[Resolved] Bank Lost My Money for House Deposit ($200K)

Lozricoy on 04/03/2021 - 08:53
Last edited 04/03/2021 - 16:09 by 1 other user

To make a long story short, we’ve put/transferred $200K deposit for a house last Monday (1/03/20) and did it via RTGS/Teletransfer. I’ve made lots of transactions bigger than that before with the same bank and never had a problem. Usually, it only takes 2 hours for the money to clear but this time it didn’t.

I called the bank after a day and stated my concern. They told me to wait close of business day Wednesday (03/03/21) due to the ‘large amount’ transferred. I know it’s BS as I’ve done this numerous times and RTGS in my experience is a same day transaction if you did it before 2pm. Just this morning, the recipient’s solicitor contacted me and stated the money still not received. That’s when i went to the bank manager and now started to get concerned. The acct details of the recipient was correct as we checked it multiple times. The manager was also puzzled and stated this is the first time in her 28 years that she had this problem. I’m a bit relieved that an Investigation is going now and i was assured they will find the money and return it or they will be in dip problem as per the manager.

Question - Has anyone in ozbargain experienced this and what usually happens?

4/3 230pm UPDATE - Recipients bank confirmed the funds has now cleared. NAB manager explained that i was the luck of the draw. Apparently it was put on hold by their bank (St George) for investigation (Random check) in regards to their anti money laundering policy. I couldn’t care less whatever their reason. I’m just glad the money was found and now we can continue the purchase of our house. Thanks everyone!

Financial

closed Comments

  • Bargain80 on 04/03/2021 - 08:55
    +74

    I never have 200K to begin with

    • Xistn on 04/03/2021 - 08:59
      +37

      I'd panic over $2 let alone $200k

      • John Kimble on 04/03/2021 - 09:40
        +17

        My wife called the bank about $8 the other week 😂😔

        • deme on 04/03/2021 - 10:54
          +8

          Fair enough, don't let those greedy buggers take your money

      • cynicalmike on 04/03/2021 - 09:51
        +68

        change "bank" to "shopback" and $200k to $2 and "lost" to "didn't track", and you'll get a lot of sympathy from ozbargainers.

      • tooblue on 04/03/2021 - 14:58
        +1

        I called the bank when the coin machine took my 50 cents. Probably cost my boss more than that.

    • Fredfloresjr on 04/03/2021 - 09:06

      Bikie neighbour has

    • burningrage on 04/03/2021 - 11:28

      ROFL!

  • YeemaiI on 04/03/2021 - 08:56
    +4

    #relatable

  • tomleonhart on 04/03/2021 - 08:58
    +49

    Weird flex but ok.

    • Kangal on 04/03/2021 - 12:26

      "You do you"

    • dojomojo on 04/03/2021 - 12:44
      +2

      They move large amounts of money like that all the time, never had that problem before.

  • Hithere on 04/03/2021 - 09:06
    +13

    I'll let you know if it appears in my account.

  • JimmyF on 04/03/2021 - 09:10
    +6

    The acct details of the recipient was correct as we checked it multiple times.

    If you put the correct details on the forms etc, then you have done nothing wrong. Its now between the banks to sort out.

    Have you validated these account details with the receiving solicitor to triple check they are correct?

    I’m a bit relieved that an Investigation is going now and i was assured they will find the money and return it or they will be in dip problem as per the manager.

    The Investigation will find the money, if they truly lost it. They will have to to replace it :)

    BTW What bank was it being transferred to? Have you gotten to to look in to it from their side.

    • capslock janitor on 04/03/2021 - 12:31

      i wanna know the banks too

    • ozricoy on 04/03/2021 - 12:47

      Thanks for your input. Just the waiting and not knowing taking it’s toll in my mental health. The banks are from NAB to St George.

  • djones145 on 04/03/2021 - 09:12
    +53

    hi

    you money send to me accident
    i like to send money bakc to you, but stuck on oil rig, no access to bank.
    please assist, send money to this account 09282-0284645233333333333324833

    send $10k and i can get my friend to send money back, transfer fee, bank fee
    thank you

    • MS Paint on 04/03/2021 - 09:16
      +5

      Phewwww.

      /thread

  • Fredfloresjr on 04/03/2021 - 09:16
    +2

    You mean 200k$ worth of itunes card?

  • bobbified on 04/03/2021 - 09:19
    +1

    Banks don't just "lose" money. It'll be sitting somewhere and they'll find it.

    • burningrage on 04/03/2021 - 11:28
      +3

      Usually called 'suspense';

    • dojomojo on 04/03/2021 - 12:45

      Unless it was misappropriated by a dodgy employee, unlikely but it has happened before.

      • bobbified on 04/03/2021 - 14:09

        The employee must be pretty dumb if they think they can get away with it! lol

        Like this guy - I don't know how he thought he'd get away with it.😑

        • dojomojo on 04/03/2021 - 15:44

          Don't disagree with that, it actually happened at a place I used to work at, the guy got caught eventually (not after lots of spending) & sent to prison.

  • SF3 on 04/03/2021 - 09:19

    Could be with ATO's customs department? 🤷

  • onetwothreefour on 04/03/2021 - 09:22
    +17

    That is strange, do you want to try transferring $200k to me to see if it works correctly this time?

    • Kangal on 04/03/2021 - 12:27
      +3

      …I know this one Nigerian prince

  • whooah1979 on 04/03/2021 - 09:23
    +3

    we’ve put/transferred $200K deposit for a house last Monday (1/03/20) and did it via RTGS/Teletransfer. I’ve made lots of transactions bigger than that before with the same bank and never had a problem.

    OP, did you ask to speak with AML/CTF compliance officer?

    • modsec802 on 04/03/2021 - 10:35
      +2

      Yeah that many transactions of that amount would raise red flags - maybe OP will be in "dip" problem

  • Maxofdad on 04/03/2021 - 09:25
    +5

    Of course they'll get it back to you. This must be a troll post.

  • Kail on 04/03/2021 - 09:29
    +2

    Don't worry, if you had the details correct then it's on the bank to resolve.

    Just let the solicitor know that you sent the amount correctly and that the bank is investigating why it hasn't gone through yet. But you have definitely 100% sent the money to the correct account so could they please let you know when it is received.

    • ozricoy on 04/03/2021 - 12:48

      Appreciate your input on this. Thanks!

  • Quantumcat on 04/03/2021 - 09:30
    +1

    Why did you transfer it instead of getting a bank cheque?

    • whooah1979 on 04/03/2021 - 09:57
      +2

      Black market cash from overseas?

    • deme on 04/03/2021 - 10:54

      Easier?

      It's not obvious but cheque is the best way to do it in person.

      Otherwise you run the risk of getting a scammer sending you their details to send to.

      • Quantumcat on 04/03/2021 - 11:25
        +1

        Wouldn't you have a conveyencer you see in person and give them the cheque? Doesn't matter where the owners are does it?

    • capslock janitor on 04/03/2021 - 12:34

      coz we gotta save that $20 money order fee hehe

      • DogGunn on 04/03/2021 - 14:37

        You know RTGS costs more than a bank cheque, right?

  • uk3000 on 04/03/2021 - 09:32
    +3

    Once upon a time, our conveyancer sent the money they received from the buyer for us to a wrong account.

    Some old-school person failed to copy/paste the account number from a PDF, perhaps printed it out and typed the digits in. Luckily, the account number they used turned out to be non-existent. We got our money a few days later, but it was quite overwhelming.

    While we were waiting, we consulted with a lawyer, and were told that if the account # is real, and the person on the receiving side decides to (say) wire the funds overseas, we should pray the conveyancer has a good business insurance.

    Hopefully, the issue will get quickly resolved for you.

    • ozricoy on 04/03/2021 - 12:49

      Thanks man!

  • QuicheLorraine on 04/03/2021 - 09:32
    +5

    Have you double checked the bank account details with the recipient's solicitor? As in phone them and ask them to read to you their BSB and account number? Is there a chance their system has been compromised and you have unknowingly sent the $200K to the account of a threat actor?

    • capslock janitor on 04/03/2021 - 12:35

      inside job

    • ozricoy on 04/03/2021 - 12:49

      Both banks are in communication now as to what happened and where the money is. Hopefully I’ll know more and get our money back soon.

  • 87percent on 04/03/2021 - 09:33

    sure you did…

  • Loot N Plunder on 04/03/2021 - 09:45
    +2

    Is this the commonwealth bank because as of a few days ago any purchase i make does not subtract anything it actually adds the money to my account instead - very strange

    I have way to much money in my account that does not belong to me

    I haven't bothered to contact the bank as they can sort it out when they finally find the mistake

    • capslock janitor on 04/03/2021 - 12:36

      treasure these days

    • barguy on 04/03/2021 - 12:52

      are you sure you don't have a negative balance that just increases every time you make a purchase?

      • Loot N Plunder on 04/03/2021 - 13:50

        No

        bought $100 worth of stuff from repco and got a receipt then got home and checked account online found they paid me at repco instead of a deduction
        weird stuff and other purchases a few days ago also received credit not a deduction
        The bank will find the mistake and fix it or it will just sit there

  • pharkurnell on 04/03/2021 - 09:54

    I’ve made lots of transactions bigger than that before with the same bank and never had a problem

    ASIO has it in safe keeping, they'll be in contact.

    • monkeyfood on 04/03/2021 - 14:15

      ATO has it, consider your hex debt paid off

  • SaveMeMoney17 on 04/03/2021 - 10:01
    +1

    Weird flex

  • [Deactivated] on 04/03/2021 - 10:04
    +2

    If it is bank error and you play your cards right, they might pay you an inconvenience payoff, the upper limit being about $4K depending on the stuffup. You will have to write the correct letter though.

    • djkelly69 on 04/03/2021 - 10:39
      +2

      Damn, whenever there is a bank error in my favour, I only get to collect $200!

      • Mr Haj on 04/03/2021 - 11:34
        +1

        I only get that when I pass go.

      • [Deactivated] on 04/03/2021 - 12:04

        Which can buy you four hotels or a train station!

    • deme on 04/03/2021 - 10:59
      +1

      How do you write one

      • [Deactivated] on 04/03/2021 - 11:21
        +5

        The bank wants to avoid negative publicity, complaints to the ombudsman and the internal legal costs even if it does not go to court. They will do their internal assessment of what it would cost to make the problem go away. You need to demonstrate reasonable actual damages caused by the error, but also that it is going to be a long and drawn out resolution costing the bank even more money. Be thorough with every single relevant factual detail. It only has to take 2 days of an internal legal resource's time to make their equation favour just giving you money. There doesn't need to be a single threat of legal action, even though that is an implied available option, it just needs to demonstrate that the problem will be slow to resolve. If you write a factual polite letter of the damage legitimately caused by their stuffup, there likely will be an attempt to make you go away with cash and an NDA/end of claim.

        Write down the date, time and name of every interaction you have during an investigation for your own reference. Make absolutely sure you are more specific and thorough than the bank, as they make so many errors between departments and one foot not knowing what the other foot is doing. Accurate quotation is very, very useful. My advice is do not ask for money, be very clingy wanting a long and thorough investigation of the screwup and written absolute responsibility. They will interpret that as a future court case and the investigation will cost them anyhow.

        • capslock janitor on 04/03/2021 - 12:39

          Thanks for passing onto us your feedback. We will jump straight onto it and aim to get back into contact with you in the next 48 hours so hang tight we will be in contact with you soon. Your reference number is 9000662213.

          • [Deactivated] on 04/03/2021 - 12:55

            @capslock janitor: Actually you raise a very, very important point which I used. Find out the direct phone numbers of the banking departments and talk to the individuals. Floor level is ideal. Do not use their generic 13 number.

            You joked, but actually, thanks, because that was actually quite important in my case.

            One of my calls got picked up by an innocent junior employee and she gave out way too much information about my case that I could later quote.

        • ozricoy on 04/03/2021 - 12:52

          Thanks for this. I’ll keep it in mind.

  • Taro Milk Tea on 04/03/2021 - 10:10

    which bank?

    • ozricoy on 04/03/2021 - 12:52

      NAB to St George.

  • blitz on 04/03/2021 - 10:10

    Domestic transfer or overseas transfer….?

    • ozricoy on 04/03/2021 - 12:53

      Domestic.

  • Mokr on 04/03/2021 - 10:14
    +2

    200k deposit - i see you are buying an apartment

    • djones145 on 04/03/2021 - 10:25
      +3

      in Darwin!

  • paulh1977 on 04/03/2021 - 10:17
    -1

    this is why banks have insurance and they would cover any losses if the bank are at fault. They also dont need bad press like they lost $200K and refuse to say it was their fault.

    My atm card got skimmed a number of yrs ago and they drained $20k from my acc in less than 6 hrs. Bank investigated it and said it was my fault because i didnt check the atm for a skimmer but did give me my money back as this is something they dont want bad press on.

    • whooah1979 on 04/03/2021 - 10:24
      +1

      $200k is nothing to them. Legacy banks are fined hundreds of millions every few years for dodgy 💩.

      https://www.ozbargain.com.au/node/607244#comment-10146703

    • salmon123 on 04/03/2021 - 14:17

      this is why banks have insurance

      Not sure what insurance you're referring to. There's no insurance for electronic fraud. The banks wear this cost.

      They possibly have some sort insurance for technology failures, but I doubt its applicable in the OPs case, since the money should be recoverable.

  • modsec802 on 04/03/2021 - 10:33

    I’m a bit relieved that an Investigation is going now and i was assured they will find the money and return it or they will be in dip problem as per the manager.

    they're in dip shit

    • ozricoy on 04/03/2021 - 12:53

      That’s what i was about to write but didn’t. Lol

  • djkelly69 on 04/03/2021 - 10:35
    +2

    Not wanting to scare you unnecessarily, but did you actually call the solicitor who was supposed to receive the funds and confirm the account details verbally?

    There are scams around targeting solicitor's trust accounts where emails advising account details are intercepted and changed to someone else's.

    • ozricoy on 04/03/2021 - 12:54

      Hi, thanks for your input. Yes, the reciept of the RTGS clearly shows the correct BSB and Acct number.

  • bdl on 04/03/2021 - 10:51

    I've had something similar - I accidentally used a BSB number as the amount I wanted to transfer. Doh. On a Friday afternoon. Just before getting on a 3 hour flight to Perth (and realising midflight :P). Took about a week to get the funds back.

  • Fergy1987 on 04/03/2021 - 10:52
    +6

    If the bank cant solve it, surely Ozbargain can

  • deme on 04/03/2021 - 10:56

    Did you make the transfer?

    Do you see it on your internet banking?

    I've heard of solicitors sending money to the wrong place before.

  • deme on 04/03/2021 - 10:58

    The manager was also puzzled and stated this is the first time in her 28 years

    I'm calling bs, I was told a similar thing when I reported they gave me more money than I deposited. I was told I was remembering things wrong.

    About a week later what do you know they fixed it.

    Then I closed my CommBank account never again.

  • bloom on 04/03/2021 - 11:05

    Safe to assume your money has been taken, call Liam Neeson to start the recovery process

    • SnowDragon on 04/03/2021 - 12:16
      +1

      His fee for recovering your money? $200k.

  • JimB on 04/03/2021 - 11:21

    From what bank to which bank?

  • battler on 04/03/2021 - 11:54

    "The (bank) manager was also puzzled and stated this is the first time in her 28 years that she had this problem"

    Yet OP comes to the fount of all knowledge - OzB froums.

  • 91rs on 04/03/2021 - 12:12

    I'll take "things that didnt happen" for $200k

  • Sidog on 04/03/2021 - 12:23

    You've come to the right place.

  • Drakesy on 04/03/2021 - 12:24

    Could be worse
    You could be dealing with Citibank (not sure which bank you're with) who apparently aren't great at dealing with zeros.

    here

  • ozricoy on 04/03/2021 - 12:24
    +9

    Thanks guys for the response. While I’m trying to keep my composure and patience, we can’t help but worry because it’s our life savings. My wife is pregnant and we are starting new so my apologies if some people think it’s a ‘troll’ post or me flexing. I want to give details as much as i can. Our anxiety level is on all time high all week and me writing it in ozbargain gave me a bit of relief seeing some of the commenters gave genuine advise.

    • capslock janitor on 04/03/2021 - 12:43

      who's the banks

      • ozricoy on 04/03/2021 - 12:55
        +2

        NAB to St George.

    • buckethat on 04/03/2021 - 12:48
      +3

      I'm sure it'll be fine mate. It might just take some time to resolve and that house deal might not go through due to the delay but you'll get your money back. I'd probably go crazy too if my life savings were lost in limbo.

      • ozricoy on 04/03/2021 - 12:55
        +2

        Thanks man! Yeh, just really stressed with the waiting and not knowing.

    • YTW on 04/03/2021 - 14:32

      I read it as you just being stressed and needing to talk about it. Totally understandable. These events happen and all you can do is keep on top of all the parties to keep resolving it, record everything just in case you need it in the future (write notes about every phone call you make/receive about it) and then have faith that they'll do their jobs well and get it sorted for you asap.

  • MrTruffle on 04/03/2021 - 12:26
    +1

    Semi related to lost money. We had an ING business account linked to an ANZ business bank account with some cash in there as the business didn't use. Years pass and we closed that ANZ linked account.

    I then want to close the ING account and they can only transfer to the linked account :/

    So got the ANZ account opened up again or it wasn't closed but we lost access I can't remember. Transferred the money out of the ING account and thought all was good. But then couldn't transfer out of the ANZ account?!? It was over $200k so can't do normally need to go into branch.

    I go into a branch and they can't even see the account in their system!?! I can see it on my phone app but they can't see it.

    Stressed out and a few hours later realise we had a special Business Account that was 'managed' and due to that the normal bank account didn't show up to 'branch level access' or something like that.

    Finally got the money to accounts we use but was a stressful period.

    • ozricoy on 04/03/2021 - 13:33
      +1

      Man, i can imagine the stress of it.. Glad you were able to sort it out in the end.

    • capslock janitor on 04/03/2021 - 12:42
      +3

      what are you trying to say..

    • slix_88 on 04/03/2021 - 12:54

      This is a nonsensical argument. Bitcoin is MORE prone to human error like the one OP has outlined. Much easier getting a single character wrong in the public key than an 8 digit bank account code. Also, at least with a bank, they could find a way to reverse the transaction whereas with Bitcoin it's as good as gone.

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