The Top Easy Access Savings Discussion Area

SeriousHoax

OceanSound said:

SeriousHoax said:

OceanSound said:

SeriousHoax said:

Oh well here we go again I'm back with chip.

Last week I closed my chip account after getting a second source of wealth email & that was after passing the first source of wealth. ( I got fed up and decided to close)

Maybe they thought I was a bad egg when I was putting in 25k a time for a few days.😄

This time I'll deposit then wait a few days before the next deposit.

My partner done that and she was never targeted with a source of wealth. 

( not that I've got anything to hide I'm just a normal bloke going for EA highest interest)

Don't mean to be the buzz kill, but I reckon the source of wealth/know your customer (kyc) type requests are both triggered by certain actions AND also can be random.

It'll be interesting to see if you'll receive the same email again because chip system 'remembers' you from last time as the customer who closed their account after being asked for source of wealth. I guess we'll never know if it is due to the latter or because it's random, but would be interesting to see what happens nevertheless.

Yes it will be interesting to find out what happens.

I think I just got peed off the last time after giving them my information and proof on how I was funding my account then I had to wait 10 days for them to get in touch and say oh yes everything's ok your fine to keep banking with us.

Then I got a second email that was the exact same as the first wanting the same information. 

I sent them a message and they got in touch after a couple of days saying it's just the system.😏

We're not their lapdogs. 

Repeatedly supplying the same documents for same purpose is a waste of time and resources for everyone. 

You did the right thing in going elsewhere, without being bullied by their demands. 

I had similar incident a while ago with Revolut. Account become locked suddenly and revolut support asked me to send ID. I sent the documents and it was unlocked. 

I then topped-up account. Two £10.00 payments, then a payment for £230 then a payment for £50.00. After that payment the account became locked again.  

Contacted support, and the next day it was unlocked. Used account for 9 days without issues, then again it becomes locked for third time. Contact support again, and this time support staff asks me to send a picture of my face with me holding the passport next to my face. No way was I doing this. I've since provided other fintech's several selfie videos, but when she asks me to do that, it was 'No!, I'm not doing that'. 

Asked to chat to a manager and was put through to a compliance manager, and he started quoting E-money regulations and AML 2010 Act.

I asked him to return the money to source immediately. He did just that. Note that if I hadn't' asked he would never have offered me. So, anyone in same situation - make it a point to ask.

This happened in 2018 BTW. I've never gone back to revolut since. 

Been with Monzo and Wise since, and had little issues. Although, recently Wise did hold a couple of transactions I did from my Halifax bank account to my Wise bank account (both accounts I've used to do this for years). I don't keep much funds in the Wise account(s) but tend to do a transfer from Halifax to Wise as and when needed. I suppose I could always keep some funds in Wise without doing the transfer as and when necessary, but then without the FSCS protection AND no interest paid (yes, okay, this is now changing with Wise offering accounts that pay interest - but they are investment accounts where the yield can go up/down), why should I?  (when there may be other providers that offer similar but with more consistency).

It's not a relaxing feeling when you get bullied by your own bank asking for information on how you are funding your bank account not once but twice & especially after the first time they said yes no problem carry on banking.

What sort of annoys me is the information that I gave them in pdf form I wonder wer it will end up.🤔

Hopefully not in the hands of crooks.

pecunianonolet

gt94sss2 said:

pecunianonolet said:

ForumUser7 said:

For Future Reference:

Source ~ HSBC UK Personal Banking Terms and Conditions and Charges Effective 23rd November 2021 RFB1848 CMT0131

If your Sunday payment was made slightly after 8pm, the only reason I can think of for the delay would be their 'checks'.

Thanks, was just about to Google that as well. So if HSBC has 23:45 as cut off, that means they might send it but the receiving bank, Santander might have also a cut off time to credit it and for "checks" so for them it might be too late to credit the same day. 

From memory, Santander treat anything received after around 20:15 as being dated the next day.

The fact that HSBC allow same day payments to be sent/received until 23:45 won't affect this

So technically speaking, I could send funds in to Santander at 7pm to be credited the same day, take out by 9pm and move to another account e.g. Zoopa and have it credited there. Santander will pay me interest  and Zoopa too? That can't be right or working? 

Bridlington1

pecunianonolet said:

gt94sss2 said:

pecunianonolet said:

ForumUser7 said:

For Future Reference:

Source ~ HSBC UK Personal Banking Terms and Conditions and Charges Effective 23rd November 2021 RFB1848 CMT0131

If your Sunday payment was made slightly after 8pm, the only reason I can think of for the delay would be their 'checks'.

Thanks, was just about to Google that as well. So if HSBC has 23:45 as cut off, that means they might send it but the receiving bank, Santander might have also a cut off time to credit it and for "checks" so for them it might be too late to credit the same day. 

From memory, Santander treat anything received after around 20:15 as being dated the next day.

The fact that HSBC allow same day payments to be sent/received until 23:45 won't affect this

So technically speaking, I could send funds in to Santander at 7pm to be credited the same day, take out by 9pm and move to another account e.g. Zoopa and have it credited there. Santander will pay me interest  and Zoopa too? That can't be right or working? 

I imagine the banks will take a pretty dim view of this though.

TiVo_Lad

pecunianonolet said:

What is strange is that when I send in HSBC app, it leaves straight away and you get the usual warning it can take up to 2 hours. When I open the Santander app straight after it shows in the account, with the different date in this case but not as pending but as credited.

The Nationwide has similar "idiosyncrasies" that any transaction that occurs on a Sunday is dated Monday. Saturday is Saturday but Sunday is Monday.

ForumUser7

NS&I does strange things with withdrawals on a Sunday too. I withdrew some funds from my direct saver around 4:30pm, and the message said the funds would leave my account immediately and be credited today, by the end of the working day. However when I log on, it shows the date I requested the withdrawal as today - for both 'value date' and 'interest date'.

I'm curious as to when it'll come through now

savethepandas

Santander Limited edition esaver showing as 3.25% online.

refluxer

savethepandas said:

Santander esaver showing as 3.25% online.

It's probably important to point out that this is only for the Limited Edition that was previously paying 2.75% (NLA) and not the eSaver which is currently available. 

pecunianonolet

Bridlington1 said:

pecunianonolet said:

gt94sss2 said:

pecunianonolet said:

ForumUser7 said:

For Future Reference:

Source ~ HSBC UK Personal Banking Terms and Conditions and Charges Effective 23rd November 2021 RFB1848 CMT0131

If your Sunday payment was made slightly after 8pm, the only reason I can think of for the delay would be their 'checks'.

Thanks, was just about to Google that as well. So if HSBC has 23:45 as cut off, that means they might send it but the receiving bank, Santander might have also a cut off time to credit it and for "checks" so for them it might be too late to credit the same day. 

From memory, Santander treat anything received after around 20:15 as being dated the next day.

The fact that HSBC allow same day payments to be sent/received until 23:45 won't affect this

So technically speaking, I could send funds in to Santander at 7pm to be credited the same day, take out by 9pm and move to another account e.g. Zoopa and have it credited there. Santander will pay me interest  and Zoopa too? That can't be right or working? 

I imagine the banks will take a pretty dim view of this though.

To make this profitable the sums you'd need to move would need to be rather high. 10k at 3.25% is around 0.89/day in interest. So in 10 days 8.90 profit with Santander plus the rate at any other bank at the expense of having 100k in and out within 10 days. Highly suspicious and very, very soon you know everyone in the fraud department by name until you get eventually kicked. I don't think it is against any T&C's and a simple arbitrage business but legal departments of a bank have by far more resource and power so a fight you can't win. 

But who am I, saying all the banks play fair and to the rules. Anyone remembering the LIBOR Scandal.....?

gt94sss2

pecunianonolet said:

gt94sss2 said:

pecunianonolet said:

ForumUser7 said:

For Future Reference:

Source ~ HSBC UK Personal Banking Terms and Conditions and Charges Effective 23rd November 2021 RFB1848 CMT0131

If your Sunday payment was made slightly after 8pm, the only reason I can think of for the delay would be their 'checks'.

Thanks, was just about to Google that as well. So if HSBC has 23:45 as cut off, that means they might send it but the receiving bank, Santander might have also a cut off time to credit it and for "checks" so for them it might be too late to credit the same day. 

From memory, Santander treat anything received after around 20:15 as being dated the next day.

The fact that HSBC allow same day payments to be sent/received until 23:45 won't affect this

So technically speaking, I could send funds in to Santander at 7pm to be credited the same day, take out by 9pm and move to another account e.g. Zoopa and have it credited there. Santander will pay me interest  and Zoopa too? That can't be right or working? 

Technically perhaps but expect to have your accounts closed.

Band7

pecunianonolet said:

Bridlington1 said:

pecunianonolet said:

gt94sss2 said:

pecunianonolet said:

ForumUser7 said:

For Future Reference:

Source ~ HSBC UK Personal Banking Terms and Conditions and Charges Effective 23rd November 2021 RFB1848 CMT0131

If your Sunday payment was made slightly after 8pm, the only reason I can think of for the delay would be their 'checks'.

Thanks, was just about to Google that as well. So if HSBC has 23:45 as cut off, that means they might send it but the receiving bank, Santander might have also a cut off time to credit it and for "checks" so for them it might be too late to credit the same day. 

From memory, Santander treat anything received after around 20:15 as being dated the next day.

The fact that HSBC allow same day payments to be sent/received until 23:45 won't affect this

So technically speaking, I could send funds in to Santander at 7pm to be credited the same day, take out by 9pm and move to another account e.g. Zoopa and have it credited there. Santander will pay me interest  and Zoopa too? That can't be right or working? 

I imagine the banks will take a pretty dim view of this though.

To make this profitable the sums you'd need to move would need to be rather high. 10k at 3.25% is around 0.89/day in interest. So in 10 days 8.90 profit with Santander plus the rate at any other bank at the expense of having 100k in and out within 10 days. Highly suspicious and very, very soon you know everyone in the fraud department by name until you get eventually kicked. I don't think it is against any T&C's and a simple arbitrage business but legal departments of a bank have by far more resource and power so a fight you can't win. 

But who am I, saying all the banks play fair and to the rules. Anyone remembering the LIBOR Scandal.....?

Many people who engaged in this "sport" had their accounts closed. So go ahead if you wish to join them.