Where to invest £8k

seh567

Have set up a saver account with Chase bank no trouble at all. However having trouble with Santander security making transfer to the new saver account. I transferred two amounts which transferred ok but they have block two further transfers and requested I phone them. They say that Chase don’t use the payee verication process most banks use so therefore could be a scam. I understand they need to check large transfers but asking stupid questions like is anyone asking me to lie to the bank, have I checked this bank, is someone telling me to do this, how did I hear about this bank etc. They are scaring me!

Daliah

Sadly, it‘s now normal that we have to answer these sorts of questions. It‘s due to people having been scammed out of tens of thousands at a time, and banks now having to reimburse such frauds. Not surprisingly, all banks have now introduced additional checks.

kuratowski

seh567 said:

asking stupid questions like is anyone asking me to lie to the bank, have I checked this bank, is someone telling me to do this, how did I hear about this bank etc. They are scaring me!

Those are not stupid questions, read some of the scam stories on this site or elsewhere 

seh567

Yeah I know they have to be careful and rightly so but I was frustrated that I had to go through the security checks 4 times with different people and being cutoff every bloomin time. I just got the impression they didn't trust Chase Bank and it's a bit strange they don't use the new payee verification system that most UK banks use. 

Daliah

seh567 said:

Yeah I know they have to be careful and rightly so but I was frustrated that I had to go through the security checks 4 times with different people and being cutoff every bloomin time. I just got the impression they didn't trust Chase Bank and it's a bit strange they don't use the new payee verification system that most UK banks use. 

The Confirmation Of Payee system might reduce but will not eliminate random safety checks