Zopa - SmartSaver (Missing Funds)

wiseonesomeofthetime

That was where OP lost me tbh 

Band7

wiseonesomeofthetime said:

Band7 said:

"effected payments"

:facepalm

Emoji not working

:double facepalm:
🙈

I never expected it to change into an emoji. May be you are too young to remember the times before emoji but I can assure you that :facepalm has been around for decades, even before PCs got invented.

TabP

Well, it's certainly a lesson learnt.  I'll be moving all of my locked in savings away from Zopa and going elsewhere when they are accessible.
I've been doing this for well over a year with Zopa and before then Marcus, and it's first issue I've had with funds "disappearing", so it's a good time for me to review all of my savings accounts and put more safeguards in place for when financial companies mess up!  As they clearly don't seem to have any urgency to resolve this, 3 banking days have almost passed and still no sign of my missing funds.

jaypers

Something doesn’t add up here. A Faster Payment transaction does not go missing and is easily traceable by the initiating Bank.

AmityNeon

You should definitely spread your risk. There's nothing wrong with leaving your current accounts virtually empty until necessary for standing orders and direct debits, as long as you have easy access savings available across multiple institutions in case one has a hiccup.

Band7

TabP said:

Well, it's certainly a lesson learnt.  I'll be moving all of my locked in savings away from Zopa and going elsewhere when they are accessible.
I've been doing this for well over a year with Zopa and before then Marcus, and it's first issue I've had with funds "disappearing", so it's a good time for me to review all of my savings accounts and put more safeguards in place for when financial companies mess up!  As they clearly don't seem to have any urgency to resolve this, 3 banking days have almost passed and still no sign of my missing funds.

Whilst such problems will be rare, you can face such problems with all providers. Spread your risk, split your cash across different providers.

Shivvy1

Nightmare. I was getting stressed over £52 but more concerning I was told I can’t access the cash in there

Exodi

TabP said:

Well, it's certainly a lesson learnt.  I'll be moving all of my locked in savings away from Zopa and going elsewhere when they are accessible.
I've been doing this for well over a year with Zopa and before then Marcus, and it's first issue I've had with funds "disappearing", so it's a good time for me to review all of my savings accounts and put more safeguards in place for when financial companies mess up!  As they clearly don't seem to have any urgency to resolve this, 3 banking days have almost passed and still no sign of my missing funds.

You say that you've been doing this for well over a year without incident with Zopa, so it seems unfortunate that this is what drives you to drop Zopa as a platform (technically it's NatWest responsible for the issue, not Zopa, but alas).

I think you'll be hard-pressed to find a bank that can guarantee they'll never experience an issue.

I really don't know what the issue would be with leaving enough for the DD's in your current account and transferring the spare money to savings, we're literally talking about pennies.

But I'm repeating myself, I've been on this Earth long enough to know I'm not going to change your view on this. I hope you manage to find a bank with guaranteed instantaneous transfers, or whatever it is you're looking for.