Zopa Easy Access Acc

judith2008

I recently opened an easy access account with Zopa and made a nominal deposit as my first transaction which after a prolonged period was finally acknowledged by Zopa.  However my second transaction/transfer which was more substantial was returned 24 hours later as Zopa claimed they were unable to recognise my nominated bank account?  Very strange, didn’t instill me with any confidence, decided to cancel and not pursue this particular account. Curious if anyone else had issues with Zopa?

Daliah

judith2008 said:

I recently opened an easy access account with Zopa and made a nominal deposit as my first transaction which after a prolonged period was finally acknowledged by Zopa.  However my second transaction/transfer which was more substantial was returned 24 hours later as Zopa claimed they were unable to recognise my nominated bank account?  Very strange, didn’t instill me with any confidence, decided to cancel and not pursue this particular account. Curious if anyone else had issues with Zopa?

Did you verify the nominated account? Which bank is it with? Zopa can’t, for instance, verify a Chase savings account, I believe

Rollinghome

Daliah said:

judith2008 said:

I recently opened an easy access account with Zopa and made a nominal deposit as my first transaction which after a prolonged period was finally acknowledged by Zopa.  However my second transaction/transfer which was more substantial was returned 24 hours later as Zopa claimed they were unable to recognise my nominated bank account?  Very strange, didn’t instill me with any confidence, decided to cancel and not pursue this particular account. Curious if anyone else had issues with Zopa?

Did you verify the nominated account? Which bank is it with? Zopa can’t, for instance, verify a Chase savings account, I believe

They were able to verify my Chase Savings account.  That may have been the one they asked for a copy of a statement to be emailed to them, but was all done in a blink.

Was it a problem with the initial verification of the account, or them deciding there was an inconsistency between the account verified, and the account used to send the second deposit?

judith2008

My nominated account was First Direct, initial opening deposit accepted. 2nd transaction bounced back as didn’t recognise the nominated account? Decided to close and go elsewhere.

jak22

There are other threads about issues with HSBC->Zopa - not really Zopa's fault. The sensible idea of putting one small transaction through first followed by larger ones triggers HSBC's system.

If the transaction is going to go through then it'll appear in around 20mins. If there's no sign after two hours you can try to get FD to unblock or wait for it to be returned and then ask for it to be sent again over the phone. Or try sending it as smaller amounts,

Rollinghome

judith2008 said:

My nominated account was First Direct, initial opening deposit accepted. 2nd transaction bounced back as didn’t recognise the nominated account? Decided to close and go elsewhere.

Banks are now terrified of allowing fraud or money-laundering to occur, and if they allow a customer to be defrauded, there's a good chance of the bank being held liable. As a result, some now seem act in strange and unfathomable ways. First stop is usually to phone and try to ascertain who did what and why.

Daliah

Rollinghome said:

judith2008 said:

My nominated account was First Direct, initial opening deposit accepted. 2nd transaction bounced back as didn’t recognise the nominated account? Decided to close and go elsewhere.

Banks are now terrified of allowing fraud or money-laundering to occur, and if they allow a customer to be defrauded, there's a good chance of the bank being held liable. As a result, some now seem act in strange and unfathomable ways. First stop is usually to phone and try to ascertain who did what and why.

It's not really surprising that banks - all of them - have started to hold/block many more transactions, as they are now compelled to refund Authorised Push Payment (APP) scams unless they can prove that they took any and all measure to protect the account holder. UK Finance members reported 149,946 incidents of APP scams in 2020 with gross losses of £479 million.

We can thank the fraudsters, the gullible victims, and consumer rights organisations like Which? and MSE for having to suffer blockages and failures of payments which we know are perfectly legit. Grin and bear is all you can do for now.

Happy_Chapess

I'm not sure where the following might end up...but here goes

We have two accounts one in my name and the other in my husbands.

Yesterday, he - my husband noted from this site that Zopa were offering to boost the interest rate from 3.25% to 4.75% on the Easy Access account. He logged in and the offer was presented to him. The same didn't happen when I tried. 

A telephone call today Wed. 22 October identified the fact that the `offer` was conditional and I didn't qualify. I didn't ask that the eligibility criteria was.

mon3ysav3r

Happy_Chapess said:

A telephone call today Wed. 22 October identified the fact that the [Zopa] `offer` was conditional and I didn't qualify. I didn't ask that the eligibility criteria was.

I like others had to upgrade our Zopa app before the offer appeared, and some on the latest version had to uninstall and reinstall to get the offer. I am not suggesting you were told the wrong information but might be worth a try.

friolento

Happy_Chapess said:

I'm not sure where the following might end up...but here goes

We have two accounts one in my name and the other in my husbands.

Yesterday, he - my husband noted from this site that Zopa were offering to boost the interest rate from 3.25% to 4.75% on the Easy Access account. He logged in and the offer was presented to him. The same didn't happen when I tried. 

A telephone call today Wed. 22 October identified the fact that the `offer` was conditional and I didn't qualify. I didn't ask that the eligibility criteria was.

Happy_Chapess If you deposit £500 into your Zopa current account, the bonus rate for the saver should show. You may also have to install an upgrade to the app first.

The £500 can be withdrawn / moved to the saver immediately 

clairec666

The offer wasn't showing for me originally, but it did after I updated the app.

The app also helpfully tells you how much you still need to deposit to qualify for next month's bonus. I've only done £300 so far (straight in and out to the saver) and if i go into my Access Pot it tells me I still need to put £200 into Biscuit by 21/11 to lock in the 4.75% bonus.