Help: Child trust fund - nationwide or legal & general lost my money possibly £1k?!

[p1tse]

i have a nationwide saving account for my little one. had put his money he recieved in from his grandparents

i opened a equity trust fund which is managed via legal and general opened via nationwide

so opened the trust fund with the £250 voucher back in late 2009
jan 2010 i transfered money from nationwide account to trust fund (£1k)
this is made by a special cheque over the counter that then is sent to legal and general i think.

just had annual statement from legal and general and all it states is £250. tried to ring tonight but offices closed a 6pm.

rang nationwide HQ and they could verify what was stamped on the paying in book.

i do have a feeling the money is missing i.e. not in account and not in trust fund. who's going to be at fault?

£1k since january, so over half a year.

1st get the money back
2nd someone's going to get an ear full and surely aright for complaint and compensation?

will be ringing legal and general in the morning to see what they say, but it clearly says in the statement with dates the £1k has never gone in.

 

[Steep]

If the payment was by cheque the money has not left your account until it's cashed at the other end, so if it's not been cashed it should still be there.

 

[p1tse]

very true

nationwide as a building society i have one of those account books which is stamped each time.

when i rang up nationwide HQ they asked security questions and one was roughly how much is in the account which i quoted from the book, so intheory the money has left my sons account and not cashed into the trust fund

due to the equity trust fund we don't get a regular statement apart from this annual one, so £1k has been missing from our account for over half a year.

this is not acceptable.

1st is get the money back and 2nd get someone to apologise!

 

[mercmanuk]

If you suspect a theft then this man could be your culprit , suspected of stealing thousands , and will stop at nothing even taking from children:nono:.

Merc

 

[p1tse]

Update:

Nationwide has rang me back and little confused.

1) the amount of £1k is automatically debited off the account when the CTF cheque is raised over the counter
2) Cheque was issued from the account but Legal and General didn't get it
3) They have told me it was my responsibility to ensure it reaches Legal and General, even though i signed no cheque and did everything over the counter.
4) Nationwide said it's not there responsibilty to ensure it reaches Legal and General, all it is that the cheque was filled out correctly

I'm baffled!

Anyway if it was in the equity account it would have potential up or down, but if i left it in the account it would have gained some interest

5) They are sending me a form to say that i want a new cheque reissued, which needs me signing before it does.

i'm rather annoyed as they take no responsibilty, yet they say it wasn't issued and told me to complain to Royal Mail or Legal and General, but I have no evidence of it being sent as that's why I have the account setup to use the counter service!

 

[Steep]

Who actually was supposed to send the cheque to L&G? Did NW physically give you the cheque to send yourself or...?

 

[Kev M]

If you suspect a theft then this man could be your culprit , suspected of stealing thousands , and will stop at nothing even taking from children:nono:.

Merc

It's hardly stealing is it Mark, if the money wasn't the child's in the first place.

That money has to come from somewhere (taxes), Labour didn't have a magic tree that it grew on. Personally I'd rather they got rid of the £250 in child tax credits and put the money towards something we need here and now not in 18 years time.

 

[p1tse]

as above post, they have found out the cheque has not been issued/cleared/banked - whatever term wants to be used, as i did this tranasction back in Jan2010.

So they are reissung another but need me to sign first.

I can see what they are saying, they took it out of my account, filled out the cheque correctly and supposed to have sent if they did or didn't.

they are putting the blame on royal mail and/or legal and general.

i asked if they have records of it being sent i.e. recorded delivery etc but no as they just fobbed me off an said it get sent externally.

a genunie error i can see,, as the cheque could be still in someone's draw in nationwide, stuck at royal mail, legal and general lost post of someone's piling of paper work. So who's fault is it, when i setup the trust fund via nationwide, did it over the counter etc.?

It appears to them it is my fault not ensure it is sent off and recieved, which i didn't think i should have to check if doing something over the counter.

i.e. say if i was paying a utility bill/council tax bill over the counter, they take the money from the account and said its done. i as a customer assume it is and not having to ring round checking where the payment is made until it is made.

well main thing is i'm getting a cheque re-issued, but should i be put to be repsonsible? the trust fund only do annual statements. does that mean everytime i transfer money from account to child trust fund i have to ring up and chase it all the way through if done over the counter?

 

[p1tse]

Who actually was supposed to send the cheque to L&G? Did NW physically give you the cheque to send yourself or...?

i went into nationwide branch with the saving account book gave it to the cashier/counter

please can you take £1k out well £950 and transfer it to the CTF (setup via NW)
they stamped the book less £950 and that was it
a cheque was put through their system to be sent off to the equity CTF dealt by Legal and General.

 

[Steep]

Well since they sent it and not you, they can hardly expect you to be able to chase it up with Royal Mail, only the sender can do that. I'd go back in there, ask/demand to speak to the manager and lay the responsibility squarely in their lap, have a word with CAB to see if they can tell you what your rights are and have a look through the moneysavingexpert site for any info that might help you.