what about those who paid in after the a/c was frozen?

A question about : what about those who paid in after the a/c was frozen?

Hi there

I like many others am gutted about what's happened. Looking for some glimmer of hope!

Can anyone enlighten me as to where payments would have gone after the account was frozen?

I can't find a definitive time that the a/c was frozen but I've read lunchtime and 2pm on 29/09.
Cutting it very tight but... - I made a payment of just over Ј1,000 at 2.10pm on 29th Sept, and it was accepted by Barclays at 3.01pm (according to my bank, First Direct).
If the account was already frozen when I paid in, where could the money be? In a reserve account somewhere??

I have called both First Direct and Barclays (I have an a/c with them) - FD said the money hasn't bounced back and Barclays wouldn't say much about anything (the guy hadn't even heard of CCE).

Any help?

thanks!!

Best answers:

• Yes I want to know this as well, if this is the latest statement, where did the money go, I sent my money on the 29th September 2010 but it didnt go via faster payments it went via BACS which takes 3 days, so they should of got my money, yet if there accounts were frozen on 29th, where would it of gone.
  Following MCR's appointment as administrators to Crown Currency Exchange on 4th October 2010 further information has now become available.
  On Wednesday 29th September, Peter Benstead of Crown Currency Exchange (CCE) arranged a meeting with Barclays Bank.
  Mr Benstead advised Barclays that CCE was insolvent. Shortly after this meeting Barclays froze the company’s bank accounts with a Ј2 million credit balance in order to protect consumers. Peter Benstead then sought the advice of MCR and SPW who were subsequently appointed joint administrators.
• bump
  anyone?
• Where did you get info on time of freeze and how reliable is it ?
• If an account is frozen rather than closed it usually goes into a suspense account rather then being returned if sent by BACS. I'm not sure if this is the case with a faster payment - there's some kind of check when the payment is sent, but I'm not sure what exactly is checked - it could just be to check the sort code is a valid one.
• If times correct surley fraud has been commited if transactions continued after assets were frozen?
• I'm not 100% sure on the timefreeze, it is various pieces of information I have read online. I am trying to ascertain exactly when the account was frozen but no-one seems to be able to confirm for sure.
  Turtle - that was what I was thinking regarding the suspense account you mentioned, however I'm struggling to find a route to get Barclays to tell me whether my money went into the CCE account or is sitting elsewhere. I called them but got nowhere.
• Karie you can ask your bank to do a tace on the funds to find out whats happened to your funds but they don t hurry .I initiated this on wednesday no news yet my transaction was done at 2.53pm we need that time urgently its critical.
• Karie i meant TRACE not tace
• I have found out banks can do a charge back on bank transfers but its at their discression because they say its a lot of work for them what a shame ! We want our hard earned money back.
• i asked my bank and they told me that i made the transaction at 2.10pm and barclays accepted it at 3.01pm. what i cant seem to find out is which account it went into.
  really at a loss about this one! was thinking of writing to barclays or something...
• Have you had conformation email from cce stating they received payment giving you a customer contracrt number thats what administrators asked me for and i do not have as thi was due to arrive by email by friday 31st dinnertime at earliest but now i know it was all over by then .The banks are just closing ranks to protect each other as usual We cant give up we all must fight this to the biter end .I am due to go on holiday on the 28th but now with no money thy have wiped me out.
• no i dont have a customer contract number, just the original reference number that I used to make the bank transfer (my surname plus 3 digits).
  thats interesting actually - so CCE never acknowledged receipt of payment. Further points to it all being over prior to that. Money could still be in the CCE account though.
  What I really need is someone from Barclays to trace where the payment went to!
  We are meant to be off on holiday next weekend. Very frustrating.
• I i can fnd anything else out i will post for all as and when.
• so much mixed information. this whole thing sucks!
• The relevant date here is not when you paid the money to CCE, it is the date you made the order.
  If the order was made before the company went into administration Barclays would have been obliged to receive payment. If Barclays hadn't accepted your payments for orders that were showing as pending on CCE's books the adminstrators would now be chasing you a debtors.
  Hope that makes sense?