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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11271
Experience:  30 years as a practising solicitor.
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i have recently lost a large sum of money that i thought was

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i have recently lost a large sum of money that i thought was being invested in the stock market. the company i put my trust in have dissapeared. i have been in touch with action fraud police the FCA. I transferred 25,000 through phoning my bank the RBS. the money was transferred to national westminster which is part of RBS. they checked the account details and the account was closed and funds removed. i also transferred another 23,000 by again phoning my bank and it was transferred to barclays account. again barclays say account now closed with no funds left in it however barclays have offered me 8,000 as a gesture of goodwill that i take no further action against them. i have not accepted their offer yet. my bank RBS have not offered anything. is there anything i can do. can i take legal action against my bank.i wasn,t once questioned by the call centre as to where the money was going when i phoned 6 times to make transactions of 4x 10,000 and 5,000 and 3,.000 totaling 48,000. i would appreciate any advice you can give me. thanks gordon
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
You instructed your bank to make certain transfers of funds to another party's bank accounts?
Why do you consider that the banks are at fault here?
-Could you explain your situation a little more?
Customer: replied 2 years ago.

well because of the amounts that i transfered without any questions of what it was for or whoit was going to. with all the internet fraud that is going on these days as well. i do know that accounts get monitered these days. also to the receiving banks the amounts that were being transfered to them then after a period of time funds were withdrawn and accounts closed. also the fact that barclays made me an offer with conditions that i accepted the offer and take no further action against them

Expert:  JGM replied 2 years ago.
Without further information, which I appreciate you might not in fact have, I don't think the banks have done anything wrong, I'm afraid, notwithstanding that Barcalys have made you a small proportion of your money back.
A bank isn't entitled to ask you what you are doing with your money.
Nor do they have a duty to check a recipient to whom you are transferring money, unless they have a reasonable suspicion that there is an issue with the recipient. A bank has a duty of confidentiality to its customer.
And by the time that the funds are withdrawn and the accounts closed that is after the event.
The only way the banks may be liable here is if they already knew, perhaps from other cases, that these accounts were suspect and didn't pick it up at the times of your transfers.
Happy to discuss further.
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