Aldermore Bank

Jule49

I opened a new savings account with the Aldermore Bank after seeing them on the Money Saving Expert site (although I had never heard of them) and received documentation in the post, emails and confirmation of a first deposit. All good I thought until I tried to make a second deposit and my bank's Fraud Team blocked it from going out of my account. I received a phone call and was told to call the bank back which I did (on a different phone), they confirmed they considered it a suspect payee so I stopped the payment. I do find it a bit odd that their correspondence address is Wallsend and they are a Peterborough based bank. Has anybody else had problems and can I trust this bank?

Prism

I have used Aldermore for three fixed savings accounts over the last couple of years. Everything worked as it should and happy with the service. Personal savings are Wallsend, business savings are Peterborough - quite normal for a bank to have different addresses for business units

ColdIron

I've used them since 2012. Easy to deal with, no problem at all

colsten

Aldermore are a perfectly legit bank, complete with FCA / PRA authorisation / regulation. Financial Services Register number: 204503. Your deposit up to £85K is protected by FSCS.

Whoever told you they are a suspect payee was either having a massive laugh, or is a massive twit.

Ed-1

colsten said:

Aldermore are a perfectly legit bank, complete with FCA / PRA authorisation / regulation. Financial Services Register number: 204503. Your deposit up to £85K is protected by FSCS.

Whoever told you they are a suspect payee was either having a massive laugh, or is a massive twit.

A relative of mine had a payment to another of their accounts with another bank blocked (by RBS) and when the Fraud Dept called they said it had been flagged for review as a suspect payee. They wanted a branch visit with photo ID and a bank statement to show it was an account in their own name that they were sending the money to.

fiisch

+1 - used them for several years for business savings account without issue.

Vortigern

Jule49 said:

I tried to make a second deposit and my bank's Fraud Team blocked it from going out of my account. I received a phone call and was told to call the bank back which I did (on a different phone), they confirmed they considered it a suspect payee...

All you have to do to arouse your bank's suspicions is make a small payment followed by a much larger one. Apparently that's what fraudsters do. The bank probably meant suspect payment rather than suspect payee.

EthicsGradient

Vortigern said:

Jule49 said:

I tried to make a second deposit and my bank's Fraud Team blocked it from going out of my account. I received a phone call and was told to call the bank back which I did (on a different phone), they confirmed they considered it a suspect payee...

All you have to do to arouse your bank's suspicions is make a small payment followed by a much larger one. Apparently that's what fraudsters do. The bank probably meant suspect payment rather than suspect payee.

Ironically, that "small payment followed by a larger one" seems a sensible thing to do when setting up a new account and paying by transfer from a current account (ie 'pushing' it from the bank, rather than 'pulling' it from the savings account) - since the banks' systems for checking that sort codes and numbers match the account names have been pathetic until now, I have done a similar thing. Thankfully my larger payment didn't get blocked.

wiseonesomeofthetime

@EthicsGradient - I agree entirely. That is the format I normally use.
Failed on my last one though as my £1 was returned due to being below the £1,000 minimum investment 
Soon sorted though.

bristolleedsfan

Maybe if Payee is just stated as Aldermore this is the reason  Payee gets flagged up as suspect Payee or other wise maybe some banks systems are over cautious for this reason.  https://www.fca.org.uk/news/warnings/aldermore-clone-fca-authorised-firm

Lana17

Very disappointed with the company and would avoid in the future. I tried to set up a savings account with Aldermore. I sent off personal documents to their PO Box in Wallsend which they lost and would not reimburse me for. Aldermore’s letters were unclear and unhelpful. I would not trust this company as a bank.