OakNorth Bank

Harvest_Mouse

I've recently opened an account with this bank and transferred quite a bit of money into it and it's not showing up. They are supposed to be a faster payments bank so the money should have showed up by now. I am getting very concerned.

niktheguru

don’t worry, oaknirth are a legitimate bank. Many of us had isa accounts with them. Just give them a call tomorrow and chase what’s happening. It doesn’t always appear in the online account t straight away. Good luck.

Harvest_Mouse

niktheguru said:

don’t worry, oaknirth are a legitimate bank. Many of us had isa accounts with them. Just give them a call tomorrow and chase what’s happening. It doesn’t always appear in the online account t straight away. Good luck.

Thank you Nik. Have you had any dealings with the Hampshire Trust Bank?

colsten

Harvest_Mouse said:

I've recently opened an account with this bank and transferred quite a bit of money into it and it's not showing up. They are supposed to be a faster payments bank so the money should have showed up by now. I am getting very concerned.

Are you certain you used the correct payee details? I always make a £1 test payment before I send large amounts to new payees

Harvest_Mouse

Yes, I did a couple of test payments first. They are showing up. Maybe it's because it's the weekend? I'll have to leave it until tomorrow. I checked the faster payments website and it can take until the next business day to appear, apparently.

SFindlay

Harvest_Mouse said:

Yes, I did a couple of test payments first. They are showing up. Maybe it's because it's the weekend? I'll have to leave it until tomorrow. I checked the faster payments website and it can take until the next business day to appear, apparently.

I've had a 1 year saver and still have fixed rate ISA with Oaknorth and always found them to be excellent so don't worry, think with financial year end a lot of systems are going slow over the weekend!! I'm sure it will appear in account today. 

masonic

Harvest_Mouse said:

Yes, I did a couple of test payments first. They are showing up. Maybe it's because it's the weekend? I'll have to leave it until tomorrow. I checked the faster payments website and it can take until the next business day to appear, apparently.

It's not uncommon for banks to regard a small payment to a new payee, followed by a larger payment, as suspicious activity and complete additional fraud checks on the larger payment. Faster Payments can take up to 1 working day to be received if additional checks are made.

Notepad_Phil

masonic said:

It's not uncommon for banks to regard a small payment to a new payee, followed by a larger payment, as suspicious activity and complete additional fraud checks on the larger payment.

I've heard this too, but wonder how common it really is and is it the source or the destination bank that usually does this. I've always first done a £1 transfer whenever it's been allowed on opening a new account and have (touch wood) never had this happen to me.

No idea, but are there perhaps degrees of security clearance given when you first open an account depending on how many checks the bank has been able to do on you, then if you only pass a few and do something that could be potentially dodgy the extra checks kick in?

masonic

Notepad_Phil said:

masonic said:

It's not uncommon for banks to regard a small payment to a new payee, followed by a larger payment, as suspicious activity and complete additional fraud checks on the larger payment.

I've heard this too, but wonder how common it really is and is it the source or the destination bank that usually does this. I've always first done a £1 transfer whenever it's been allowed on opening a new account and have (touch wood) never had this happen to me.

No idea, but are there perhaps degrees of security clearance given when you first open an account depending on how many checks the bank has been able to do on you, then if you only pass a few and do something that could be potentially dodgy the extra checks kick in?

I can comment on my experience with a few banks (I rarely set up new payees with most of these banks):

First Direct: Second payment after a small test transfer sometimes cannot be sent on the same day, but must be scheduled as a future dated payment. If payment is allowed through it can take up to 2 hours vs the usual immediate transfer

Other HSBC group (HSBC, M&S): Never experienced any issues

Co-op: Second payment trips anti-fraud measures, SMS is sent ~1 hour after transaction is confirmed asking to reply and confirm you authorise the transaction

TSB: Never experienced any issues

Lloyds: On most recent occasion, account was temporarily frozen and requested to call them to remove block from account

Halifax: On most recent occasion received call from fraud department, had to answer questions from my Experian credit file to authorise transfer

Santander: On one occasion, received call several hours after payment was made, just asked to confirm it was me who made the transfer

drphila

Harvest_Mouse said:

niktheguru said:

don’t worry, oaknirth are a legitimate bank. Many of us had isa accounts with them. Just give them a call tomorrow and chase what’s happening. It doesn’t always appear in the online account t straight away. Good luck.

Thank you Nik. Have you had any dealings with the Hampshire Trust Bank?

I've had accounts with HT for several years and always found them fine