£8k taken from bank account in error by bank.


G

Gio

Our online savings bank took £8k out of our account on Monday due to an
administration error of a direct debit I had not made. After repeat phone
calls to their customer service centre throughout the week I managed to get
my account credited with the sum late on Friday. The bank has said it will
pay the lost interest but should I be able claim any form of compensation
for the worry / panic / time / phone calls etc given they said the money
would be returned by Tuesday ?

£8k is not a great amount but when it vanished without notification and did
not appear as promised, I can assure you panic does not express the tension
you get especially after seeing the tonight program on TV and phantom
withdraws with some bank customers loosing thousands to fraud on chip and
pin.

Gio
 
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F

Fergus

Gio said:
Our online savings bank took £8k out of our account on Monday due to an
administration error of a direct debit I had not made. After repeat phone
calls to their customer service centre throughout the week I managed to
get my account credited with the sum late on Friday. The bank has said it
will pay the lost interest but should I be able claim any form of
compensation for the worry / panic / time / phone calls etc given they
said the money would be returned by Tuesday ?

£8k is not a great amount but when it vanished without notification and
did not appear as promised, I can assure you panic does not express the
tension you get especially after seeing the tonight program on TV and
phantom withdraws with some bank customers loosing thousands to fraud on
chip and pin.

Gio
taken my 83 year old father in law 70 years to save £6k...............he
thinks he's a milyonair even so.
 
J

judith

Our online savings bank took £8k out of our account on Monday due to an
administration error of a direct debit I had not made. After repeat phone
calls to their customer service centre throughout the week I managed to get
my account credited with the sum late on Friday. The bank has said it will
pay the lost interest but should I be able claim any form of compensation
for the worry / panic / time / phone calls etc given they said the money
would be returned by Tuesday ?
Almost certainly - if you move to America you will find that you will
be able to claim much more for all sorts of stupid things.
 
R

rodger taylor

Our online savings bank took £8k out of our account on Monday due to an
administration error of a direct debit I had not made.
Can you expand - *you* had not made the direct debit?
 
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J

Joxroach

you get especially after seeing the tonight program on TV and phantom
withdraws with some bank customers loosing thousands to fraud onchip andpin.

Gio

I hope you get everything sorted soon.

Watchdog too covered liability shift, i.e. when victims of PIN based
card fraud weren't believed by their banks that they hadn't been
negligent with their PINs. Watchdog the following week mentioned
something Tonight never - the availability of Chip & Signature Cards.

It seems crazy to me to use a PIN with a credit card. Apart from the
obvious liability shift they offer access to cash at ATMs if used with
a cloned card. PINs when used with a genuine stolen card can be used
anywhere.

At least when you continue to sign you don't have to worry about
liability shift and you know you're not allowing crooks easy access to
your money.

Watch Dog & Garage Scam Articles Below.

http://www.bbc.co.uk/consumer/tv_an...nsurance_and_finance/insurance_20070206.shtml


http://news.bbc.co.uk/1/hi/uk/6578595.stm

As the card industry can't keep your PIN safe, Isn't it about time to
Bin your PIN?
 
G

Gareth

Gio said:
Our online savings bank took £8k out of our account on Monday due to an
administration error of a direct debit I had not made. After repeat phone
calls to their customer service centre throughout the week I managed to get
my account credited with the sum late on Friday. The bank has said it will
pay the lost interest but should I be able claim any form of compensation
for the worry / panic / time / phone calls etc given they said the money
would be returned by Tuesday ?
I had a similar situation a few year's ago and the bank gave me a small
amount of money as a good will gesture (I didn't ask for it). However,
if you think 8k is not as great amount of money, you really wouldn't be
interested in the amount I received.

Gareth.

--
 
J

John Boyle

Our online savings bank took £8k out of our account on Monday due to an
administration error of a direct debit I had not made. After repeat phone
calls to their customer service centre throughout the week I managed to get
my account credited with the sum late on Friday. The bank has said it will
pay the lost interest but should I be able claim any form of compensation
for the worry / panic / time / phone calls etc given they said the money
would be returned by Tuesday ?

£8k is not a great amount but when it vanished without notification and did
not appear as promised, I can assure you panic does not express the tension
you get especially after seeing the tonight program on TV and phantom
withdraws with some bank customers loosing thousands to fraud on chip and
pin.
£8k is a lot of dosh to have removed and whilst you say it is not a
great amount on the other hand it has obviously worried and upset you,
which is full understandable.

They owe for you. Press for a suitable 'gesture'.
 
G

Gio

rodger taylor said:
Can you expand - *you* had not made the direct debit?
I use direct debits to move my cash between current and savings accounts.
When we sold our home, we found it was cheaper to 'pull' the money from one
banks current account via a direct debit and into our savings account (with
another bank) than it was to 'push it' through the usual credit transfer
methods. They charged something like £45 at the time.
In my case the debit was a 'funding mandate' of some kind not authorised by
me.
 
G

Gio

£8k is a lot of dosh to have removed and whilst you say it is not a great
amount on the other hand it has obviously worried and upset you, which is
full understandable.

They owe for you. Press for a suitable 'gesture'.
Thank you for your advice and comments plus links to the BBC sites Joxroach,
Gareth and John. I was surprised some posters do not seem to understand the
shock and panic that grips you when you find your savings have gone and it
takes a week trying to get the bank to do something and keep you posted
especially as the 'Banking Code' the bank professes to follow says a direct
debit in error 'will be refunded as soon as you tell us'.

Gio
 
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J

Jim Alexander

Gio said:
Thank you for your advice and comments plus links to the BBC sites
Joxroach, Gareth and John. I was surprised some posters do not seem to
understand the shock and panic that grips you when you find your savings
have gone and it takes a week trying to get the bank to do something and
keep you posted especially as the 'Banking Code' the bank professes to
follow says a direct debit in error 'will be refunded as soon as you tell
us'.
Well not quite. The Code says what is the behaviour compliant with the
Code. The Code itself does not make paragons out of morons. (Apparently)
the Code has been breached so obtain the organisations complaints procedure
and make a complaint. Are you confident your first (and subsequent)
telephone conversations were clear? Maybe you need to request the
recordings.

Plenty of scope I think for roughing up the organisation. Keep focussed,
avoid any temptation to rant.

Jim A
 
E

Eric Jones

Jim Alexander said:
Well not quite. The Code says what is the behaviour compliant with the
Code. The Code itself does not make paragons out of morons.
(Apparently) the Code has been breached so obtain the organisations
complaints procedure and make a complaint. Are you confident your first
(and subsequent) telephone conversations were clear? Maybe you need to
request the recordings.

Plenty of scope I think for roughing up the organisation. Keep focussed,
avoid any temptation to rant.

Jim A
Funny how you give more information here than you posted on another website
and again I say that what was used to move your money was not a direct debit
but some kind of bill payment (BACS) system and therefore the D/D guarantee
does not apply.
 
J

John Boyle

Thank you for your advice and comments plus links to the BBC sites Joxroach,
Gareth and John. I was surprised some posters do not seem to understand the
shock and panic that grips you when you find your savings have gone and it
takes a week trying to get the bank to do something and keep you posted
especially as the 'Banking Code' the bank professes to follow says a direct
debit in error 'will be refunded as soon as you tell us'.
It might not be a direct debit, it could be an online debit card
transaction. It varies form bank to bank I think. Egg use a debit card
but Standard Life Bank use a Direct Debit.
 
J

Jim Alexander

Eric Jones said:
Funny how you give more information here than you posted on another
website and again I say that what was used to move your money was not a
direct debit but some kind of bill payment (BACS) system and therefore the
D/D guarantee does not apply.
Err.... are you replying to the OPs post or to my post which by only
referring to the Code but not the Guarantee implicitly recognised that
possibility.

You're quite right about the applicability of the D/D guarantee which
specifically applies to a bone fide established mandate on an account, but
the right to a "refund as soon as told" quoted from the Banking Code by the
OP is not the D/D Guarantee but a description of banking behaviour required
to comply with the Code.

I also agree that the OP has not explained the issue unambiguously but can't
see any grounds for the eventual bank response taking a week. Should have
been immediate or never.

Jim A
 
D

DONNA

Our online savings bank took £8k out of our account on Monday due to an
administration error of a direct debit I had not made. After repeat phone
calls to their customer service centre throughout the week I managed to get
my account credited with the sum late on Friday. The bank has said it will
pay the lost interest but should I be able claim any form of compensation
for the worry / panic / time / phone calls etc given they said the money
would be returned by Tuesday ?
How much did the worry/panic/time cost you?
 
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D

DONNA

How do you 'cost' worry & panic?
Exactly my point. Other than the cost of the phone calls and the stamp
that the OP will by buying to send the phone bills in the OP isn't due
anything.

Compensation is only the amount that puts the injured party back to the
economic position he was in originally. Anything the OP gets for this
'worry' and 'panic' is profit.
 
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P

pete

Our online savings bank took £8k out of our account on Monday due to an
administration error of a direct debit I had not made.
What do you mean *you* had not made.
Please can you give more details of the actual process.
 

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