Anyone had to use a Tide account before when selling goods?

Kerryann35

My son sold a pair of shoes on Facebook yesterday and he sent the guy his bank details expecting a straight forward bank transfer but the guy had a Tide account and it turns out my son has to pay money into his account before funds are released to him??? how can this be correct?
So the shoes sold for £200, the buyer paid £400 into his Tide account, and now my son has been instructed by Tide to pay £200 into the same account then the funds will be released to him.
Unfortunately he already sent the shoes .. so the guy will be getting the shoes today but we haven't had the money.

GTR_King

Tide only offer business accounts so seems a bit fishy to me,

Hope he gets the money he is in owed

Debbie9009

That sounds like a scam to me, if you son sends them money I suspect he will never see it again.  I also suspect he is not going to get paid for the shoes.  I think this is one he will need to chalk up to experience in making sure he has the money before he posts the item.

Eyeful

Do you mean Tide Platform Ltd?

Tide Platfom Ltd ( FRN: 900843)  is  not a bank, it is an e-money institution. So your money is not protected.
https://www.fscs.org.uk/check-your-money-is-protected/

The FCA register shows the following information for this company:-
https://register.fca.org.uk/s/firm?id=001b00000410w6rAAA

I would find the phone number for this company from the FCA register given above and ask them (a) If it was them that contacted you (b) If this is their normal way of doing business.

What your stating sounds like a common type of scam. 
Make very sure who you are dealing with before sending any money.

If this is not the tide company you are dealing with then do basic checks using these websites.
https://register.fca.org.uk/s/
https://www.fscs.org.uk/check-your-money-is-protected/
https://www.scamdoc.com/

Let us know how things turn out.

DaylightZone

He got scammed I’m afraid it’s a common one with fake bank apps if he paid the guy he won’t see that money again or the shoes unless he calls his bank and they recall it

PRAISETHESUN

Agreed, it sounds like a scam. Never send money in order to secure the release of other money.
Additionally, never send an item sold online before receiving the payment. Unlikely he'll see the shoes again or get any payment for them either now.