Chip Savings Deposit Warning!

boingy

dreamypuma said:

This morning I had the dreaded "failed transfer" issue encountered by OP.

I now have £2.5K sat in limbo after using Open banking Truelayer to transfer. As this is the second time I've had this issue in 6 months, I'm assuming it's a fairly common issue amongst Chip savers, particularly as there are multiple reports of this happening.

Last time this happened the bank I used then, recovered the misdirected funds. Unfortunately this time I used Halifax, who seem to have washed their hands of the situation and referred me back to Chip.

I'm still waiting on Chip's response to my message this morning, however based on past experience, have low expectation and won't be holding my breath.

Does anyone know how frequently Clear Bank reconcile mis-directed payments? How long did others wait for their mis-directed transfer issues to be refunded? 

Furthermore are there preventive measure that I can take to avoid any future reoccurrences?

I don't know the answer to your questions but I just wanted to add to this thread that Chip now accept "normal" transfers. That is, you can set up a payment from the sending account with sort code, account number and reference and make payment from there rather than using the open banking thing. Select "manual deposit" in the chip app for the details. The payments go through almost instantly with faster payments unless the sending bank decides to hold the money for further security checks. It's a much more efficient way to transfer funds into Chip.

dreamypuma

masonic said:

dreamypuma said:

This morning I had the dreaded "failed transfer" issue encountered by OP.

I now have £2.5K sat in limbo after using Open banking Truelayer to transfer. As this is the second time I've had this issue in 6 months, I'm assuming it's a fairly common issue amongst Chip savers, particularly as there are multiple reports of this happening.

I think it's very rare actually. In dozens of OB transfers, I've had two instances where there was an apparent error during a transfer. Once the money wasn't debited and I just tried again, and the second time the money arrived in Chip a few moments later despite Truelayer reporting the transaction may have failed. Neither led to any of my money disappearing. A few people do seem to have had issues, but that needs to be set against the number who have not.

That you've experienced the issue twice, with different banks, hints at it being something to do with specific end-user set up (e.g. hardware, internet connectivity etc) that is causing some sort of glitch.

dreamypuma said:

Furthermore are there preventive measure that I can take to avoid any future reoccurrences?

You can now send the money using Faster Payments from your linked bank. You have to connect it to Chip and perform at least one Open Banking deposit as a prerequisite. You then have the option to display inward payment details you can use to push money instead of pull it.

Thanks. I can't dismiss that it maybe related to a configuration issue.

I do however feel that after over 10 years of flawless online banking experience (including open banking with Kroo and Tandem), two instances of flawed transfers with the same app / organisation is a poor show. Something that only Chip hold the accolade for.

Thanks for the heads up on Faster Payments. I've just noticed this on the app now. Will probably lean on this in the future.

dreamypuma

boingy said:

dreamypuma said:

This morning I had the dreaded "failed transfer" issue encountered by OP.

I now have £2.5K sat in limbo after using Open banking Truelayer to transfer. As this is the second time I've had this issue in 6 months, I'm assuming it's a fairly common issue amongst Chip savers, particularly as there are multiple reports of this happening.

Last time this happened the bank I used then, recovered the misdirected funds. Unfortunately this time I used Halifax, who seem to have washed their hands of the situation and referred me back to Chip.

I'm still waiting on Chip's response to my message this morning, however based on past experience, have low expectation and won't be holding my breath.

Does anyone know how frequently Clear Bank reconcile mis-directed payments? How long did others wait for their mis-directed transfer issues to be refunded? 

Furthermore are there preventive measure that I can take to avoid any future reoccurrences?

I don't know the answer to your questions but I just wanted to add to this thread that Chip now accept "normal" transfers. That is, you can set up a payment from the sending account with sort code, account number and reference and make payment from there rather than using the open banking thing. Select "manual deposit" in the chip app for the details. The payments go through almost instantly with faster payments unless the sending bank decides to hold the money for further security checks. It's a much more efficient way to transfer funds into Chip.

Thanks for sharing this info. I'll stick to this for future deposits.

wadd

Just tried a faster payment via my linked bank (Natwest)which when done was instantaneous to Chip...worked fine ,whats required (may vary by linked bank) is,

1)Your exact name registered with Chip

2) Sort code & account number (check via Chip app)

3) a  reference (Natwest require this not sure if Chip do) i had a reference started with a CF- (then 10 numbers...my wifes numbers are different to mine but again ref starts with CF- (cant recall  but the ref must have been from Chip at somestage)..

Pumpkinpie42

Chip lost my deposit of £20k!
They have no phone number of course, so I wait days between each comment from them and my replies! Sooo frustrating!!
Barclays say the money left them and it’s gone to Chip but Chip marked the payment cancelled. However, it hasn’t gone back to my Barclays- So where is it?!! 

Chip send me to Barclays and Barclays send me to Chip because the money left them! 

Nightmare! So unprofessional! 

masonic

Pumpkinpie42 said:

Chip lost my deposit of £20k!
They have no phone number of course, so I wait days between each comment from them and my replies! Sooo frustrating!!
Barclays say the money left them and it’s gone to Chip but Chip marked the payment cancelled. However, it hasn’t gone back to my Barclays- So where is it?!! 

Chip send me to Barclays and Barclays send me to Chip because the money left them! 

Nightmare! So unprofessional! 

How did you make the transfer? Barclays have previously been reported not to support such high value Open Banking transfers.

Bigwheels1111

I have sent payment to Chip of 80k.

Done in seconds, never an issue either way.

That was via First Direct.

So issue must be bank specific.

This is the only savings I have that does not have a telephone contact.

I like to talk to a person when thing go tipps up.