We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

HL withdrawal issue

Firstly, I apologise if this is not the correct space in the forum to post this - mods please feel free to move if necessary.

I'm in the process of trying to withdraw money from my HL account back into my bank account. This is the first time I've tried withdrawing money so I've not experienced this before. I received a message today stating that they were unable to verify that the bank account was registered in my name and therefore couldn't process the withdrawal until I'd sent them a copy of my bank statement with the account number/sort code/proof that it's registered in my name info on it.

I find it extremely *insert heavy sarcasm* surprising that they are happy to accept my money in a flash when I top up my HL account (from the same bank account) yet they refuse to send money back to it..

I can see the logic in wanting me to prove it's my account but why is my bank statement any of their business? The only workaround I can think of is just sending them a copy of the top of the statement with my info?

I figured it might be an alias issue and have pushed back to try and correct it but I just wondered if anyone else had experienced this with them and if so, how was it resolved?

AH.
«1

Comments

  • dunstonh
    dunstonh Posts: 117,944 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I find it extremely *insert heavy sarcasm* surprising that they are happy to accept my money in a flash when I top up my HL account (from the same bank account) yet they refuse to send money back to it..

    it is not surprising unless you have paid by cheque. Only cheques validate the bank details. Electronic transfers/bacs/faster payments do not.
    I can see the logic in wanting me to prove it's my account but why is my bank statement any of their business?

    Bank statement is just one of the options they can use. Not the only one. However, as to why bank statement, it is because it has name, address, sort code and account number on it. Clearly indicating whether it is yours or not.
    The only workaround I can think of is just sending them a copy of the top of the statement with my info?

    If you want to put that limitation on it, you can. As long as you do not cover any pertinent detail. It is not a workaround though.
    I just wondered if anyone else had experienced this with them and if so, how was it resolved?

    Most platforms that have signature free withdrawals require bank account validation. Nothing new or unusual. Most people will comply with the request without a second thought.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • AimHigh
    AimHigh Posts: 135 Forumite
    Sixth Anniversary 100 Posts Combo Breaker
    dunstonh wrote: »
    it is not surprising unless you have paid by cheque. Only cheques validate the bank details. Electronic transfers/bacs/faster payments do not.



    Bank statement is just one of the options they can use. Not the only one. However, as to why bank statement, it is because it has name, address, sort code and account number on it. Clearly indicating whether it is yours or not.



    If you want to put that limitation on it, you can. As long as you do not cover any pertinent detail. It is not a workaround though.



    Most platforms that have signature free withdrawals require bank account validation. Nothing new or unusual. Most people will comply with the request without a second thought.

    Thanks for the response dunstonh.

    Surely they have a record of the account details from which a deposit has been sent? It can't be too difficult to ascertain that if the details match then it's a genuine request? Having not worked with a financial system before, I'm not sure what details they have visibility of.

    I understand the logic of it being a bank statement but as I implied, I'm hoping just the top of the statement with the relevant details will suffice. When you say it's not a workaround, are you suggesting they won't accept this? Or pointing out my probable poor choice of wording given that the top of my statement would give them the appropriate info and therefore it would meet their requirements?

    My irritation is the fact it delays access to my money which I have a particular need for in the short term. However, I'm giving it a second thought because I'm not in the habit of handing out my bank statements.
  • le_loup
    le_loup Posts: 4,047 Forumite
    You can be as difficult as you want - but if you want your money, I suggest you comply.
    I don't think they have any interest in the transactions on your statement - unless there are multiple cheques drawn to your local brothel - in which case it may raise a titter in the back office!
  • jamei305
    jamei305 Posts: 635 Forumite
    Tenth Anniversary 500 Posts Name Dropper
    Just redact all of the statement items not relevant to them leaving your account number/sort code/proof that it's registered in your name info at the top. I always do this when submitting bank statements anywhere for ID purposes and have never had it queried.
  • LHW99
    LHW99 Posts: 4,700 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    It can be awkward with some online current accounts if you don't get paper copies.
    I have found with 1st direct that not all those details are routinely produced on a printed version of the online statement.
  • Zola.
    Zola. Posts: 2,204 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Seems fair enough, and an added security measure!
  • AimHigh
    AimHigh Posts: 135 Forumite
    Sixth Anniversary 100 Posts Combo Breaker
    le_loup wrote: »
    You can be as difficult as you want - but if you want your money, I suggest you comply.
    I don't think they have any interest in the transactions on your statement - unless there are multiple cheques drawn to your local brothel - in which case it may raise a titter in the back office!

    :rotfl: I have nothing to worry about on my statement, just don't think it's necessary for what they need.
    jamei305 wrote: »
    Just redact all of the statement items not relevant to them leaving your account number/sort code/proof that it's registered in your name info at the top. I always do this when submitting bank statements anywhere for ID purposes and have never had it queried.

    Thanks, glad to know that this is usually an accepted form of verification so thanks for the advice!
    LHW99 wrote: »
    It can be awkward with some online current accounts if you don't get paper copies.
    I have found with 1st direct that not all those details are routinely produced on a printed version of the online statement.

    Yes this is partially causing me issues as well, guess I'll just have to do some creative screenshots etc.

    The bottom line is that I'm not just trying to be awkward, I just don't want to give out more information than is necessary.

    Thanks for the advice all, much appreciated!
  • dunstonh
    dunstonh Posts: 117,944 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Surely they have a record of the account details from which a deposit has been sent?

    No. Automated bank transfers dont give sufficient details to verify the source.
    My irritation is the fact it delays access to my money which I have a particular need for in the short term. However, I'm giving it a second thought because I'm not in the habit of handing out my bank statements.

    I tend to avoid this situation by either getting the person to pay by cheque on first contribution or grab a statement early on so its in place before a withdrawal is needed.

    If you dont want to supply a statement then use one of the other methods.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • AimHigh
    AimHigh Posts: 135 Forumite
    Sixth Anniversary 100 Posts Combo Breaker
    dunstonh wrote: »
    No. Automated bank transfers dont give sufficient details to verify the source.

    Ah, wasn't aware of this. Thanks.
    dunstonh wrote: »
    I tend to avoid this situation by either getting the person to pay by cheque on first contribution or grab a statement early on so its in place before a withdrawal is needed.

    If you dont want to supply a statement then use one of the other methods.

    I wish they'd done this with me when I set up the account but I guess hindsight is a wonderful thing..

    I will investigate further, thanks again.
  • noh
    noh Posts: 5,808 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    LHW99 wrote: »
    It can be awkward with some online current accounts if you don't get paper copies.
    I have found with 1st direct that not all those details are routinely produced on a printed version of the online statement.

    First Direct give the the option online of requesting a one off printed statement sent by post. Usually arrives quickly free of charge.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 346.6K Banking & Borrowing
  • 251.3K Reduce Debt & Boost Income
  • 451.4K Spending & Discounts
  • 238.8K Work, Benefits & Business
  • 614.2K Mortgages, Homes & Bills
  • 174.7K Life & Family
  • 252K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.