Is Flagstone IM trustworthy?

mositt

My bank won't let me transfer money via Flagstone cos they can't find an account in my name. Anyone else had this problem? 

eskbanker

If you mean that Flagstone isn't a participant in the Confirmation of Payee initiative (which validates the name of the recipient) then yes, everyone else trying to send money to them will have encountered this - it's not a measure of Flagstone's trustworthiness.  It would be unusual for the sending bank to refuse as such though, most would simply advise that the payee couldn't be validated but allow the transaction through at the sender's risk, weren't you given that option?  Which bank?

Bigwheels1111

Every new savings account ive opened give this kind of issue.

Chase, Atom, Tandem.

Only one that did not was Al Ryan, opened and funded all without issue.

Flagstone are like Raisin, You take out the offer and pay them, they put money in a  holding account and then into your new savings account.

Takes 2 days with Raisin.

You will just need to call your bank and get them to arrange first payment.

Answer all their questions and payment will be made.

masonic

Bigwheels1111 said:

Every new savings account ive opened give this kind of issue.

Chase, Atom, Tandem.

Only one that did not was Al Ryan, opened and funded all without issue.

Al Rayan doesn't support CoP yet, though, does it? I opened their issue 3 everyday saver account recently and had to bypass my bank's warning as usual when sending my £1 test transfer.

It's been at least a couple of years since any payment I've made has required a security call, so it appears I have trained my sending bank to my usual pattern of transactions when shifting money between savings accounts offered by the smaller players in the market.

refluxer

I don't really understand the attraction of savings market places like Flagstone. Once the novelty of a small amount of cashback wears off, you'll find yourself with access to a very limited selection of accounts, the majority of which pay the same interest rate as if you'd approached the providers directly.

While I do get the attraction of having your money in one place and removing the hassle of registering with multiple providers, I think this advantage is undermined by the lack of choice. You also need to be careful to apply via MSE, as Flagstone normally charge an annual management fee if you don't.

Albermarle

refluxer said:

I don't really understand the attraction of savings market places like Flagstone. Once the novelty of a small amount of cashback wears off, you'll find yourself with access to a very limited selection of accounts, the majority of which pay the same interest rate as if you'd approached the providers directly.

While I do get the attraction of having your money in one place and removing the hassle of registering with multiple providers, I think this advantage is undermined by the lack of choice. You also need to be careful to apply via MSE, as Flagstone normally charge an annual management fee if you don't.

Also from comments on the forum, some of these providers, Raisin is often mentioned, seem to have a lot of admin/IT issues.

Bigwheels1111

masonic said:

Bigwheels1111 said:

Every new savings account ive opened give this kind of issue.

Chase, Atom, Tandem.

Only one that did not was Al Ryan, opened and funded all without issue.

Al Rayan doesn't support CoP yet, though, does it? I opened their issue 3 everyday saver account recently and had to bypass my bank's warning as usual when sending my £1 test transfer.

It's been at least a couple of years since any payment I've made has required a security call, so it appears I have trained my sending bank to my usual pattern of transactions when shifting money between savings accounts offered by the smaller players in the market.

I dont know for sure, but my main bank is First Direct.

They have been a pain with every other account I have opened.

All except Al Ryen.

No fraud checks or hold ups.

Chase 3 fraud checks on 4 payments

Atom, Tandem, Marcus and Raisin all fraud checks.

eskbanker

Bigwheels1111 said:

masonic said:

Bigwheels1111 said:

Every new savings account ive opened give this kind of issue.

Chase, Atom, Tandem.

Only one that did not was Al Ryan, opened and funded all without issue.

Al Rayan doesn't support CoP yet, though, does it? I opened their issue 3 everyday saver account recently and had to bypass my bank's warning as usual when sending my £1 test transfer.

It's been at least a couple of years since any payment I've made has required a security call, so it appears I have trained my sending bank to my usual pattern of transactions when shifting money between savings accounts offered by the smaller players in the market.

I dont know for sure, but my main bank is First Direct.

They have been a pain with every other account I have opened.

All except Al Ryen.

No fraud checks or hold ups.

Chase 3 fraud checks on 4 payments

Atom, Tandem, Marcus and Raisin all fraud checks.

Fraud checks aren't 'this kind of issue' in terms of what OP described, which related to a name check ("they can't find an account in my name") and hence the more relevant discussion about CoP rather than the different issue of payments being withheld for fraud checks....

Bigwheels1111

eskbanker said:

Bigwheels1111 said:

masonic said:

Bigwheels1111 said:

Every new savings account ive opened give this kind of issue.

Chase, Atom, Tandem.

Only one that did not was Al Ryan, opened and funded all without issue.

Al Rayan doesn't support CoP yet, though, does it? I opened their issue 3 everyday saver account recently and had to bypass my bank's warning as usual when sending my £1 test transfer.

It's been at least a couple of years since any payment I've made has required a security call, so it appears I have trained my sending bank to my usual pattern of transactions when shifting money between savings accounts offered by the smaller players in the market.

I dont know for sure, but my main bank is First Direct.

They have been a pain with every other account I have opened.

All except Al Ryen.

No fraud checks or hold ups.

Chase 3 fraud checks on 4 payments

Atom, Tandem, Marcus and Raisin all fraud checks.

Fraud checks aren't 'this kind of issue' in terms of what OP described, which related to a name check ("they can't find an account in my name") and hence the more relevant discussion about CoP rather than the different issue of payments being withheld for fraud checks....

Had the same issue with Raisin as I said above, call the bank and say make the payment.

They will ask the name of payee, which should have been provided by Flagstone.

masonic

Bigwheels1111 said:

eskbanker said:

Bigwheels1111 said:

masonic said:

Bigwheels1111 said:

Every new savings account ive opened give this kind of issue.

Chase, Atom, Tandem.

Only one that did not was Al Ryan, opened and funded all without issue.

Al Rayan doesn't support CoP yet, though, does it? I opened their issue 3 everyday saver account recently and had to bypass my bank's warning as usual when sending my £1 test transfer.

It's been at least a couple of years since any payment I've made has required a security call, so it appears I have trained my sending bank to my usual pattern of transactions when shifting money between savings accounts offered by the smaller players in the market.

I dont know for sure, but my main bank is First Direct.

They have been a pain with every other account I have opened.

All except Al Ryen.

No fraud checks or hold ups.

Chase 3 fraud checks on 4 payments

Atom, Tandem, Marcus and Raisin all fraud checks.

Fraud checks aren't 'this kind of issue' in terms of what OP described, which related to a name check ("they can't find an account in my name") and hence the more relevant discussion about CoP rather than the different issue of payments being withheld for fraud checks....

Had the same issue with Raisin as I said above, call the bank and say make the payment.

They will ask the name of payee, which should have been provided by Flagstone.

Raisin use Starling for their holding accounts, which supports Confirmation of Payee, so your issue is not the same as the OP's. For comparison, I bank with First Direct and don't have the same issue as you with payments being held for security reasons.

eskbanker

Bigwheels1111 said:

eskbanker said:

Bigwheels1111 said:

masonic said:

Bigwheels1111 said:

Every new savings account ive opened give this kind of issue.

Chase, Atom, Tandem.

Only one that did not was Al Ryan, opened and funded all without issue.

Al Rayan doesn't support CoP yet, though, does it? I opened their issue 3 everyday saver account recently and had to bypass my bank's warning as usual when sending my £1 test transfer.

It's been at least a couple of years since any payment I've made has required a security call, so it appears I have trained my sending bank to my usual pattern of transactions when shifting money between savings accounts offered by the smaller players in the market.

I dont know for sure, but my main bank is First Direct.

They have been a pain with every other account I have opened.

All except Al Ryen.

No fraud checks or hold ups.

Chase 3 fraud checks on 4 payments

Atom, Tandem, Marcus and Raisin all fraud checks.

Fraud checks aren't 'this kind of issue' in terms of what OP described, which related to a name check ("they can't find an account in my name") and hence the more relevant discussion about CoP rather than the different issue of payments being withheld for fraud checks....

Had the same issue with Raisin as I said above, call the bank and say make the payment.

They will ask the name of payee, which should have been provided by Flagstone.

Yes, sounds like that one may be a relevant example, especially if OP banks with First Direct and actually wasn't able to proceed with an online transfer because of not being able to pass a CoP check.  My point was that all those other payments you referred to encountered a different issue....