Vanquis Bank

Ted_01

Ade99 said:

Does anyone who opened the 1yr 4.6% fixed rate bond account close to the date it became oversubscribed know if they got the 4.6% rate? 

I opened mine on 7th Nov (product then taken off the market on 8th Nov).

Yesterday the account became live and I have funded a with a small amount. However within my dashboard the Rate field is blank.

The rate on their website for new customers is now 4.45%.

I tried calling them yesterday but like others I spent 55 mins on hold then gave up. They seem swamped. I have sent them a secure msg but quite often it's quicker to get a reply on here and I'm conscious of the 5 day funding window....

Thanks.

The rate is blank within my dashboard too, and even in the letters they sent me there is no mention of the rate, it just says "3 year fixed". Very annoying / worrying.

t1redmonkey

refluxer said:

westv said:

Why the need for a test payment? My online banking normally has details of banks already included or it can also confirm that the name matches the account number.

That only work if the bank is a member of the Confirmation of Payee scheme which I suspect Vanquis (just like the majority of the banks mentioned on this forum) are not.

That scheme is mostly limited to the 'big players' at the moment (like Barclays, Nationwide etc) although some of the smaller banks (eg. Atom) are gradually joining as time goes on.

They are part of the CoP scheme.

t1redmonkey

Ted_01 said:

Ade99 said:

Does anyone who opened the 1yr 4.6% fixed rate bond account close to the date it became oversubscribed know if they got the 4.6% rate? 

I opened mine on 7th Nov (product then taken off the market on 8th Nov).

Yesterday the account became live and I have funded a with a small amount. However within my dashboard the Rate field is blank.

The rate on their website for new customers is now 4.45%.

I tried calling them yesterday but like others I spent 55 mins on hold then gave up. They seem swamped. I have sent them a secure msg but quite often it's quicker to get a reply on here and I'm conscious of the 5 day funding window....

Thanks.

The rate is blank within my dashboard too, and even in the letters they sent me there is no mention of the rate, it just says "3 year fixed". Very annoying / worrying.

From my experience of funding the account this week, the rate is blank for the first business day after you've funded it, then the next business day the rate populates.  

refluxer

PeskyBlunder said:

refluxer said:

westv said:

Why the need for a test payment? My online banking normally has details of banks already included or it can also confirm that the name matches the account number.

That only work if the bank is a member of the Confirmation of Payee scheme which I suspect Vanquis (just like the majority of the banks mentioned on this forum) are not.

That scheme is mostly limited to the 'big players' at the moment (like Barclays, Nationwide etc) although some of the smaller banks (eg. Atom) are gradually joining as time goes on.

A post above from t1redmonkey says they do have Confirmation of Payee. I'm still waiting on my "welcome letter" from my Monday application...

Oops - my mistake. The last time I tried to search online for a listed of participating banks, I couldn't find one. Does such a list exist ?

jimexbox

Ted_01 said:

Ade99 said:

Does anyone who opened the 1yr 4.6% fixed rate bond account close to the date it became oversubscribed know if they got the 4.6% rate? 

I opened mine on 7th Nov (product then taken off the market on 8th Nov).

Yesterday the account became live and I have funded a with a small amount. However within my dashboard the Rate field is blank.

The rate on their website for new customers is now 4.45%.

I tried calling them yesterday but like others I spent 55 mins on hold then gave up. They seem swamped. I have sent them a secure msg but quite often it's quicker to get a reply on here and I'm conscious of the 5 day funding window....

Thanks.

The rate is blank within my dashboard too, and even in the letters they sent me there is no mention of the rate, it just says "3 year fixed". Very annoying / worrying.

I would of thought it's a contractual obligation to apply the interest rate agreed on application. 

wmb194

t1redmonkey said:

refluxer said:

westv said:

Why the need for a test payment? My online banking normally has details of banks already included or it can also confirm that the name matches the account number.

That only work if the bank is a member of the Confirmation of Payee scheme which I suspect Vanquis (just like the majority of the banks mentioned on this forum) are not.

That scheme is mostly limited to the 'big players' at the moment (like Barclays, Nationwide etc) although some of the smaller banks (eg. Atom) are gradually joining as time goes on.

They are part of the CoP scheme.

Only because it's being sent to a Barclays account in Vanquis' name. The reference number you need to use for your actual Vanquis account isn't being verified.

westv

wmb194 said:

t1redmonkey said:

refluxer said:

westv said:

Why the need for a test payment? My online banking normally has details of banks already included or it can also confirm that the name matches the account number.

That only work if the bank is a member of the Confirmation of Payee scheme which I suspect Vanquis (just like the majority of the banks mentioned on this forum) are not.

That scheme is mostly limited to the 'big players' at the moment (like Barclays, Nationwide etc) although some of the smaller banks (eg. Atom) are gradually joining as time goes on.

They are part of the CoP scheme.

Only because it's being sent to a Barclays account in Vanquis' name. The reference number you need to use for your actual Vanquis account isn't being verified.

The system doesn't verify reference numbers, it verifiers names and bank account numbers. As the money needs to come from a nominated account that should remove the possibility of the money going to the wrong account once it gets there.

jimexbox

Two letters from Vanquis have turned up.

meat_n2_reg

Just sent a test £1 payment , not sure it will turn up as its less than £1000 , will see tomorrow 

Authenticated nominated account and used Vanquis account reference in reference when making payment 

Don't like the no interest rate being displayed , applied on Monday 7th , but says account opened 8th November on-line ,  hopefully should be ok 

wmb194

westv said:

wmb194 said:

t1redmonkey said:

refluxer said:

westv said:

Why the need for a test payment? My online banking normally has details of banks already included or it can also confirm that the name matches the account number.

That only work if the bank is a member of the Confirmation of Payee scheme which I suspect Vanquis (just like the majority of the banks mentioned on this forum) are not.

That scheme is mostly limited to the 'big players' at the moment (like Barclays, Nationwide etc) although some of the smaller banks (eg. Atom) are gradually joining as time goes on.

They are part of the CoP scheme.

Only because it's being sent to a Barclays account in Vanquis' name. The reference number you need to use for your actual Vanquis account isn't being verified.

The system doesn't verify reference numbers, it verifiers names and bank account numbers. As the money needs to come from a nominated account that should remove the possibility of the money going to the wrong account once it gets there.

Yup, but this doesn't make it, "part of the CoP scheme" in quite the way the previous poster implied. This is what I was clarifying.