Ratesetter - change of bank details email - 22nd Jan 2014

financequest

Hello fellow MSE readers.

Today, I received an email, allegedly from RateSetter with whom I have a small savings account.
Email text follows, I have removed actual account numbers etc.

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"Dear ????,

NEW BENEFITS

We are delighted to say that we are going to upgrade our payment processes so that all lenders will be able to benefit from "Faster Payments" without incurring any charge.

Up to now, you have had two options to withdraw your money: down the slow lane (which goes via the BACS service and can take 3 working days) or down the fast lane (via Faster Payments). Up to now, there has been a charge of £3 for using the fast lane to cover the bank charges incurred for Faster Payments.

We are now going to simplify the process by sending all withdrawals via the fast lane - free of charge.

This change will happen on 1st February, after which any withdrawal should clear into your bank account around 4pm the next working day.

ACTION FOR YOU

For those of you who have the RateSetter Customer account details saved in your online banking, please can you update these details to the new RateSetter customer bank account as below and as shown on the RateSetter website:

??-??-?? (same as before)
???????? (changed from ********)
Those of you who are saving regularly with RateSetter's "Regular Lender" account and therefore pay in each month by direct debit need not worry - the change will happen automatically as we detailed in our email of 9th January 2014.

If you have any further questions please do not hesitate to contact me or the team on 020 3142 6226.

Kind regards,

Lucy Bott


Customer Services Manager
RateSetter.com"

End of email

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I plan to call RateSetter to clarify and confirm email content before doing anything else, any thoughts ?

Ifts

financequest wrote: »

I plan to call RateSetter to clarify and confirm email content before doing anything else, any thoughts ?

I don't deal with RateSetter so cannot comment on the authenticity of the email that you have received, maybe it is genuine and other RateSetter customers will come forward to say they have also received similar mailing.

Calling RateSetter to confirm the email is from them would be a wise move (thats what I would do in your shoes), only thing I would add is contact RateSetter on a phone number that you have used before (thats if you have contacted them by phone before), or any other number you can obtain for the company rather than calling the number provided in that email.

ChesterDog

I got it.

Looks genuine.

Needs verification before acting, though.

financequest

I rang RateSetter today, using the phone number from their website (same as mentioned in the email). Discussed my concerns. Seems all appears to be OK. Though guess you can never be too careful. Here is the relevant RateSetter blog http://www.ratesetter.com/blog/Change_of_bank_details_and_faster_withdrawals_without_charge.htm

psychic_teabag

The account numbers in (my copy of) the email match those in the "deposits" section of the secure website.

mikb

psychic_teabag wrote: »

The account numbers in (my copy of) the email match those in the "deposits" section of the secure website.

Actually, that's where the changes seem to have first appeared (on the secure website's transfer money in page -- new account number that didn't match stored account details).

The email was sent out to warn people that the details were changing (as mentioned above on ratesetter's blog, p2pindependent forum etc.)

Good for the OP to be suspicious of such things, as I was expecting such an email it didn't phase me, but if I'd got that out of the blue ... or the account numbers didn't match (opportunistic phisher!), then full scam alert mode

rwgray

Interesting that I had no suspicions at all about this message!

Must be more careful...

Rich.x