Switching to Starling with the current account switch guarantee. Absolute chaos?!

altruisticmoth

Hi all,

I was wondering if anyone could provide any input into the current situation I am facing. Just to preface, I will be filing a complaint to Starling over all this (and the financial ombudsman, if it’s not a satisfactory response).

I have switched to Starling, and used the current account switch service to transfer everything from my old account.

Everything appears to be going well, up until today, the last day of the account switch. 

Money has left my old account, and my Metro Bank account is closed - but, Starling now want to verify where the money has come from?! 

The problem is I don’t have access to my old bank statements, and it’ll take 5-7 days for Metro Bank to send them! But tomorrow is outgoing day, for rent, expenses, everything! 

I’ve sent them a mini statement that Metro Bank have issued me in branch, but I’m concerned it’s not enough to prove the funds are mine. And that is even more confusing, Metro Bank have already done the KYC/due diligence process on the money! Why are Starling doing it when THEY’VE initiated the transfer?!

I’m lucky my pay check has come into my Starling account, but if some poor sod had it arrive before the account switch, they’d be without any money!

This seems like a massive oversight. Anyone have any idea of what to say to Starling in the complaint? I’m fuming that I’ve been put in such a position, and my money is unaccounted for at the moment!

eskbanker

What size of balance is involved?  It would seem over-zealous if it was a few hundred quid, but tens of thousands in a current account might warrant some sort of discussion....

The fact that one bank has undertaken their own KYC checks doesn't prevent another one choosing to do the same though, in that the receiving bank has to satisfy its own compliance regime.

It certainly emphasises the importance of retaining access to statements from the old bank when switching!

born_again

altruisticmoth said:

Hi all,

I was wondering if anyone could provide any input into the current situation I am facing. Just to preface, I will be filing a complaint to Starling over all this (and the financial ombudsman, if it’s not a satisfactory response).

I have switched to Starling, and used the current account switch service to transfer everything from my old account.

Everything appears to be going well, up until today, the last day of the account switch. 

Money has left my old account, and my Metro Bank account is closed - but, Starling now want to verify where the money has come from?! 

The problem is I don’t have access to my old bank statements, and it’ll take 5-7 days for Metro Bank to send them! But tomorrow is outgoing day, for rent, expenses, everything! 

I’ve sent them a mini statement that Metro Bank have issued me in branch, but I’m concerned it’s not enough to prove the funds are mine. And that is even more confusing, Metro Bank have already done the KYC/due diligence process on the money! Why are Starling doing it when THEY’VE initiated the transfer?!

I’m lucky my pay check has come into my Starling account, but if some poor sod had it arrive before the account switch, they’d be without any money!

This seems like a massive oversight. Anyone have any idea of what to say to Starling in the complaint? I’m fuming that I’ve been put in such a position, and my money is unaccounted for at the moment!

The fact the other bank has done their due diligence, does not absolve Starling from not having to do their own.

But very odd on a switch.

altruisticmoth

Of course, them doing their due diligence is justified, it is a large amount moving over.

The problem is that they’ve closed my old account, before doing so. Seems rather egregious - it can definitely cause issues for people to not have liquidity for a certain time period.

born_again

Starling did not close your old account. The old bank did & they sent the money to Starling, as part of the switch process.
Just why starling want to check source of funds is odd. Given it is a switch.

Unless there was a sudden influx of funds just before move. But even then, I'm not sure they would know that. As all they would get is the amount being transferred over sent to them.