Credit transfer problems

T

Trudee

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Wondering if anybody knows answer; credit transfer into bank from third party hasn't happened five times in the past eleven months, usually transfer is monthly at beginning of month. Third party went to their bank and were told that third party account was being debited amount each month as normal and therefore it wasn't banks responsibility. My bank said that if there were insufficient funds or any other problem a note would come up to say that transfer was being returned, however there was nothing to indicate any problems; amount simply didn't go in my account on some months and did in other months. Who is responsible? My feeling is that if third party bank says money is going out of account but if it isn't received into my account surely the third party bank should put a trace on it.
 
Hi Trudee - Can you provide a bit more information? Is the credit transfer set up as a standing order on the other account? Have you personally seen the statements showing the transaction leaving that account? Is there a chance that the 3rd party could be pulling your leg?
 
If the Benificiary (receiver) Acc Details are listed in-correctly on a Transfer, then the receiving Bank will still accept the payment
and put it into a "holding account". Then, eventually, the payment will bounce back into the Originator (sender's) Account. It's all done by computer, so it can happpen for months, without being noticed. Especially if the payment is set up as a Direct Debit, or as a Standing Order. But, in fairness, normally it does'nt.

Re-check the Benificiary Details, that you are transferring to, and if the payment is still not going through, then there is a problem. Maybe, the Benificiary has qouted you in-correct details??
 
The strange thing is that in the past 10 mths it's happened three times that money didn't come into account, the other seven mths the transfer was fine, sort code and account number were given again just to be sure. It's set up from originator as a credit transfer, a cf appears on statement after originators name. I know the person where transfer comes from and it's been fine for over ten years just this year the problem has arisen and originators bank is adamant that it's not their fault. Gave a copy of statement to originator to bring into her bank so that they can see that transfers are erratic.
 
Try getting staffers from both banks on the phone at the same time via a conference call, so they can't pass the buck from each other.
 
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