KROO

AmityNeon

TheBanker said:

Any bank might ask for proof of the source of funds being deposited, especially if it's a large amount and/or going into a new account. It is not unusual and there are threads here about well established banks making similar requests, and subsequently freezing accounts because the information is not supplied or sufficient. So the fact they have asked for information is not a red flag, it is simply their way of complying with certain regulations to prevent money laundering and fraud.

Is it normal for a bank to hold incoming payments for review before funds are even deposited into the receiving account, and then ask for details such as the sender's date of birth? There are reports on this forum of Kroo doing precisely this (here's one), and it seems like only Kroo that does this. Usually banks allow funds to clear, and then freeze and ask questions if anything suspicious is flagged.

TheBanker

AmityNeon said:

TheBanker said:

Any bank might ask for proof of the source of funds being deposited, especially if it's a large amount and/or going into a new account. It is not unusual and there are threads here about well established banks making similar requests, and subsequently freezing accounts because the information is not supplied or sufficient. So the fact they have asked for information is not a red flag, it is simply their way of complying with certain regulations to prevent money laundering and fraud.

Is it normal for a bank to hold incoming payments for review before funds are even deposited into the receiving account, and then ask for details such as the sender's date of birth? There are reports on this forum of Kroo doing precisely this (here's one), and it seems like only Kroo that does this. Usually banks allow funds to clear, and then freeze and ask questions if anything suspicious is flagged.

It's normal for incoming funds to be held. In fact it's better as it reduces the risk of them being moved prior to the freeze being applied. It is not normal to ask for the sender's date of birth (as I said on the other thread, I think) and I do not know what value that would add in terms of fraud or money laundering checks. This might be where they are still finding their feet - it is ok to use a Date of Birth to confirm that a payer/payee is not a terrorist but just happens to have the same name. But to do this the date has to be verified - taking it from a third party over the phone wouldn't be sufficient. 

pepsi_max2k

Currently waiting over 24 hrs for a bank transfer in to appear. HSBC initially held it as possible fraud (that's normal, phone them up and confirm it's not a scam and they release it) but it's still not shown in Kroo yet. Waiting for a response from them, but guessing it's the same deal as above - they want proof of the account it's coming from. Which is also perfectly normal, except every other app asks me for my main linked bank account during setup, not after the account is setup, so maybe they missed implementing something there.

For now, sounds like paypal or using the "Instant Bank Transfer" link might work better initially.

TheBanker

pepsi_max2k said:

Currently waiting over 24 hrs for a bank transfer in to appear. HSBC initially held it as possible fraud (that's normal, phone them up and confirm it's not a scam and they release it) but it's still not shown in Kroo yet. Waiting for a response from them, but guessing it's the same deal as above - they want proof of the account it's coming from. Which is also perfectly normal, except every other app asks me for my main linked bank account during setup, not after the account is setup, so maybe they missed implementing something there.

For now, sounds like paypal or using the "Instant Bank Transfer" link might work better initially.

The 'main linked account' thing probably wouldn't work for Kroo. This is normally used for savings accounts, where money is expected to come from the account holder's current account. But Kroo is a current account, so it is not unreasonable for money to arrive from multiple sources including third party payers.

boingy

I am puzzled about you folks who are having issues with Kroo themselves holding up deposits into Kroo because I've had no issues like that (I've had the sending banks hold payments until prodded). Are you sending very large amounts?

pepsi_max2k

boingy said:

I am puzzled about you folks who are having issues with Kroo themselves holding up deposits into Kroo because I've had no issues like that (I've had the sending banks hold payments until prodded). Are you sending very large amounts?

nope. £50. they're looking in to it. 

engowen

pepsi_max2k said:

boingy said:

I am puzzled about you folks who are having issues with Kroo themselves holding up deposits into Kroo because I've had no issues like that (I've had the sending banks hold payments until prodded). Are you sending very large amounts?

nope. £50. they're looking in to it. 

I'm also waiting for my £50 from Santander to appear in my Kroo which I'd transferred yesterday. In the support chat I was asked to provide the faster payment ID, which I got from Santander and provided. It is a strange start which I rather keep my saving elsewhere.

TheBanker

It is quite odd to hold up small payments from another UK bank account in the same name. Not sure why they would do that.

Large payments, third party payments and overseas payments I could understand, but not £50 from your Santander account.

Remember in the future 'receiving banks' will be liable for 50% of any APP Frauds. I can understand why, being new, Kroo have built their systems to perform checks on incoming payments, but can't understand why they're checking the particular payments mentioned above. 

boingy

We're going to reach a point where normal law-abiding customers are unable to move any money around without phoning someone, making a bit of a nonsense of online banking and faster payments. If they were supermarkets they'd be frisking us before allowing us to pay for the groceries.

amibovvered

I can't get past the 'provide a password' stage. I used a couple of nonsense words, 11 characters, it said "That password could be easy to guess. Try using the tips below to create a stronger password"

Tips are: must be at least 6 characters long; try using 3 separate words; avoid personal information like birthdays.

I added a couple of numbers and a punctuation mark. Same response. I added another couple of words (now about 23 characters long!) and one of those password strength testers says it would take 10 Hundred Trillion years to crack it.

Kroo still reckon it could be guessed, and I cannot continue with my application until they accept my password!