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Ulster Bank IBAN payment not received

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  • 04-05-2011 9:57pm
    #1
    AnnyHallsal
    Registered Users Posts: 4,117 ✭✭✭


    I did some work for a reputable international organisation based in Cardiff a few months ago. I entered my IBAN into their online system, which generated my correct Ulster Bank details. They emailed me on April 7th stating that the payment had been made. As it hasn't arrived in my account, I emailed them last week. They said payment had left their account on April 11th and would investigate further.

    I'm just wondering if anyone has any idea what the problem might be here? Is it worth contacting my Ulster Bank branch, or should I sit tight and wait for the Finance Department to trace the payment?

    I thought IBANs were fool-proof, sigh.


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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    A tracer is normally started by the sending bank. There's not much UB can do from this end.


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    #3
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,281 Mod ✭✭✭✭Jim2007


    AnnyHallsal wrote: »
    Is it worth contacting my Ulster Bank branch, or should I sit tight and wait for the Finance Department to trace the payment?

    I would contact your bank and see what they say... I've had a few situations where payments have arrived and were not credited to my account for various reasons:

    - Amount was large and bank was not sure about it's source => money laundering :confused:
    - IBAN was correct, but clearing number was not exactly as it should be...
    - Swift name of account was not exactly as per the account in the bank...

    Good luck with that,

    Jim.


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    #4
    AnnyHallsal
    Registered Users Posts: 4,117 ✭✭✭AnnyHallsal


    Jim2007 wrote: »
    I would contact your bank and see what they say... I've had a few situations where payments have arrived and were not credited to my account for various reasons:

    - Amount was large and bank was not sure about it's source => money laundering :confused:
    - IBAN was correct, but clearing number was not exactly as it should be...
    - Swift name of account was not exactly as per the account in the bank...

    Good luck with that,

    Jim.

    Great insight.

    The company said the payment was returned today as there had been a problem with the sort code, though IBAN was correct. Soon to be sorted anyway.

    Thanks both!


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