Prezola Gift List - Cash Gifts

kevani99

My partner and I are getting married this August and are contemplating opening a gift lift with Prezola. My main concern, although I know we do have the option to withdrawn 3x for free, is that our wedding insurance doesn’t cover the supplier of such a list going bust... so we are concerned about Prezola holding cash on our behalf…

Having read the FAQ on the Prezola website, it references “guests' contributions are held in protected, ring fenced bank accounts".

Does anyone know how such bank accounts are protected?

Also, is anyone able to direct us to somewhere where we can read if this is a) true, and b) whether we have any protection through any other source/law in the case of Prezola withholding funds from us?

TripleH

A ring fenced account is a seperate account to the one the company uses for day to day trading (buying stock, paying staff wages and tax bills). Essentially that money cannot be used for anything without the consent of the beneficiary party.

There are rules that have to be obeyed and it is potentially career ending if money is taken out of a ring fenced account for anything but its designated purpose.

LadyDee

Wouldn't it be simpler (& arguably safer) to simply open a special savings bank a/c, give guests the bank details and ask them to deposit whatever amount they feel appropriate?

You would then have total control of the funds and not be worrying about insurance to cover the donations.

Call me old-fashioned, but just what is the point of this scheme?

davidmcn

LadyDee wrote: »

Wouldn't it be simpler (& arguably safer) to simply open a special savings bank a/c, give guests the bank details and ask them to deposit whatever amount they feel appropriate?

You would then have total control of the funds and not be worrying about insurance to cover the donations.

Call me old-fashioned, but just what is the point of this scheme?

I'm also baffled about what the point is - from a quick look, it doesn't even seem to have a large or competitively-priced range of products. Just let guests pay into your own account and then buy what you want from where you want.