Where is my miss­ing £5k?

The Daily Telegraph - Your Money - - READERS’ LETTERS -

I would be most grate­ful were you to as­sist in re­gain­ing money I have in a sav­ings ac­count with West Bromwich Build­ing So­ci­ety.

It wrote say­ing that, as it was re­duc­ing the sav­ings rate, I could with­draw my money with­out penalty.

I wrote to say I would like to do so.

A week or two later I re­ceived a let­ter say­ing it had done an elec­tronic trans­fer. My ques­tion is where to? WD, EAST LOTH­IAN Af­ter a cou­ple of weeks with there be­ing no sight of your £5,602, you wrote to the West Bromwich ask­ing (rather quaintly) “Where is this lolly dolly?”

When there was no an­swer you called the build­ing so­ci­ety and were then told the money had gone to an ac­count that, in fact, had been closed for al­most three years.

When you quizzed as to why it had sent it there it said be­cause you had paid the money out of that ac­count eight years ago.

I ap­proached West Brom and ap­par­ently it had only re­cently re­alised that you still did not have the funds.

I un­der­stand that the ac­count was a “di­rect” ac­count op­er­ated by post and tele­phone and linked to

your cur­rent ac­count to al­low move­ment of money.

Now West Brom learnt that, when you closed your cur­rent ac­count, you also switched banks.

The money had been passed on from the old bank to your new ac­count at your new bank, an ac­count which ap­par­ently you keep a high bal­ance in.

West Brom said it would have been eas­ier to es­tab­lish what had hap­pened if the money had sim­ply bounced back. As it was, only by putting a trace on it and dis­cov­er­ing that you had moved banks en­tirely, could West Brom es­tab­lish the money’s where­abouts.

So more than three months af­ter you re­quested the trans­fer, the­mys­tery is solved.

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