it still in my account even though my account shows otherwise?

Woodstok2000

What are the timescales involved here? How long between you making the payment and then contacting your bank?

sheramber

Not TSB by any chance?

mta999

https://forums.moneysavingexpert.com/discussion/comment/82064833#Comment_82064833

I'm with the Cooperative Bank…...

daveyjp

This is why BACS and CHAPS are still used for larger amounts.

sheramber

https://forums.moneysavingexpert.com/discussion/comment/82064913#Comment_82064913

What relevance does that have to the OP?

lincroft1710

https://forums.moneysavingexpert.com/discussion/comment/82065036#Comment_82065036

You asked if it was TSB, the first words of the OP were "I'm with the Cooperative Bank" which is what @mta999 quoted.

dumpster_fire2025

https://forums.moneysavingexpert.com/discussion/comment/82064931#Comment_82064931

You can't insist on BACS and a BACS payment woud be held the same anyway.

There's no excuse for the bank holding onto cash and not contacting the sender ASAP for clarification. I've had banks who didn't bother to contact me at all when it came to holds because of "dodgy" transactions. Only found out a day later when I tried to use my card in an ATM.

Would a courtesy call or SMS go amiss?