Zopa - SmartSaver (Missing Funds)

TabP

I transferred several thousand pounds to my Zopa Smartsaver account on Monday morning, it usually arrives in less than 5 mins, max of 2 hours.  However, 48+ hours later and no sign of it.

I have been on their App to chat with a few of their customer service agents and also called 3 times to get more information and updates on Mon & Tues.
Was told on Tues lunchtime, it would be fixed by 17:30 Tues evening, but it wasn't.  Today, the funds are still not showing in my account.
Zopa said last night they are not sure if they can/will cover my overdraft charges, even though the lady I spoke with says it is their fault (due to a banking issue with their provider Natwest).  My mortgage + other payments have gone out of my current account today, I've never been overdrawn by anything more than about £10 in my whole life.

What else can I be doing to (a) get my funds to show in my account, and (b) make sure Zopa will cover any charges I incur through no fault of mine?

Anyone else having this issue?  I've been in touch with a few others on Twitter who seem to be having the same issue.

Oddly, depsite Zopa saying they were having issues with outbound and inbound payments, I was on Monday able to send money to my Zopa account, as I did a small test, and also transfer money out.  It makes me thinks they are not being honest on what has really happened here.

Band7

How does your current account get overdrawn if Zopa deposits are not credited in the normal time? Do you mean you withdrew money from Zopa and it hasn't arrived in your current account?

TabP

I usually keep the balance of my current account at a very low amount, and keep most of my money in the Zopa Smartsaver.  When I need money in my current account, I transfer it over.
So on Monday, I sent a large amount from my current account to Zopa, and it's not arrived.  That's the problem.  So today, I have had several bills paid by DD, and am now overdrawn.

Band7

TabP said:

I transferred several thousand pounds to my Zopa Smartsaver account on Monday morning, it usually arrives in less than 5 mins, max of 2 hours.  However, 48+ hours later and no sign of it.

Perhaps edit your OP to make it clear that it was not to but from Zopa.

To solve your issue, the only thing I can suggest you can do in addition to what you are already doing is that you raise a formal complaint with Zopa. Hopefully their problem will be resolved before end of the day, however, so your current account is back in the black and you won't be charged OD charges.

TabP

It was a transfer TO Zopa from my current account.

Thanks, I did raise a complaint yesterday.

wiseonesomeofthetime

TabP said:

It was a transfer TO Zopa from my current account.

Thanks, I did raise a complaint yesterday.

Sorry, but your post does not make any sense to me then.

Why would you send money FROM your current account TO Zopa Smart Saver when you have DDs due?

If you failed to leave enough money in your current account to cover your liabilities, how is that Zopa's fault?

Also, Faster Payment transfers are only guaranteed to be in your account by end of next working day. Granted, most appear within seconds of being transferred, but if there is a delay in your money coming back to your current account from any savings provider, their T&C will no doubt cover them under the Faster Payments Protocol.

Can you clarify again, what your complaint is please?

TabP

Because, I keep all on my money in my savings account and move it back either the day before or on the day when DD's are due out, as the interest rate on my current account is rubbish compared with Zopa 3.07% rate.

It's their fault, as my money and many other customers money has been missing since Monday AM, they are giving no ETA for when the funds will be visible via the App.

wiseonesomeofthetime

https://twitter.com/Zopa/status/1630916872395804672/

Band7

"effected payments"

:facepalm

wiseonesomeofthetime

Band7 said:

"effected payments"

:facepalm

Emoji not working

:double facepalm:
🙈

Exodi

TabP said:

Because, I keep all on my money in my savings account and move it back either the day before or on the day when DD's are due out, as the interest rate on my current account is rubbish compared with Zopa 3.07% rate.

It's their fault, as my money and many other customers money has been missing since Monday AM, they are giving no ETA for when the funds will be visible via the App.

If I've understood your post correctly, you moved money to Zopa on Monday with the plan to move some back the next day (Tuesday) as your DD's get taken today (Wednesday)?

I mean, each to their own and all that, but this just seems like total unnecessary madness to me. I assume you got paid Monday, would it not be easier to just transfer the spare money (leaving the money for bills in the account) instead - especially if they're coming out literally a day or two after...

Faster Payments aren't guaranteed to be instant, so this just seems like wholly needless work, risk and stress for the sake of 1 day of interest at 3.07%. Assuming your DD's are £1000 a month, you're literally talking about 8p in interest.

Good luck with your complaint.