Ford Money

Knitknot

I opened an online Fixed Rate Cash ISA with Ford Money on 1/5/2020. All went well with the online process.  My plan was to transfer in my existing cash isa from a building society and to then make an online deposit towards this years allowance. Unfortunately , the payee name (Ford Money) was not recognised by my bank and the transaction could only go ahead ‘at my own risk’. I have tried multiple times to call Ford Money to clarify however nobody is answering the telephone lines despite a message to say that they will ‘be with you in a just a few moments’. I have spent hours on the phone to them. No reply to my e mail either. Tried to stop my ISA transfer going through yesterday but unfortunately the transaction is in progress. Feeling very uneasy about the whole process now. I realise that times are difficult but this seems very poor

frankiesowner

I share your concern. I applied for a 1 yr fixed ISA last weekend and have been trying to get in touch with them since.  Left many messages, which they don't reply to even though they state a 2 day response time, and got the same runaround on the phone as you report - even tho' the announcement is that there is a short queue. I haven't paid in much money yet but am getting an uneasy feeling about this provider.  I thought that with FSCS cover it might have some credibility, but I wonder now.

paul235

Payee name is Fce Bank Plc
Knitknot said:

I opened an online Fixed Rate Cash ISA with Ford Money on 1/5/2020. All went well with the online process.  My plan was to transfer in my existing cash isa from a building society and to then make an online deposit towards this years allowance. Unfortunately , the payee name (Ford Money) was not recognised by my bank and the transaction could only go ahead ‘at my own risk’. I have tried multiple times to call Ford Money to clarify however nobody is answering the telephone lines despite a message to say that they will ‘be with you in a just a few moments’. I have spent hours on the phone to them. No reply to my e mail either. Tried to stop my ISA transfer going through yesterday but unfortunately the transaction is in progress. Feeling very uneasy about the whole process now. I realise that times are difficult but this seems very poor

Knitknot

Thank you Paul. Just tried it and FCE bank does tally with sort code and account details although Ford Money is definitely the payee name that they sent me in an automated email. Just wish they would answer the phone ........

soulsaver

Is this the payee name matching process that is causing this? 
I'd just transfer a test £1 'at your risk' and when you can see it has arrived...

Knitknot

Managed to get through to Ford Money on the phone today (5th day of trying and multiple times). Wait time was almost an hour. They confirmed the payee name as above. 

Tags63

I've had same problems.  Just to confirm is the payee to be used Ford Money or FCE Bank Plc?  Thanks

MDMD

Tags63 said:

I've had same problems.  Just to confirm is the payee to be used Ford Money or FCE Bank Plc?  Thanks

It could be either - Ford Money is the brand, FCE Bank Plc is the legal entity:

Ford Money is a trading style of FCE Bank plc. which is a public limited company incorporated in the UK, wholly owned by Ford Motor Company.

FCE Bank plc. is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Firm Reference Number 204469. We’re registered in England and Wales under registration number 772784. And you can confirm our registration on the Financial Services Register or by contacting the FCA on 0800 111 6768.

https://www.fordmoney.co.uk/about-us

Knitknot

Tags , sorry,  they advised me to use FCE Bank plc and said it will be changed in their Welcome packs and e mails. Apparently some banks have signed up to a new security system called ‘Confirmation of payee’ , additional security to prevent bank transfer scams and protect consumers. Not being able to speak to Ford Money for 5 days did cause me a lot of anxiety and I decided against transferring money from my bank in in the end. ( Thank you though for your suggestion, Soulsaver). My ISA transfer from my building society did go ahead and I have  had confirmation that it is now with Ford Money. 

Tags63

Thanks knitknok. I did try phoning a few times but gave up. I'll use FCE

Albermarle

Normally Ford Money are very efficient . However I think some companies systems have coped better with offices being closed than others .
Also the timing of the lockdown , coincided with the busiest period for opening /transferring ISA;s