Intersango still holding on to customers money (updated and resolved)

[genjix]

The bank account is now operational. Apologies for the delay this week. It was a technical error on the side of the bank and has been fixed.

Payments will be done by early tomorrow morning.

I think a bunch of banks were experiencing technical faults this week and it may be worth your time to inquire as you might be viable for compensation. A friend told me this:

>> my bank called and they still haven't figured out why my transfers were rejected
>> my bank manager passed it on to customer relations for "obvious compensation" because the technical faults department have been handling similar issues for a week without giving him a reason.

[1715036846]

1715036846

[1715036846]

1715036846

[genjix]

OK, we found out the problem with the bank.

In the UK there are 3 payment types between banks called BACS, FPS and CHAPS. CHAPS is for high end payments (like moving a million or more) so we will ignore that. BACS is the old transfer type and usually takes 5 working business days. FPS is a newer government mandated inter-bank standard that makes payments within 1-2 business days but usually within a few hours.

A payment within the same bank is a transfer (TFR) so we'll ignore that.

The UK government has mandated that all banks have to move to FPS by the end of this year (IIRC), and has given optional guidelines to the banks. Lloyds probably disabled BACS from a whole bunch of accounts including Intersango's account (Interteni).

We had a few BACS payments which caused some problems for them when they did the migration (due to our transaction volume it might have been tricky). This is what they meant when our transactions have caused a problem in the processing queue. That we had submitted payments using BACS from our account, then BACS was disabled from our account but they still had the payments to be processed on the queue which caused an error.

BACS transfers no longer exist for Intersango. Most banks should have them deprecated now. This should not affect the majority of users and we have emailed the affected individuals.

[Dinkytoyz]

genjix, Jered can really learn something from you! Im not a customer at your exchange but im planning to be one soon!

[tiptopgemdotcom]

Yes- too bad Jered does not communicate.

[beep]

If someone can confirm transactions working in and out of Intersango then really the OP should edit the thread title to something less FUDdy

[Donald_Norman]

edited out, post i was replying to was deleted