Problems transferring from Rabo to NR

Hi,

I have had a few problems transferring from Rabo to NR. On two occassions recently, the money left Rabo and got lost in NR because somehow the reference number did not get through.

I got the first one sorted out quite easily but the 2nd instance is taking forever to get sorted.

Anyone else having this problem? Are NR the only bank to lodge everyone's money into one big account and then use customer references to sort it all out? (This non-standard approach seems to be at the root of the problem.

3CC said:

Are NR the only bank to lodge everyone's money into one big account and then use customer references to sort it all out? (This non-standard approach seems to be at the root of the problem.

Click to expand...

No the Building Societies (some) and credit unions do the same.

As far as I know any financial institution that is not a member of the clearing system (and/or IPSO?) will do it this way - i.e. use an account at an institution in the system and use reference numbers to route payments onwards to individual client accounts. I was recently inquiring with Halifax about doing a US$ transfer and they did it the same way - i.e. main bank account with Bank of NY and the customer's account number in the reference field. www.howbankingworks.ie might also have some useful background info.