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!