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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25471
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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I have recently transfered £9000from my Bank account to

Resolved Question:

HI I have recently transfered £9000from my Bank account to another bank account abroad using my bank to transfer the money. The money has never arriaved in this account and the bank is now stating that as the money was sent by them to an intermediatry bank the money could be lost.
My bank is stating that they had transfered the money as I had requested and therefore are not liable for the loss. I was unaware that the bank used a another bank to transfer and there is no "liability clause on thereceipt. This is now 4 weeks and although the final update was that the money was in the intermediatry branch the transaction is null and void.
What legal rights do I have
Submitted: 2 years ago.
Category: Law
Expert:  Joshua replied 2 years ago.
Hello and thank you for your question. I will be very pleased to assist you. I'm a practising lawyer in England with over 10 years experience. Could you kindly clarify that you instructed your bank to transfer funds specifying your IBAN or SWIFT account details for the transaction please and the bank used an intermediary service provider to facilitate the transaction?Is the bank in question a bank or Building Society regulated by the Financial Conduct Authority?
Customer: replied 2 years ago.

Hi Josh

yes we instructed the bank via branch the intermediary branch used was HSBC my account is with Barclays. Not sure whether they are regulated by the Finacial Conduct Authority.

The transfer was given a Swift and PET number and the money was to be transferred to a beneficiary in Tunisia.

I am trying to obtain the Swift and PET numbers as I do not have them with me.

Customer: replied 2 years ago.

Hi Josh

The case number ***** ***** 000597

Swift Number is *****

Expert:  Joshua replied 2 years ago.
Thank you. So to be clear did you deal with Barclays, and they with HSBC or did you deal direct with HSBC?Also to ensure I understand correctly, did you provide the bank with an instruction to send the monies to the recipients bank SWIFT number?Finally do you understand from the bank at which point the money has been lost? Did it arrive with HSBC and was lost subsequently or did it never even arrive with HSBC?
Customer: replied 2 years ago.

Hi Josh

this is where it becomes complicated!!

I dealt with barclays in branch and requested them to transfer the funds to the beneficiary account in Tunisia (swift number) this was on 27th March 2015

Unknown to me it is normal practice that the funds are transferred via an international bank in this case HSBC

The money never arrived and contact was made with Barclays to find out why as the receipt states it would be transferred within 8 days but normally take 2 or 3 days. As it had never arrived and was needed urgently contact was made to Barclays who indiciated that it could take as long as 8 working days as Easter was in the middle of the the transfer this could take as long as 10 days.

The money still did not arrive and further contact made we were informed that the money was in HSBC and that they needed further information which was supplied. They sent a trace and informed that the money was still in HSBC but no reason given told that they would investigate but the money would be sent. Further phone calls were completed but each time with different reasons as to why it had not transferred these were it was either in Tunisia and they were awaiting a receipt from the beneficiary but as the money was never received there was never a receipt provided.to the following day where the money was in HSBC

Due to the number of phone calls 120 pound was paid for the cost of all the phone calls

We have been contunually told that the money was sent after a lot of calls and no funds beng sent or received and several traces placed on the transfer

visited the branch and explained the situation to the Branch manager who informed us that she would pick up the money and deal with this. gave her till Thursday (yesterday) to resolve this. since then daily updates have been received from the Manager however none of them are consitent. yesterday got extremely concerned as Wednesday she informed the money was in Tunisia and Tunisa had requested authorisation to transfer the funds to the swift account yet Thursday the money was in the HSBC,and the transfer was null and void When asked if they knew where the money was she confirmed that this was in the HSBC but when asked to return the money to the account she stated that Barclays had not done anything wrong as they had done what was asked of them. Yesterday asked directly if we could lose this money she confirmed that we could. Again reiterating that barclays had not done anything wrong.

Hope this makes some sense.

Customer: replied 2 years ago.

josh

We had opened a complaint with barclays but this had also been closed once mor without our knowledge this has been reopened with the last update being that barclays investigators are looking into this. We still have not indication where the money is or even when this is going to be returned or who is responsible hence the call

Expert:  Joshua replied 2 years ago.
Thank you. The the situation seems quite bizarre in that the bank would attempt to deny liability in the first place but the banking rules provide that your bank is liable to you for any failure on his part to carry out instructions they have accepted.Based upon what you say, you instructed the bank to transfer funds to foreign beneficiary and the bankers failed to carry out that instruction. It may be that the fault lies with an intermediary bank that your bank uses but that does not affect your bank's liability to you in respect of the lost funds. If it was the fault of an intermediary bank that your bank uses, no doubt your bank would be able to make a claim against that intermediary bank that that is a matter entirely between them.If the bank has failed to carry out your instructions and the money has not arrived in the timeframe indicated by the bank then you have grounds to reclaim the money from your bank together with any interest and associated loss you may have suffered - for example if you incur any late payment fees in pain the beneficiary late for example. The way in which to recover funds is initially to open a formal complaint with your bank, which from what you say, you have already done. This complaint should usually be made in writing though it is possible to do so verbally you should have written confirmation that the bank is treating the matter as a complaint and the bank should send you a copy of a complaints procedure and provide you with a final response within the timeframe outlined in the complaints procedure. If you are not satisfied with the banks response, you can refer the matter to the financial ombudsman service without cost. The financial ombudsman can independently review your complaint and make a decision as to whether or not to award compensation for your loss their decision is binding upon the bank though it is not binding upon you should you be unsatisfied with it. If you are unsatisfied with the ombudsman's decision, you do have the right to reject it and issue proceedings in the County Court but using the financial ombudsman service costs no money and it is therefore the favoured first port of call. It also has the advantage that they decide cases on the basis of the principle of fairness first and foremost rather than the slightly more technical legal arguments that are generally employed in the County Court. It is necessary to first follow through the bank's formal complaints procedure before you refer the matter to the financial ombudsman service. in order to refer the matter to the financial ombudsman service if you are not satisfied with the banks final written response to your complaint, you can lodge a complaint using the following link:http://www.financial-ombudsman.org.uk/consumer/complaints.htm I hope the above is of assistance? If you have no further questions for now I should be very grateful if you would kindly take a moment to click to rate my service to you today or just reply back to let me know if the above is helpful. Your feedback is important to me. If there is anything else I can help with please reply back to me I'd be very grateful
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Expert:  Joshua replied 2 years ago.
I hope the above is helpful? Can I help you with anything else or has the above answered your questions satisfactorily? If you could drop me a quick message to let me know I'd be very grateful.