David Lock

I phoned my bank, Lloyds, the other night and asked then to transfer £100 to a credit card I have, being required for monthly payment. Lloyds had all the details on their system and everything was fine and transfer was done using their "instant pay" facility.

Yesterday the credit card people phoned to say that I had not paid anything this month and money was overdue. I paid them £100 on the phone to shut them up.

I immediately got back to Lloyds and told them what had happened. They confirmed that funds had been transferred and we double checked payee account details. Incidentally I had paid this way many times before.

So I am now a ton short

Credit card company won't take calls until Monday so what is my next course of action?

I feel like writing to both parties and tell then to sort it out. But there are too many f***ss in my first draft

David

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Pjamie

I've had this before and what the CC company say is that it takes 3-4 days for the payment to appear on THEIR system. So, even though the money was transferred immediately by your bank into their bank, the CC company don't recognize/see/acknowledge the payment for 3-4 days. Cheeky, but they make up the rules as they go along. Not your banks fault.

Best thing to do with CC people is not speak to them on the telephone, and if you've been defaulted £12 for "late payment" make sure you claim it back from them.

David Lock

Thanks but not quite sure why you advise not to speak to CC company?

David

PaulC72

Hi David,

Having worked in the banking industry and dealt with missing payments before if you have used the correct account details for the credit card the payment should reach them without issue, it can however take 4 days to reach them (I don't believe CC companies are using fast pay which can get money to them straight away and with 2 hrs usually)

If the account details for the CC company were correct but the code you needed to use for your specific account (I have on my card the account details plus my code goes as a comment so they know who it is from) if this is wrong then it will go into the CC companies holding account where any undefined funds sit until they are claimed or identified.

If the payment couldn't be made to the CC company it should be returned to your account but if it doesnt make it back then it will go into the banks holding account until it is claimed.

My advice would be to speak to you CC company and check to see if the payment has made it to them, and call them daily if it hasn't, also speak to your bank and check all the details have been entered correctly, they will by looking on the BACS report be able to find out where the money has gone and what has happened to it.

I hope this helps, it is frustrating when you make a payment and it goes missing, all money is traceable in banking systems people just need to know how to find it ;-)

David Lock

Thanks a lot Paul, David