CHIP Weirdness?

jimjames

TiVo_Lad said:

jimjames said:

You'll never fund a sort code and account as Chip isn't setup that way to allow you to pay in via those details.

That's the only way I've funded my CHIP account. Send an FP and you get an instant eMail confirmation that they've received the deposit.

Thanks, that's useful to know

PixelPound

jimjames said:

hellopaul said:

My partner just opened a Chip savings account (because it was recommended by MSE), and it uses Open Banking and it's dreadful. It seems impossible to find your Chip account's sort code and account number, so the only way to put money in is to allow Chip to rummage through your linked (normal bank) account, and help itself to your data/funds. H

That's nonsense. There is no "helping themselves" as you have to enter the amount you want to pay in and then authorise it. Use a separate bank account if you're that worried.

Now updated from comments below
You'll never fund a sort code and account as Chip isn't setup that way to allow you to pay in via those details.

Also, well it is for me, that extra stuff is optional and turned off by default. It's more for if you use their auto deposit function to take surplus money out and put it back when needed. 

So it only shares, name, account details and balance. No transaction history or So, etc. 

phillw

hellopaul said:

where you bung in the sort code, account number and amount, and hey presto, the money almost instantly 

disappears and you worry whether you entered the wrong details and sent a large amount of money to a stranger.

I don't have a problem with it, they can knock their socks off trying to get any details out of the bank account I use.

Beddie

I opened Chip about 3 months ago. Autosave was NOT turned on by default.

As for open banking, Barclays have an upper limit for payments of £3000 per day. What use is that? So it's very good that I can pay in using sort code and account number, which is almost instant.