Nochex Payment Problems

lynxptc

Not sure if this is the right place to be posting this or if anyone can help, but I'm having some problems with the Nochex payment service (https://www.nochex.com)

Basically it is similar to PayPal in that they process card payments for you when you sell things on eBay and that.

I have received over £150 in payments which I went to withdraw this morning but they have told me that my account is under review and that I need to wait 90 days before I can get my money. Are they allowed to do this because it doesn't say anything in the terms and conditions that they can do this.

I am thinking of taking them to the small claims court to get my money back as they are in breach of the terms we both agreed to. I know this forum isn't really the place to be asking for legal advice but does anyone have anything to offer?

Hintza

Could it be because of this?

FREE to send money
Ability to send up to £300 per day (and also receive money)
Account balance limit of up to £90 at any time
Just 2.9% + 20 pence processing costs per received transaction


Want to sell from your website or need to accept more than the £90 limit? Then you might find our Nochex Seller Account a better option.

Why are you thinking of small claims court? Get in touch with them and find out what you need to do.

doingwhatican

Hintza, I think you hit the nail on the head.

lynxptc

I only opened the account 4 days ago and have only taken £150 in payments.

I done a search on the internet and there are quite a few other people that have had this happen to them. Nochex ask for faxes of drivers licenses and statements etc to verify identity of the account but they never re-open it once it is sent in.

They have said I can have my money in 90 days but as I'm sure everyone can appreciate it is £150 and I want it now as it's my money. Nochex aren't going to give it to me so the only way to get it would be to go to court.

lynxptc

I have a Nochex seller account

doingwhatican

This is part of the money laundering rules that the financial institutions have to adhere to. You have to prove you are who you are. Can you imagine opening a bank account over the phone without them seeing any ID - nope didn't think so. The internet based ones can open the accounts okay, but it is when you start usinging them that they will then want extra info from you. Once you have proved you are who you say you are then all will be well. Paypal have to jump through the same hoops as well.

Hintza

I agree with the above. Unfortunately with our big brother government you have to follow these money laundering rules. You will just have to sweat it out and jump through the hoops as requested.

soolin

Nochex work the same way as paypal and as others have already said they have to adhere to all the money laundering rules and regulations (blame Europe for some of the more obscure ones).

It will be there someone in the small print, and I see Hintza has already pointed out where it is. I am surprised the limit is so low though, I think paypal doesn't trigger their regs until the £500 mark, but unfortunately you will need to adhere to their policies and submit all the info and jump through all the hoops etc to get your money.

With all these online payment methods this will happen, there is no real way round it.

Soo

lynxptc

It says in the small print that they can only suspend my account under "exceptional circumstances". I don't think this really qualifies as an exceptional circumstance.

I would send them the information but as I said I have seen on other forums that Nochex do this quite a lot and when the ID is sent in the accounts are not re-opened.

I just want my money back!