Investec transfers queried by Santander

freelunch_alt

I've routinely followed MoneySavingExpert's recommendations for homes for my money. This month, I've opened accounts with Marcus (online saver) and Investec (notice plus 95 day). First, I deposited £80K in Marcus in £10K tranches. Then, I began depositing money in Investec. Today I got a call from Santander investigating recent money transfers. They were reassured that I knew what I was doing and wasn't being conned, but I have to ask why Investec would raise a flag and not Marcus. Is it because Investec is South African? Is there some other reason I should be concerned? Thanks for any feedback.

eskbanker

You're perhaps confusing correlation with causation - chances are that if you'd done the Investec transfers first, they'd have queried the Marcus ones, i.e. it could just as easily have been a cumulative effect triggering the check rather than the destination per se....

ColdIron

There are many reasons that banks such as Santander query payments but one obvious one may be that your Marcus account will be in your own name. As I recall with Investec you make your deposit into a pooled account with your deal reference number (you may not have an account number yet) in the reference. Just a thought, No reason for concern, you should be thankful that Santander are providing a measure of protection for you

princess23

Hi can someone help in relation to Investec. I am trying to open a 3 yr fix account with them but my Natwest account doesn't seem to like their more than 8 digit account number I put in for the transaction to take place. Has anybody else had this problem before I make the transfer.

ColdIron

It's been a long time since I've added new money into mine but don't they operate a pooled account where you use a common account number and put your deal reference (MDA/MDB) number into the reference? I could be wrong and things may have moved on

princess23

when I put in Investec account details NatWest won't let me proceed as it states that the account could not be verified with the details given ie account number and sort code?

ColdIron

It might be due to the incoming Confirmation of Payee changes. Payments to pooled accounts is not uncommon so I'm surprised there is not some way you can acknowledge and proceed, if that's what the problem is. Maybe give Natwest a ring if they are answering

Edit: Just a thought, you could open an easy access account with them, that will be in your name and have its own account number, and you could possibly transfer it from there

colsten

princess23 said:

Hi can someone help in relation to Investec. I am trying to open a 3 yr fix account with them but my Natwest account doesn't seem to like their more than 8 digit account number I put in for the transaction to take place. Has anybody else had this problem before I make the transfer.

You cannot make any payments at any bank to account numbers which are longer than 8 digits.

Instructions for making deposits are on the Investec website.

dunstonh

First, I deposited £80K in Marcus in £10K tranches. Then, I began depositing money in Investec.

No wonder that was picked up.   Especially with a challenger bank.   Stands out like a sore thumb for someone to look at.

princess23

Hi I have transferred my funds (£50K)  to Investec from my Natwest Account on 21st May, it was done by CHAPS. I contacted Investec today but they have still not received my funds. They told me to contact Natwest to get a Swift confirmation as they cannot locate my money . Has anybody else had this problem? How long would it normally take for funds to reach them as it has now been five working days. Thanks in advance for any help as I am very stressed at the moment.

ColdIron

A CHAPS payment should be same day if you instruct your bank by their cut off time (varies) otherwise next working day. You need to contact Natwest about this. It's important that the details are correct so I would confirm these. Did you do this in branch? If so you should have some sort of receipt. Has the money left your account?