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On what basis did the bank fail to give proper advice?
We need full background please.
I went to the bank for advice, telling them that I've never sent money abroad, and was thus completely dependent on their advice regarding this transfer, following the sale of a property owned jointly with my brother. The bank said oh it was easy, as transferring money is a pretty straightforward process. She told me it will cost £25/- and will take 3-5 days. Having asked me for the necessary docs to check my ID etc, she then took down my brothers bank details which I gave her. She then noticed that it appeared to have 2 different account numbers and there and then instead of stopping me to warn me that giving wrong account details could proved detrimental, she did nothing as just said, ok we'll take the account with your brother's name, which happened to be the wrong account as it was an account within an account which I wasn't even aware of at the time. Being in the business of transferring money abroad, shouldn't the bank clerk had stopped me on realising the account is not really a simple account and gave me advice regarding the most suitable account for the transfer? She owes me a duty of care in giving advice which I was entirely dependent upon and in this respect, the bank had failed in their duty
What is an account within an account?
Who did the money go to?
Did you give the wrong acct number?
it was my brother's investment account held with Fidelity - within Morgan Bank. It was only after I sent my bro an email saying what I've done and pointing out to him that the bank clerk said it appeared to be 2 different account did my brother confirmed that it was indeed 2 account. But as my bro lives and work in NY, he did not know that UK banks work differently from NY. Cut long story short, Citibank which attempted the transfer asked the bank to investigated, but the bank did nothing even though both of us were trying to get in touch with the bank to give them a simple, normal bank account to ensure that transfer of money could take place. Cut long story short, despite our efforts to contact the bank over a period of 3 weeks, we just couldn't get hold of anyone at all. First time I learned of the failure was when the bank sent me a letter informing of the failed transfer. This is really a fundamental breach of the bank's duty of care and of their own term which stated they'll investigate should the transfer failed to go through, but they did nothing, not even when they were asked to investigate the failure within 3 days of the transaction.
You havent received any advice at all yet becuase I dont have enough info to answer. If it takes too long, please bear in mind that it is weekend and we are all solicitors in practice.
You asked me what account it was and I've already given told you that the account was an investment account held with Fidelity, based at another bank. Because of this the transaction failed. My argument was that since the bank clerk had noticed the account I've given appears to be 2 account instead of one (which I didn't realised since it was my brother's account) shouldn't she as a bank clerk stopped me there and give me advice regarding the type of account suitable and not just take one of the account and decided to transfer money there without any questions to its suitability etc. To cut long story short the transaction failed and the money was returned to my bank account involving further charges and exchange rate conversion when the money was converted from US$ back to £. I had to re convert the money back to US$ and pay another bank to do the transfer; resulting in us losing well over £2000/-.