Union Bank of India

kcorc

I'm attracted to the UBI 12 month fixed rate bond.  I've opened my account and passed KYC but Lloyds cant  online validate the bank account details they have given me? Has anyone else had the same issue? 

eskbanker

Those online validation processes only work if both the sending and receiving banks are participants in the Confirmation of Payee initiative - Lloyds are but presumably UBI (along with many others) aren't.

If you're concerned about your money getting through to the right place, fall back to the tried and tested pre-CoP alternative of sending a test payment of £1 first....

bristolleedsfan

kcorc said:

I'm attracted to the UBI 12 month fixed rate bond.  I've opened my account and passed KYC but Lloyds cant  online validate the bank account details they have given me? Has anyone else had the same issue?

Someone in August reported that Halifax refused to accept Payee was genuine, however Halifax fraud team put my transaction through ok .... same thread someone reported went through fine via BOS

https://forums.moneysavingexpert.com/discussion/comment/79392829/#Comment_79392829

Old_Grey_Mare

eskbanker said:

Those online validation processes only work if both the sending and receiving banks are participants in the Confirmation of Payee initiative - Lloyds are but presumably UBI (along with many others) aren't.

If you're concerned about your money getting through to the right place, fall back to the tried and tested pre-CoP alternative of sending a test payment of £1 first....

Can I just ask a question about the £1 test payment. I read that multiple payments are not allowed in some of these companies. Does that not include the £1 test payment?

refluxer

Old_Grey_Mare said:

eskbanker said:

Those online validation processes only work if both the sending and receiving banks are participants in the Confirmation of Payee initiative - Lloyds are but presumably UBI (along with many others) aren't.

If you're concerned about your money getting through to the right place, fall back to the tried and tested pre-CoP alternative of sending a test payment of £1 first....

Can I just ask a question about the £1 test payment. I read that multiple payments are not allowed in some of these companies. Does that not include the £1 test payment?

It's rare for a bank to insist on a single payment but, from what I gather, those who do will normally return any deposit made that is below the minimum they require so, in those circumstances, a small test deposit isn't possible.

Old_Grey_Mare

refluxer said:

Old_Grey_Mare said:

eskbanker said:

Those online validation processes only work if both the sending and receiving banks are participants in the Confirmation of Payee initiative - Lloyds are but presumably UBI (along with many others) aren't.

If you're concerned about your money getting through to the right place, fall back to the tried and tested pre-CoP alternative of sending a test payment of £1 first....

Can I just ask a question about the £1 test payment. I read that multiple payments are not allowed in some of these companies. Does that not include the £1 test payment?

It's rare for a bank to insist on a single payment but, from what I gather, those who do will normally return any deposit made that is below the minimum they require so, in those circumstances, a small test deposit isn't possible.

Thank you.

soulsaver

UBI only allow single deposits into FTBs: Clear in their terms.
 

Old_Grey_Mare

soulsaver said:

UBI only allow single deposits into FTBs: Clear in their terms.
 

I thought I’d phone them. They said it was acceptable to deposit £1 but to email them and ask them to confirm they’ve received it and then to deposit the remainder the same day.

eskbanker

soulsaver said:

UBI only allow single deposits into FTBs: Clear in their terms.

Happy to be corrected (albeit it sounds like they're more flexible in practice based on the above clarification) but when I had a quick look at their website prior to posting earlier, I found it to be one of the most impenetrable and least intuitive websites I've ever had the misfortune to land on, so would debate whether anything UBI offer can genuinely be described as clear!

Albermarle

eskbanker said:

soulsaver said:

UBI only allow single deposits into FTBs: Clear in their terms.

Happy to be corrected (albeit it sounds like they're more flexible in practice based on the above clarification) but when I had a quick look at their website prior to posting earlier, I found it to be one of the most impenetrable and least intuitive websites I've ever had the misfortune to land on, so would debate whether anything UBI offer can genuinely be described as clear!

At least they seem to answer the phone, unlike some other savings providers at the moment !

soulsaver

Albermarle said:

eskbanker said:

soulsaver said:

UBI only allow single deposits into FTBs: Clear in their terms.

Happy to be corrected (albeit it sounds like they're more flexible in practice based on the above clarification) but when I had a quick look at their website prior to posting earlier, I found it to be one of the most impenetrable and least intuitive websites I've ever had the misfortune to land on, so would debate whether anything UBI offer can genuinely be described as clear!

At least they seem to answer the phone, unlike some other savings providers at the moment !

They couldn't be bothered to answer my email query regarding test payments, though.
I took it they CBA as it's clear in the terms.