Tandem and Hodge Bank

melaniesteer

Hi opened a Tandem account I was with Halifax no problem moving money over to them at all.  Then changed bank to first direct having real problem moving any money to Tandem would not allow it so open a Hodge bank Bond and having the same problem with first direct any other people having problems with tandem and Hodge bank

Albermarle

The problem most likely lies with First Direct as they have a reputation for being ultra cautious about potential fraud.
The result is they block payments very readily .
Probably you need to talk to them directly .

Daliah

What precisely is the problem? How do they not allow you to move your money? Are you pulling the money in from Tandem / Hodge bank, or are you trying to send it by Faster Payment?

melaniesteer

Trying to move money from first direct to Tandem they just said no.  Then with Hodge they phoned me to ask if it was mw how I found Hodge was it me who done it etc etc etc.  It has been a real pain 

masonic

melaniesteer said:

Trying to move money from first direct to Tandem they just said no.  Then with Hodge they phoned me to ask if it was mw how I found Hodge was it me who done it etc etc etc.  It has been a real pain

They are not at liberty to tell you which legitimate accounts you can and can't transfer your money between. If they are saying their position is that they are now blocking transfers to Tandem / Hodge savings accounts from all of their customers then I think that could land them in hot water with the FCA. I very much doubt that is the case.

I'd be interested in the answer to Daliah's question of how you are initiating these transactions. Last time I used Tandem, there was a strong push towards the transaction being carried out through Open Banking, and I received a security call from First Direct regarding that, although they were happy when I confirmed it was a transfer to a savings account in my name.

Daliah

melaniesteer said:

Trying to move money from first direct to Tandem they just said no.  

How did you try to move your money from FD to Tandem, and how did FD say no?

melaniesteer said:

Then with Hodge they phoned me to ask if it was mw how I found Hodge was it me who done it etc etc etc.  

That sounds as if you managed to get your transfer to Hodge done o.k.?

I understand it can be annoying if banks quizz you about transactions you want to make with your own money - - - you have to thank the gullible fools who wilfully transfer their life savings to some scammers, and then demand compensation from their bank for not preventing the transfer.

melaniesteer

The Hodge Bank now has been resolved and money moved over but my god , I do understand they need to be careful but when it is your money and you are trying to do something in a time frame it is a real pain and can be very stressful. I wanted all mu money in Tandem but only have a percentage in it and the rest in Hodge which over all I miss out a little on interest.  But now I can relax a bit.  Thanks for your comments

Daliah

If you had answered the questions I asked, someone might have been able to help.

boomish

I've got the same problem with Barclays, we opened a Tandem account for myself & my wife to invest our savings, we've set up the app on both our individual phones and tested by transferring £1 back & forth, then transferred half of our savings, despite a warning from Barclays it couldn't check the details with Tandem (very concerning) it worked fine. But the second time we tried to my wife app account Barclays just block it, we left it a day but still no joy.
I'm now on a 30 min plus hold call to Barclays & a 21 min wait on their app, Barclays have got so bad now, I got an instant response from Tandem, saying they don't know why a transfer is blocked I presume its extra security. Tandem also admitted they don't have verification. So I'd advise transferring £1 either way to check the details before transferring any large savings amounts.

I thought banking was to get easier to do! Why can't these banks work together if they want to stop fraud!

refluxer

boomish said:

I've got the same problem with Barclays, we opened a Tandem account for myself & my wife to invest our savings, we've set up the app on both our individual phones and tested by transferring £1 back & forth, then transferred £50k, despite a warning from Barclays it couldn't check the details with Tandem (very concerning) it worked fine. But the second time we tried to my wife app account Barclays just block it, we left it a day but still no joy, I'm now on a 20 min plus hold call to them. Not sure who is at fault Tandem or Barclays .

I thought banking was to get easier to do! Why can't these banks work together if they want to stop fraud!

I had similar problems paying into an Atom Fixed Saver from a Barclays current account - a smaller, initial payment went through fine but subsequent, larger payments were blocked. Barclays actually rang me the same evening in order to check the first payment. Subsequent payments were also blocked, but then authorised by replying to a text message.

Fortunately, most Fixed Saver accounts allow you to make multiple payments within a week or so, but it definitely pays to make payments ASAP, rather than pushing the deadline.

The reason that Tandem account details can't be checked is that they (along with many other banks and building societies) presumably aren't yet part of the CoP (Confirmation of Payee) scheme. That's why it's always a good idea to make a small payment first (as you did) and the reason why I would be reluctant to open any type of fixed account that only allows one, single opening deposit.

boomish

refluxer said:

boomish said:

I've got the same problem with Barclays, we opened a Tandem account for myself & my wife to invest our savings, we've set up the app on both our individual phones and tested by transferring £1 back & forth, then transferred £50k, despite a warning from Barclays it couldn't check the details with Tandem (very concerning) it worked fine. But the second time we tried to my wife app account Barclays just block it, we left it a day but still no joy, I'm now on a 20 min plus hold call to them. Not sure who is at fault Tandem or Barclays .

I thought banking was to get easier to do! Why can't these banks work together if they want to stop fraud!

I had similar problems paying into an Atom Fixed Saver from a Barclays current account - a smaller, initial payment went through fine but subsequent, larger payments were blocked. Barclays actually rang me the same evening in order to check the first payment. Subsequent payments were also blocked, but then authorised by replying to a text message.

Fortunately, most Fixed Saver accounts allow you to make multiple payments within a week or so, but it definitely pays to make payments ASAP, rather than pushing the deadline.

The reason that Tandem account details can't be checked is that they (along with many other banks and building societies) presumably aren't yet part of the CoP (Confirmation of Payee) scheme. That's why it's always a good idea to make a small payment first (as you did) and the reason why I would be reluctant to open any type of fixed account that only allows one, single opening deposit.

Thanks for the information, thats really helpful to know. I did eventually speak to Barclays who were brilliant, as frustrating as it is to be on hold I am happy that they are over cautious and hold payments if it's a suspected fraud. With so many poor people being scammed it's better to have a bank taking every step to try and stop it happening. They did ask if I received a call check but we didn't maybe because it was a weekend. The Barclays rep was so nice to speak to, what a difference that makes! She did remind me before we had the COP scheme it would have just transferred, which is a fair point, I am glad there its there hopefully these newer banks sign up quicker.