NSW Bank failing to honour term deposit instruction

[Gerry1980]

I gave my bank an instruction to pay out the funds in my term deposit on maturity into an account that I have with another bank. They acknowledged receipt of the instruction but then failed to honour it: they rolled it over for another term. How can I get access to my funds? They say that they are looking into this but several days have passed.

Thank you!

 

[Rod]

Keep pushing them. Ensure you still get interest for the extra time they kept your money.

A few days is a second in the banking world - when they hold your money.

If you are going to suffer a loss as a result of their mistake, make sure to put them on notice of your potential loss.

 

[Gerry1980]

Thank you! Actually, they are saying that someone (who they cannot name) has filed an AFCA complaint in which it is claimed that this mystery party may have some shared financial interest in the term deposit (which is solely mine). Surely this can't be used as a pretext to hold on to individuals' funds, can it? If it could, people would be doing it to each other all the time and the economy would grind to a halt.

What compelling words (ideally with legal grounding) might be used to encourage the bank to do the right thing without further delay?

Thank you very much again.

Ger

 

[Tim W]

Make yourself a face to face appointment
with a manager-level human being
in a physical branch,
and go from there.