PCF Bank

parent13

Hi I have opened a fixed three year account today with PCF Bank.  Went to transfer a large sum of money via Halifax who have said that there is a possible risk with this bank and have said that I need to check that its not a scam as their systems are highlighting issues around it.  Anyone else has issues and to be honest this has made me want to not continue.

Bigwheels1111

Is that the 2.6% for 3 years ?.
If so it’s not a good deal at the moment as you can get 2.5% for 2 years plus there is likely to be another boe rise in a week or two.
It seems that all these new banks cause issues with initial transfers.

If it was me I would hold off for a week or two.

Daliah

Bigwheels1111 said:

It seems that all these new banks cause issues with initial transfers.

The Confirmation Of Payee (COP) - thing has only been implemented by very few banks. Most Building Societies and most other savings providers are not currently participating, and probably never will.


Unfortunately, some consumers are unaware (or don't read the messages displayed) and are wrongly assuming that it's a scam / their payment gets blocked if no match can be found. 

Much worse still, some consumers assume the recipient is "safe" if it passes the COP checks. But all COP does, where possible, is to check that the sort code and account number match the account name entered. It does not check whether there is FSCS cover. 

Additional info:

t0rt0ise

I had the same with Smile bank querying my transfer to OakNorth bank. Moving money has become a pain!

Albermarle

Also if you ever talk to any of the staff at a  bank , they have usually never heard of a lot of the smaller banks, especially new ones. So I suppose that raises suspicions as well, especially if the C o P does not work .

MrStanners

I had a similar issue to the OP about a month ago, with the Halifax and PCF banks.
In my case when I tried to do the initial transfer to PCF I got the scam warning messages. When I tried to continue my transfer was then refused and I was informed that my account would be suspended and I had to contact their fraud department.
I phoned their fraud department, they answered fairly quickly, the lady on the phone was helpful and sorted it all out.
However the whole experience was a pain. I have other accounts with PCF and other small banks and in the past external transfers from the Halifax to them have been ok. 

Daliah

MrStanners said:

<snip> I have other accounts with PCF and other small banks and in the past external transfers from the Halifax to them have been ok. 

In the past, banks weren't expected to reimburse the victims of app fraud. Now that they are essentially forced to do so, they will of course do everything to reduce their risks. The bottom line result is that we are all treated as if we had no clue why and where we are sending our money, just so that a few gullible ones can continue to ignore the copious warnings about making transfers on the say-so of an unsolicited caller. The irony of the whole thing is that determined fraudsters just find different ways to con those people out of their money.