What became of my €20,420 from HSBC?

M.W. writes: HSBC has failed to transfer €20,420 from an account I closed into my new account with a different bank. Should HSBC compensate me and reimburse me for the time my funds have been beyond my control?

YOU opened an account with the fledgling Starling Bank, and HSBC confirmed in writing that your euros – worth about £17,300 – had been transferred.

More than three weeks later, HSBC emailed you, saying the transfer had bounced.

You complained and, after a further seven weeks, HSBC said it had made the transfer again. However, a fortnight later the money had still not arrived in your Starling account.

HSBC then said it had transferred €19,000, followed by a separate transfer of almost €900, leaving €63 unaccounted for. The bank told me: ‘The incorrect details were provided by the customer for the transaction, but we communicated in error that a further payment had been issued.’

You have told me that you disagree, and that your branch gave you a six-page form for the transfer, which you completed, but HSBC later claimed it only had four pages.

When Starling first returned your money, HSBC had already closed your account, so it simply landed in one of the bank’s own holding accounts, and in pounds, not euros.

This whole process has taken several months. HSBC offered £250 to make up for the delays, but this included the remaining €63 and, you say, barely covered losses made in changes from euros to sterling and then back to euros. You have now complained to the Financial Ombudsman Service in the hope of a better decision.