Bank verification for Saga

Reiki20

Have picked a  category, but unsure if it's the right one... recently opened a Saga easy access account.  My bank, RBS, couldn't verify the company along with Goldman Sachs who operate the account.  This  obviously made me think twice about transferring money into the account. I phoned Saga up this morning and was reassured that all was well. Anyone else had this problem please?

jonesMUFCforever

By verifying I take it you mean your bank's system could not find it when attempting a faster payment? 
It could be that Goldman Sachs is not part of the scheme?

colsten

Goldman Sachs / Marcus / Saga are one of the many organisations that are not part of the Confirmation Of Payee scheme.

Send £1 by bank transfer, using the account details Saga gave you. Once that's arrived, you know you haven't mistyped anything and you can send more.

jsmith9

Agree with @colsten - it is important to note that some banks are not part of the confirmation of payee scheme. This does not mean that you can't send faster payments to  them it just means that they cannot verify that the account number and sort code you enter belong to the payee that you think you are paying

the best way to do this to pay a small amount first make sure it arrives and then you are good to go

typistretired

It can be a problem too when you are sending to a Building Society which uses one of the main banks like Barclays etc to process their payments

Organist

I opened a Saga savings account and closed it within 24 hours because they wouldn't accept payments from my Cumberland Bank account. They said that when payments were received the bank account details were not the same as those I had supplied. I feed various banks from my Cumberland account and have never had this problem before!

penners324

Organist - it clearly states on opening the account that payments in and out can only come from the nominated bank account....

Organist

penners324 said:

Organist - it clearly states on opening the account that payments in and out can only come from the nominated bank account....

Thanks I do know that! It was the nominated bank but still wasn't accepted

candec

Reiki20 said:

Have picked a  category, but unsure if it's the right one... recently opened a Saga easy access account.  My bank, RBS, couldn't verify the company along with Goldman Sachs who operate the account.  This  obviously made me think twice about transferring money into the account. I phoned Saga up this morning and was reassured that all was well. Anyone else had this problem please?

I had the same issue after opening an account today. I phoned Saga and they offered to make the transfer, but I turned that down. As RBS won't even let me transfer a nominal sum I used the on-line email portal requesting them to close the account. I couldn't see any way of doing that when logged in.

JGB1955

I had a similar problem with Shawbrook... in the end I decided NOT to pay my money into their account.  Plenty more fish in the sea.

eskbanker

candec said:

I had the same issue after opening an account today. I phoned Saga and they offered to make the transfer, but I turned that down. As RBS won't even let me transfer a nominal sum I used the on-line email portal requesting them to close the account. I couldn't see any way of doing that when logged in.

Is RBS actually stopping you or just advising that they can't verify the payee (which shouldn't prevent you from going ahead)?