So I recently did a full account switch from Santander to Monzo and somehow a mistake has been made where my BACS payment of £4.7k has gone missing. I was told payments would be automatically redirected from my old closed bank account to my Monzo account yet Monzo cant give me a proper response as to what has happened and where my BACS payment is. Has this happened to anyone and if so what can I do to fix it? From the senders side, the payment has been paid and hasn’t bounced so I have no clue what to do to get my money.
How long ago was the payment made?
I CASS’d from Santander originally and had a Bacs transfer to the Santander account about 2 weeks after, it took Santander a couple of days to send it on to Monzo
From what I gather BACS payments are usually forwarded using a separate BACS payment, which has the usual multi day time frame attached.
So,if it was sent less than a week ago,it’s worth waiting until the week has passed.
Otherwise raise a complaint with Monzo, and keep in mind that under the terms of the CASS its on Monzo to sort out any mistakes, and potentially compensate, regardless of whether they or the old bank made a mistake.
Whilst this is not a good experience for you as said above your will go into your Monzo account.
So long as it was correctly sent to your old bank and you used the CASS service your covered.
Monzo is liable for any charges you incur whilst they sort out where the payment is.
If you can get whoever paid you to provide the transaction ID it may help Monzo locate the money.