Tide Banking - Missing Funds

ygraiggoch

I have recently opened a business bank account with Tide Banking. The second time I used it they 'lost' over a thousand pounds that one of my customers paid me online. They are now saying that their 'Financial Partner' has no record of the payment despite me giving them all the proof of payment that they have asked for.

Does anyone have any similar experience of this happening? What are the courses of action open to me?

xylophone

They are now saying that their 'Financial Partner' has no record of the payment despite me giving them all the proof of payment that they have asked for.

Complain in writing with a copy of the documentary evidence that the payment was made.

Terry_Towelling

Could you please just confirm that the payment of >£1000 actually appeared in your bank account when you first checked but was not there when you looked subsequently?

I ask because it isn't clear whether that is the case or whether you are saying your customer says they paid you >£1000 but it hasn't shown in your account.

jonesMUFCforever

As above then consider going forward whether saving a few pence is worth it or would it be better if you had a bank business account?

18cc

Trustpilot don't seem to think much of them why not open a proper business account as stated above

"Been a Tide customer for over a year. Noticed seven fraudulent transactions and raised within two hours to Tide. No response. Had to chase and chase and chase via in-app chat and e-mail for a response. No answer. Our business account was completely decimated by fraudulent transactions and couldn't get through to a single person. Average response time from Tide is four hours per message, and even then, not even real meaningful responses. AVOID AVOID AVOID AVOID."

Thrugelmir

ygraiggoch wrote: »

despite me giving them all the proof of payment that they have asked for.

What evidence did your customer provide you with?

PS. Amazing how many ways a customer can dream up to stall not paying a due bill.

ygraiggoch

Already opened a 'proper' bank account - lesson learned - no such thing as a free lunch

Terry_Towelling

Just in case you are still hunting for that elusive £1000, and on the off-chance that someone here might be able to offer advice to find it, are you going to confirm that the payment was cleared and in your account and then disappeared, or did your customer say they'd paid you when they actually hadn't?

jonnygee2

This is a big problem with the non-bank 'e-money' startups who masquerade as banks. They use third parties to process payments, which are all held in real bank accounts owned by the third parties, so not directly under their control. So this stuff is much harder to sort out and reliability problems are a lot more common.

But, as always with faster payments, it can easily get stuck with either bank, sending or receiving, so I wouldn't assume that it's Tide.

The best thing to ask for is for the sending bank to send the Faster Payment ID. This both helps the receiving bank find it, and also acts as proof is was actually sent (or at least the two banks made contact) as it is generated when the two banks successfully made contact (it can still bounce back to the sending bank though - but if it happened at that point both banks would have a record of it).

If the sender / sending bank cannot provide a FPID then the sender should raise a complaint with their bank and you should probably consider it unpaid. Once you have the FPID I would raise a complaint with your 'bank'. They will need to raise this with whoever they are using to process payments, who will then have to raise it with the actual bank where the clearing account is held.

It's good that you have figured out that you should only really use an actual bank for your business!

ygraiggoch

I have all the necessary documentary evidence that my supplier paid me via Tide Account - but that was nearly a month ago. The silence form Tide is deafening.

ygraiggoch

Thanks that s really useful. I have actually already sent the Quick Payments ID onto Tide sadly without any response or even acknowledgement