Zopa refusing to return my money unless I supplying a copy of my bank statement

dunstonh

The idea that they need to see an unredacted bank statement to "validate" the account is laughable. 

If you have edited a statement to redact entries, what else have you edited on that statement?

 They have been quite happy to accept money via debit card, and have paid out money directly to my bank account according to the details I have given them - sort code, a/c number, name. 

Method of payment can be from third parties.   So, it is not reliable for withdrawals.

Everyone I have mentioned this to has said "no way" or "this sounds like a scam". 

You are hardly an unbiased storyteller.
Every single poster here has not said that.  You are alone in your views here.  What does that tell you?

I think the way I have been treated is insulting, and I would not recommend Zopa to anyone because of this.

You may as well stop investing then because this is standard across the board.

If there really is a regulatory requirement to see investors' bank statements, then I suspect these businesses are doomed.

 All these profitable companies that do not have any issues with 99% of the customers are doomed just because 1% want to be difficult.   Pull the other one.

Eco_Miser

A couple of thoughts:

• Would they accept a physical statement, with the transactions redacted by scissors?

• Could you get  two statements in quick succession, so the the second has no transactions on it?
  

Uxb1

NatWest statements are great for this sort of thing
The first page just shows a summary such as your name, address, account/sort No, branch details and the total only of sums paid in and paid out plus the starting and ending balances.

Codger1947

Eco_Miser said:

A couple of thoughts:

• Would they accept a physical statement, with the transactions redacted by scissors?

• Could you get  two statements in quick succession, so the the second has no transactions on it?
  

I guess a statement with bits cut out would count as having been edited, so would not be acceptable. I receive my statements monthly, and I don't think it's possible to change that, though I may be wrong, so thanks for the suggestion.

agent69

I've withdrawn money from 5 or 6 P2P platforms over the last 18 months, and none have asked for sight of bank statements. They all appear happy to send the money back to the bank account that was used for the original deposits.

agent69

ctdctd said:

Zopa clearly say they want to see an bank account statement with transactions.

https://www.zopa.com/help/article/why-do-you-need-to-validate-my-bank-details

Just give them what they want, withdraw your cash and move on!

The link states that bank account details are required when you first sign up. Nothing extra is required for withdrawls.

dunstonh

agent69 said:

I've withdrawn money from 5 or 6 P2P platforms over the last 18 months, and none have asked for sight of bank statements. They all appear happy to send the money back to the bank account that was used for the original deposits.

Did you pay by cheque on the first payment or did you pass the electronic bank account check?
In my experience, just over half the checks pass using electronic checking.  The rest need a bank statement or cheque.

agent69

dunstonh said:

agent69 said:

I've withdrawn money from 5 or 6 P2P platforms over the last 18 months, and none have asked for sight of bank statements. They all appear happy to send the money back to the bank account that was used for the original deposits.

Did you pay by cheque on the first payment or did you pass the electronic bank account check?
In my experience, just over half the checks pass using electronic checking.  The rest need a bank statement or cheque.

Always paid with a debit card. Never had any issues.

Codger1947

I am pleased to say this issue has been resolved.  Zopa has accepted that I can use a savings, rather than a current account, to reive cash from them.  Thank you very much Colsten, PraiseTheSun and Notepad_Phil for suggesting this. Thanks also to everyone else who commented.