Transaction Disclosure
Discussion
Be interested to hear from anyone with genuine knowledge of the below, and any regulations that may be breached.
If a BACS Payment is claimed to be sent, and the recipient fails to receive the amount, when the sender initiates a trace, what will the bank disclose by way of transaction information?
The sender is claiming that multiple payments sent on the same day to the same sort code of the same bank have "gone missing" and a trace has been started. How long do these traces take, and will the bank disclose that the amount has gone into a suspense account and return this to the sender, or will it simply just put it into the correct account when traced? Will the sender be informed of where the funds went, and must they disclose this to the intended recipient?
For clarity, this is a severance payment query, and the company is a large plc.
If a BACS Payment is claimed to be sent, and the recipient fails to receive the amount, when the sender initiates a trace, what will the bank disclose by way of transaction information?
The sender is claiming that multiple payments sent on the same day to the same sort code of the same bank have "gone missing" and a trace has been started. How long do these traces take, and will the bank disclose that the amount has gone into a suspense account and return this to the sender, or will it simply just put it into the correct account when traced? Will the sender be informed of where the funds went, and must they disclose this to the intended recipient?
For clarity, this is a severance payment query, and the company is a large plc.
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