Calling all finance experts

Originally posted by rhb
I'd be surprised if your bank would charge you to trace the funds that have gone missing. At the end of the day, there is effort involved however the trace is not being instigated through an error on your part (e.g. like you've been overdrawn or something - where it's in the T's& C's you will be charged). [b]Edit: That is not to say that it isn't something they pert.co.uk dedicated to unfair bank charges which you might wish to look at too.

Thank you very much for the links. I will look into it. Oh, the bank is called the Royal Bank Of Scotland BTW.

EDIT Why is this post in bold type? 😕

Originally posted by jimslyp69
Very true. I just wonder though, because they stated that it would definately be 'delivered' within 3 to 5 working days. I will have to look at the T and T's closely.

Are you sure they said "delivered"? or perhaps "processed".

Originally posted by tmetzler
Are you sure they said "delivered"? or perhaps "processed".

Yes. Very true. That would be something to take into account.

Originally posted by jimslyp69
I recently purchased something on the Internet. I paid by bank transfer. The money was sent to Germany on the 25th of August. The compnay that I sent the money to says it has not yet received it. I have sent them allthe details and they put a trace on it, . They tried tracing it all the way back to Frankfurt, where they say all transfers go through, but th ...[text shortened]... my money to ransom. Where do I stand legally in this s**t situation?
Thanks in advance
Jim.

Have they sent it to the right account?

Was a number transposed and your money is sitting in someone elses account?
http://www.rbs.co.uk/Personal_Finances/Travel_and_International_Services/Making_International_Payments/roy_exp.htm

http://www.rbs.co.uk/Personal_Finances/Get_in_touch/Frequently_Asked_Questions/customer.htm

A strong letter, to the point, send direct to your local bank manager requesting the situation be resolved immediately or else you will make a formal complaint to the Financial Ombudsman.

Your bank will routinely charge £10-£30 for sending letters to you when you are in breach of limits on your account so feel free to charge for your time and effort in having to solve a problem not of your making.

If you have a valid complaint about poor service banks will normally make some form of ex gratia payment to keep the peace.

Originally posted by jimslyp69
Yes. Very true. That would be something to take into account.

For a foreign transfer originating from a UK bank the money will be passed through some intermediary banks (RBS will have a preferred one which most funds will reach first). All the originating bank can do is confirm the day the funds will leave your account and give you an estimation of the time it'll take to get there, but the issue is at the whim of the intermediaries.

Another thing to consider is that on arrival at the destination bank, the money will sit in one of their ledgers until it is manually credited to the recipients account. This is something RBS cannot control.

These funds are going to Germany so the entire process should not take too long IMO.

You should still raise the issue over the charge for tracing it though - you have a right to know where your money has gone when you've sent it in good faith (again just my opinion though).

Edit: As others have posted already - it'll most likely turn up in due course anyway!