Zopa transfers in needing verification

rliu

Saw a recent post about HSBC to zopa but the question I have is slightly different - transferred in from Chase fine at Chase end but Zopa seems to require an account to be linked and verified so the amount I put in is gone from chase balance but not showing in Zopa. Anyone else encountered this before and know how quickly zopa can verify and whether I would earn interest during the days that presumably zopa has my funds in some generic holding account that I can't see?

refluxer

When a savings account only accepts payments in from a nominated bank account, then payments from non-verified accounts are usually returned - not sure if this is how Zopa operate, though. You should have verified your Chase account before attempting to make a payment, so get it verified now and see what happens.

From : https://www.zopa.com/help/article/how-do-i-pay-money-in

Your Zopa savings account comes with a sort code and unique account number, which you can use to pay money in.

Before paying into your Zopa savings account, make sure the bank account you’d like to pay in with has been verified by us. Once this is confirmed, here’s what you need to do:

Head to your verified bank account to set up a new payee using your Zopa savings account details. If your bank says it can’t verify the details, it’s likely due to a new security check called Confirmation of Payee. Read more about why other banks might not recognise Zopa.

Also, please be aware, we can only accept Faster Payments – BACS or CHAPS won’t currently reach us.

razord

My guess is it will be returned to your original bank at some random point in the next week or two, but you can open a live chat to ask them to confirm that.

wiseonesomeofthetime

When I sent it to Zopa from wrong Chase account, Zopa told me it would be returned, and it arrived back in my Chase account 1h 27m after my initial transfer. 

rliu

Can confirm it ended up being returned to Chase. Have now done the verification process so just waiting on that.

refluxer

Sounds like some accounts are verified quicker than others. My Barclays account was verified instantly - possibly because Barclays are obviously a member of the CoP scheme.

trickydicky14

refluxer said:

Sounds like some accounts are verified quicker than others. My Barclays account was verified instantly - possibly because Barclays are obviously a member of the CoP scheme.

My Halifax account was instant yet my partner is still waiting, she used Virgin Money.