Where the fuck is my money?

[LookAtTheFlowersKerry]

I transferred a significant amount of money from one account to another on Monday.

It's usually instant but a message flashed up saying it was subject to checks so would take 24hrs.

The money left account A yesterday.

There is nothing in account B.

So it's floating around somewhere in the ether.

Why do they do this? I don't understand why it takes so long. I just want my money!

If it's a large amount it could be subject to extra security checks. How big was the transfer and was it to a different bank?

have you contacted your bank for clarification on the matter ?

meant to say large amounts might raise suspect checks for money laundering.

It's 11.5k. So not mahoosive but significant.

Different banks, but I transfer in and out of both accounts frequently.

I'm going to have to do some adulting and speak to someone. Urgh.

Thats enough to trigger the money laundering checks - that's probably the hold up.

Is it a significantly larger amount than you woyld usually transfer? If so, it's likely to trigger checks.

I moved money from a Santander account to an RBS one and it didn't appear for a day. I phoned them up and it turned out they needed me to answer security questions before they'd release it, they just didn't think to tell me that

11.5k is massive! I'd think I was rich if I had 1.5k in my bank.

You definitely have to talk to someone and find out. It is a total pain though. I hate adulting

Contact your bank and ask. If both accounts are with UK banks in your own name there shouldn't be an issue.

Which bank do I need to speak to? A or B? please don't say both

I though there was a limit for online transfer. 6000 ish?

Call your bank

Sorry OP, it might be both. I'd try the receving bank first, see what they say.

Do they have secure online chat or messaging, which might be easier than the phone? I can never pass telephone security checks because I only use telephone banking if I'm desperate which is less than once a year. I also don't have favourite colours, food, places, teachers or best friends etc so can never fill in their damn security check things in the first place.

Often £10k is the trigger for implementing security checks so if you need to do this again, it might be worth making multiple transactions to stay below £10k per day.

They may have sent it via the BACS system instead of faster payments so could take a few days. Were the bank detail of the receiving bank definitely correct?

I transferred two lots of £20K+ about 18 months ago to the solicitor for a property purchase - I think the limit for transferring in 24 hours was something like £25. It was quick - certainly no more than a couple of hours. I suppose it might have been because it was to a solicitor and they must be used to transferring large amounts.

I foten transfer amount like that - sadly HMRC take amounts larger than that from me in VAT and tax.....and have never had that problem.

Did you move it from an account at the same bank to an account at the same bank or to different institutions eg from your Nat West to an HSBC account?

If I were you I would call them every 2 hours until this is sorted out as they wil go home at 3 today until Tuesday. Most fraudsters do stuff on days like today - just before a bank holiday when people are busy.

On line transfer limit with some banks is 20K. When I transfer from Lloyds eg to Santander it usually takes about 2 hours for it to appear.

Any transfer over about £10k is likely to be delayed for security checks, they are looking for links to money laundering, terrorism etc. Doesn't usually take very long.

If it has gone by BACS and it set off yesterday, that will be annoying as it will continue to remain in the ether until Tuesday, due to the Bank Holidays. How annoying, although I don't understand why electronic transactions don't work on weekends and bank holidays, doesn't it all happen automagially without manual input?

Hopefully someone from one of the relevant banks will be able to explain today. Is one of them HSBC? They are known to be ridiculously over cautious these days due to their big international operations and being fined over money laundering issues in the past.

contact the one who sent you the message about security checks.

You need to ring bank A. They will be the ones doing the security checks before they release the money.

Bank A is HSBC. Dh will have to phone them as I have no idea of the security details. I've spoken to bank B and they said it's normal and to expect it by close of business today.

I didn't think of the bank holiday though, how bloody annoying. I need it to pay my CC off before it comes out of its 0% deal. I only transferred it because the details are all set up for the CC on account B. I should have just spent the extra few minutes setting it up from account A.

What. A. Twat.

It's probably being held by the bank to check all is legit.

Ring and ask.

We recently spent £500 in one day, £400 the next and £1000 the day after, because we're going through a period of sorting things out, and the third payment didn't go through.
Rang the bank, they said that because each payment was for one off type things, they wanted to check it was us making them.

A few questions, they sorted it. It's annoying but better than trying to get your money back after it's been nicked.

I moved money from Clydesdale to RBS last year after selling my flat and the limit was £5K per day. It was really annoying, but the system wouldn't allow me to move any more - I rang up to see what was wrong and was told over the phone about the limit, but the system just wouldn't accept the transaction for more than £5,000.

You need to check Bank B's rules. If the money is received today will they allow you to send it to CC on the same day?
It might be simpler to somehow cancel the whole thing, put the money back in Bank A and pay the CC from there.

You can't just cancel it as the money has left the account. It would take time for the money to be returned to the first account.