Tide Bank - Unable to Withdraw Funds!!!

Yoda&I

Hi all, in a panic as I’ve been unable to withdraw funds from my Tide account for over a week. Reading reviews on trust pilot I hear it is a recurrent theme and that Tide Bank is going under???. I have been in touch with the FOS but they have said there is nothing they can do for 8 weeks, I am worried that in 8 weeks they’ll be no money left to claim. I have a somewhat large amount of money in the account and I am at a loss for what to do. Any comments and/or advice would be appreciated.

wmb194

Yoda&I said:

Hi all, in a panic as I’ve been unable to withdraw funds from my Tide account for over a week. Reading reviews on trust pilot I hear it is a recurrent theme and that Tide Bank is going under???. I have been in touch with the FOS but they have said there is nothing they can do for 8 weeks, I am worried that in 8 weeks they’ll be no money left to claim. I have a somewhat large amount of money in the account and I am at a loss for what to do. Any comments and/or advice would be appreciated.

What reason has Tide given you for your inability to make a withdrawal? I assume this is a business account?

Yoda&I

wmb194 said:

Yoda&I said:

Hi all, in a panic as I’ve been unable to withdraw funds from my Tide account for over a week. Reading reviews on trust pilot I hear it is a recurrent theme and that Tide Bank is going under???. I have been in touch with the FOS but they have said there is nothing they can do for 8 weeks, I am worried that in 8 weeks they’ll be no money left to claim. I have a somewhat large amount of money in the account and I am at a loss for what to do. Any comments and/or advice would be appreciated.

What reason has Tide given you for your inability to make a withdrawal? I assume this is a business account?

This is the thing, they have not said anything specific! They said they could not see why my account was blocked, when I pressed the customer service advisor to elaborate what she meant by blocked, she pivoted and said she had to check with her “provider” why I couldn’t transfer money out of the account. I asked who the provider was but wouldn’t be given an answer. The FCA gave me the details of ClearBank who provide clearing services to Tide, speaking to their customer service rep, she had no clue why Tide would lay blame on ClearBank but took my details to flag internally in case Tide are misrepresenting the situation to their customers. I have screenshots and records of all the messages with the advisors I’ve been communicating with who are equally not forthcoming with information. So far, they have all said they cannot see why I am unable to withdraw money (it’s been a week of this sightlessness!) I have received a letter saying Tide is conducting investigations as to why I am unable to withdraw my money from their account. 

I am a lawyer providing consultancy services,  and I get paid through Tide Bank, and have banked (Business) with them since April 2019 without any issues. No idea why this is happening, it appears to be a recurring theme, as a lot of people are leaving negative reviews on trust pilot - 20% of their reviews. One poster hinted the bank is crashing and I am going out of my mind with worry. Can the bank go under taking all my money with it is my question of the day. Any help, information would be greatly appreciated. 

Frustrated, confused and worried,
Yoda&I

Daliah

I am not an expert on business accounts but it appears to me that you have FSCS protection on up to £85K. Thus legally acquired funds up to this value will be protected if they/Clearbank went under.

From what you have reported, it sounds as if your account is under investigation for some reason. They are not allowed to tell you why. The best you can do is open an account elsewhere, raise a formal complaint with Tide if not already done, and wait for their conclusion.

Yoda&I

Daliah said:

I am not an expert on business accounts but it appears to me that you have Thus legally acquired funds up to this value will be protected if they/Clearbank went under.

From what you have reported, it sounds as if your account is under investigation for some reason. 

Thanks Delilah, the account was only last week “upgraded to allow FSCS protection”. I didn’t know myself until I received an in-app message asking whether I would consider upgrading. Some of the comments on trust pilot have said they’ve been told explicitly that their accounts are under investigation. It’s very strange that they would tell some customers but not others if that is the case.

ps: amended your response as I’m not allowed to post links

sheramber

Complaints on Facebook as well. 

You could try and see of you can get anywhere with a message through that.

c-m

I would ignore most of what you see on trust pilot. It's not really a reliable source of information and reviews. Tide isn't going anywhere. It has a partnership with Clearbank allowing it offer full FSCS protection. It's one of the only 'non-banks' to do so. So your money is safe. 

I have heard of a few cases of accounts being locked across a number of banks. A lot of banks use automated compliance procedures and some accounts get locked due to this. 

If you have made a clear and concise complaint to Tide, the best you can do is await their response and investigation. If that is not forthcoming, only then can you contact the Financial Ombudsman. 

Yoda&I

c-m said:

I would ignore most of what you see on trust pilot. It's not really a reliable source of information and reviews. Tide isn't going anywhere. It has a partnership with Clearbank allowing it offer full FSCS protection. It's one of the only 'non-banks' to do so. So your money is safe. 

I have heard of a few cases of accounts being locked across a number of banks. A lot of banks use automated compliance procedures and some accounts get locked due to this. 

If you have made a clear and concise complaint to Tide, the best you can do is await their response and investigation. If that is not forthcoming, only then can you contact the Financial Ombudsman. 

I have just spoken on the phone to another complainant who I reached out to via their review on trust pilot. Like me they are being given a wild goose chase and unable to pay staff or cover overheads. Something definitely is fishy and Tide Bank are turning around to scam their customers. 

wmb194

Yoda&I said:

c-m said:

I would ignore most of what you see on trust pilot. It's not really a reliable source of information and reviews. Tide isn't going anywhere. It has a partnership with Clearbank allowing it offer full FSCS protection. It's one of the only 'non-banks' to do so. So your money is safe. 

I have heard of a few cases of accounts being locked across a number of banks. A lot of banks use automated compliance procedures and some accounts get locked due to this. 

If you have made a clear and concise complaint to Tide, the best you can do is await their response and investigation. If that is not forthcoming, only then can you contact the Financial Ombudsman. 

I have just spoken on the phone to another complainant who I reached out to via their review on trust pilot. Like me they are being given a wild goose chase and unable to pay staff or cover overheads. Something definitely is fishy and Tide Bank are turning around to scam their customers. 

You cannot make this statement. There are numerous threads on this site about banks of all sizes freezing accounts and reviewing transactions. It will most likely be something to do with a recent transaction e.g., a deposit you've received from a client, some people have their accounts frozen if they receive a deposit from a crypto exchange, sometimes people/companies have their accounts frozen when a customer contacts the bank to say they were scammed. 

As others have said, you'll just have to wait and/or make a complaint. The law doesn't allow them to tell you what's happening as it could be considered 'tipping off' and they could be prosecuted. In the meantime, see about opening an account elsewhere and if small, not long established players make you anxious look towards the Barclays and Lloyds' of this world.

Denholm

We now have problems with Tide Banking. We were asked to provide additional information for the account which looked quite personal. Asked for the legislation to support their request 2 months ago. Made a complaint couple of days ago as no response.  Got a response this morning saying it is being dealt with. Now, as a consequence, we’ve been told our account has been frozen. 

Going to seek a court order to close and transfer the funds. 

emaorourke25

Yoda&I said:

wmb194 said:

Yoda&I said:

Hi all, in a panic as I’ve been unable to withdraw funds from my Tide account for over a week. Reading reviews on trust pilot I hear it is a recurrent theme and that Tide Bank is going under???. I have been in touch with the FOS but they have said there is nothing they can do for 8 weeks, I am worried that in 8 weeks they’ll be no money left to claim. I have a somewhat large amount of money in the account and I am at a loss for what to do. Any comments and/or advice would be appreciated.

What reason has Tide given you for your inability to make a withdrawal? I assume this is a business account?

This is the thing, they have not said anything specific! They said they could not see why my account was blocked, when I pressed the customer service advisor to elaborate what she meant by blocked, she pivoted and said she had to check with her “provider” why I couldn’t transfer money out of the account. I asked who the provider was but wouldn’t be given an answer. The FCA gave me the details of ClearBank who provide clearing services to Tide, speaking to their customer service rep, she had no clue why Tide would lay blame on ClearBank but took my details to flag internally in case Tide are misrepresenting the situation to their customers. I have screenshots and records of all the messages with the advisors I’ve been communicating with who are equally not forthcoming with information. So far, they have all said they cannot see why I am unable to withdraw money (it’s been a week of this sightlessness!) I have received a letter saying Tide is conducting investigations as to why I am unable to withdraw my money from their account. 

I am a lawyer providing consultancy services,  and I get paid through Tide Bank, and have banked (Business) with them since April 2019 without any issues. No idea why this is happening, it appears to be a recurring theme, as a lot of people are leaving negative reviews on trust pilot - 20% of their reviews. One poster hinted the bank is crashing and I am going out of my mind with worry. Can the bank go under taking all my money with it is my question of the day. Any help, information would be greatly appreciated. 

Frustrated, confused and worried,
Yoda&I

Hello, I have the same problem, i'm seeking legal advice and making a case against them, please contact me.