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!

We know it has left her account but we don't know that it has left Bank A. It would be daft to move heaven & hell only to find that it's not the solution you wanted after all.
No harm in checking facts before taking action.

They'll have to check it for money laundering.

The overall limit for Faster Payments is £100,000 but each bank has its own limits and these limits may differ between on-line, phone and in the branch banking. AFAIK HSBC's limit is £10k for all types.
Money leaving your account is not to do with money laundering but basic security checks.

It's quicker to go into branch with ID to transfer large sums, so the faster payment can be pre-verified.

Over 10k clears in 3 working days. So next tuesday. Next time only send up to 10k at a time via faster payment

Multiple payments just under £10k are more likely to get flagged as potential money laundering than one payment for the full amount. It makes it obvious to the bank you are trying to avoid checks.

Hereward - no they don't. Faster payments are fast because the money laundering checks are also fast.

Hereward - no they don't. Faster payments are fast because the money laundering checks are also fast.

HSBC has a 10k limit for online transfers. I think you need to call them to find out what's happening.

if HSBC are involved, expect a cock up. Their systems are not able to cope with...well, anything very much.

get on the phone and do not be fobbed off, keep escalating until you find out what has happened. They won't contact you and will happily ignore any problems unless severely chased.

Peace, yes for larger sums I always go into the branch not least because my bank will not let those over something like £10k a day go out.

It sounds like this was a transfer between different banks which can sometimes be delayed or if some of the details keyed in are not right get held up. I had one held up 3 weeks abroad but at least the money was not lost. It had to come back and be sent again.

@specialsubject - every bank in the world has a HSBC account (it's the bankers bank), so they must be doing something write. Many major banks and building societies also use HSBC systems for their customer payments. It also operates the best UK bank for customer service (First Direct) and the one operating the longest hours (M&S Bank).

Contact HSBC, the hold up will be at their end

If the first person fobs you off keep escalating til you get someone who can help you

Uppity - with respect you are wrong.

Money Laundering Regulation (2007) definition of an occasional transaction is one that is... (carried out other than as part of a business relationship) amounting to 15,000 euro or more, whether the transaction is carried out in a single operation or several operations which appear to be linked

This article www.antimoneylaunderinglaw.com/2015/08/structuring-how-moving-funds-from-china-to-vancouver-is-exactly-how-columbian-drug-lords-move-their-money.html suggest that if the bank suspect you are deliberately making multiple payments (structuring) below the reporting threshold, they will be identified as suspicious.

Banks have the same obligations to identify potnetially suspicious payments whether through faster payments, BACS or CHAPS.

Cheques will soon be down to one day clearing time, so I'd recommend requesting a cheque book for future use

Four working days for transfers of large amounts (I found out the hard way), it's due to extra checks due to money laundering and terrorism I was told.

I had to take in extra documentation to the bank in the end to prove I was a human being.

Bank A for me was also HSBC.

I now no longer have an account with them.

Hiya I used to work for a bank and that would get flagged up they just need to do a few extra checks. It will go through fine. Have a chat with your bank and they may release sooner.

I had a similar situation when my lawyer transferred the money from a property I had sold into my bank account , it took two days to turn up , I was not very pleased to say the least . I nagged and nagged the receiving bank .

Make sure you go over the bank transfer details with a fine tooth comb as I have also had a large sum repeatedly ' not accepted ' into an account because the second initial on my name was missing ( sending banks fault ) ....that took a week to rectify on their side

Contact both banks
Hope it gets sorted ASAP as we are going into a holiday weekend

Oh, it'll be HSBC.
Don't phone them and don't bother using the online help. Take ID and go into a branch.
I say this from experience.

I have POA on an account for an elderly relative. HSBC cocked up setting up the account, so I had to reregister it all over again. I signed up for internet and telephone banking, and the telephone banking cocks up every time. If I phone them up the call centre operatives have no idea what is going on, they don't seem to understand POA, and every single time they tell me that I'm not allowed to do anything, that the account is frozen, and that they need to speak with the account holder. And I mean every time.

Most recently I needed to transfer the balance of account A to account B. Both accounts are held with HSBC. The online banking service would not permit me to transfer any money from account A. I tried messaging them online and they said use the all centre. Nope.
Took ID and bank account details into our local branch and they did iit there and then. They could see no reason why I couldn't transfer funds. Account B is now closed. If/when account A runs out of funds I'll be using another bank to continue POA business.

Having said that, all transfers over £10k are subject to extra checks in regard to preventing terrorism/money laundering (various in house procedures etc.) however, there should have been some notification on the bank's webpage about this.

Must be just me and him that get endless HSBC cockups, then. I'm leaving them after decades ( not that they will care) because in addition to endless mess ups and useless call centre, their website was upgraded and is now pig slow and almost unusable.

Im only with first direct for a switching incentive, they also have an awful slow and unreadable website.

My bank won't allow FasterPay (same day) for amounts over £10k. But you can pay 2 amounts out on the same day to the same account - so can break it into smaller amounts, each under £10k. Otherwise they charge £25 if you want to send sum over £10k for same day.

Contact the bank you have transferred the money from.

Did it ever arrive?