PTSB transfers to Raisin & Trade Republic "lost"

Go back to PTSB and tell them you are still seeing a non-receipt of funds. Ask them to send a trace. I think transfers to Raisin are done through SEPA so they are obliged to investigate to ensure the transaction was executed. They need to do more than give you a reference number. They can send a trace on their side to Raisin or whatever intermediary is involved so the funds should be tracked. Raisin has 10 days to respond to PTSB from receipt of the trace.
 
Thank you for your suggestion. I asked PTSB to recall the missing funds last week. They tell me it can take 5-20 days.
 
Cooler_box said:
Thank you for your suggestion. I asked PTSB to recall the missing funds last week. They tell me it can take 5-20 days.
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I transferred from my PTSB current account and it took 24 hours.

I was in a similar situation about 15 years back, transferring a large sum from UK to Ireland.
I did the transfer from within the branch in Manchester.
The funds went missing/delayed and after about 2 weeks of calls and emails, I threatened to call the police as "I am worried" that the bank staff stole my money. I was going to get the police to go to the branch. Within a day, I had apologetic calls and about 2 days later, my funds were in my account.
Not the same as your issue but it is not unreasonable for you to suspect that somebody has stolen your money and that should be reported to the police in my opinion.
 
So that potentially implies 2 things, firstly is that the funds were paid away by PTSB and are not sitting in a suspense account within PTSB and that secondly the funds have been applied to an account within Raisin, and possibly withdrawn at this stage. If Raisin say you provided the wrong IBAN, then really not sure how the funds will be recovered.
 
Raisin has not said anything yet. Once the correct IBAN is set up, there is no need to mess with it. All the transfers went from the same PTSB IBAN to the same IBAN account I have with Raisin. Only one transfer was not credited to my account; the missing transfer has nothing to do with anything I did wrong and was confirmed by PTSB. The problem rests with RAISIN Bank.
 
Horrible position to be in. Fingers crossed for you that it gets resolved soon. Where do you stand in relation the the investment order you had with them. I presume they will honour it if the delay in crediting your account with the final incoming transfer is their fault.
 
Did the PTSB letter give a reason? The SEPA Credit Transfer rulebook has a pretty clear process in place in the event of non receipt. The fault either lies with PTSB/Raisin or somewhere in between. Once you raise a query with PTSB, they should be putting a trace on the funds claiming non-receipt. Raisin will then have 10 days to respond either to say the funds were received or with a reason code. Both parties should be able to investigate with any intermediary they might use (I think PTSB might use Citi for SEPA transfers). You might have to consider going down the formal complaint process at this stage..

 
No explanation. See the letter attached. It's 7 working days since I emailed customer services. I'll give them till Tuesday next before I take the matter to the EPC. PTSB informed me that when they receive an OBPAY reference number, it confirms the funds were received by Raisin. The problem is at the other end. The way I say it is that Raisin has the money. What annoys me is that I have to wait for them to trace the funds before they will credit my account. They can just as easily do that, while they investigate. Whatever happened is not my fault. They are responsible for ensuring that my account is secure to receive the funds.
 

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Thanks FL. I don't care about the investment. I'll be happy to just get my money back and forget I ever heard about Raisin Bank. No interest rate is worth the stress, hassle and time wasted chasing customer services for answers.
 
Again, PTSB aren't helping you. There must have been a reason code provided by Raisin as to why they are rejecting the recall but no mention in the letter. Not surprised they rejected it if they can't see the funds. And if they cant see the funds, PTSB need to ask where the funds are. At this stage I would really put pressure on PTSB as the originator to provide evidence that the payment was processed and processed correctly. They need to do a full trace to confirm where exactly the funds were credited.

I have no idea what an OBAPAY number is but it's no good to you.
 
Sunny said:
To be honest, I think you are going to find that the issue is on PTSB side...
Click to expand...

why do you say that if Raisin has rejected the recall?

@Cooler_box

Any progress?

ptsb seems to be having systems problems now.

New PTSB app

Re-installed and had to go on laptop to update password to get going again. That was about a week ago. Working fine until this morning can put in PAN but just rotating around. Have tried several times past hour. Anyone else having difficulties this morning ? It's working but my husband...
www.askaboutmoney.com

Brendan
 
Is the ‘any progress’ query directed to my issue or about the glitches with the PTSB app? Don’t want to be treading on toes here …
 
Cooler_box said:
Is the ‘any progress’ query directed to my issue or about the glitches with the PTSB app? Don’t want to be treading on toes here …
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I presume that it relates to the substantive issue raised in this thread.
 
Hi Cooler

No, just wondering if you got your money back and if you found out where it was resting in the meantime.

Brendan
 
Brendan Burgess said:
Hi Cooler

No, just wondering if you got your money back and if you found out where it was resting in the meantime.

Brendan
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Not yet. PTSB have cleared up their end. The investigation has been escalated by Raisin. I’m waiting for them to respond.
 
@Cooler_box - You are not alone.

A PTSB transfer has got lost for me too. This time to Trade Republic.

It's very early days but this is what has happened thus far ...

On 2 October 2023, I made a transfer from PTSB to Trade Republic. Normally transfers are same-day or next-day.

No sign of the money in my Trade Republic account on 2 October nor since then.

On the Trade Republic side:
- On 5 October, I contacted Trade Republic to ask what happened. No response.
- On 6 October, I followed up with Trade Republic. No response.

On the PTSB side:
- On 6 October, I phoned PTSB, they told me that they can see the money leave my account. They said I had two options (1) a SEPA payment trace or (2) a recall. PTSB said that recalls often don't work so they recommended a trace as a first step. PTSB said there is no timeline for the trace (I see online it can take up to 10 days). I am waiting to hear back from PTSB on the trace but PTSB might be waiting to hear back from Trade Republic (or Citi who seem to sit in between on both sides) on the trace.
- PTSB will not give me evidence that they processed the transaction nor an OBAY ID until the trace is done.

Very frustrating. Trade Republic customer service is a disgrace.

Should I just wait for PTSB and Trade Republic to get back to me? Or do anything else?

I have no idea if PTSB or Trade Republic are at fault.

Circumstantial (and perhaps irrelevant) information - when I did the transfer it took 4 goes on the PTSB app (with strange errors the first 3 times) before it processed. I.e. IT issues.

More circumstantial contrary information - The transfer was done on the day that Trade Republic launched their 4% rate - maybe they were overwhelmed that day and the money is stuck in some queue?

Thoughts appreciated.
 
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