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

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!

closed Comments

  • I never have 200K to begin with

  • #relatable

  • Weird flex but ok.

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

  • 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.

  • 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

  • You mean 200k$ worth of itunes card?

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

  • Could be with ATO's customs department? 🤷

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

  • 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?

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

  • +2 votes

    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.

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

  • 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.

  • 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?

  • sure you did…

  • 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

    • treasure these days

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

      • 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

  • 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.

  • Weird flex

  • +2 votes

    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.

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

    • How do you write one

      • +5 votes

        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.

        • 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.

          •  

            @queer dog geyfrog: 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.

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

  • which bank?

  • Domestic transfer or overseas transfer….?

  • +2 votes

    200k deposit - i see you are buying an apartment

  • 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.

  • 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

  • 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.

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

  • 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.

  • If the bank cant solve it, surely Ozbargain can

  • 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.

  • 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.

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

  • From what bank to which bank?

  • "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.

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

  • You've come to the right place.

  • 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

  • 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.

    • who's the banks

    • 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.

    • 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.

  • 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.