Beware Zopa!

sarahhavard

I took out two Zopa savings accounts, one instant access and one 31 day notice account. FAQs state withdrawals to your nominated bank account are usually within 10 minutes but may take up to 2 hours. I requested a withdrawal on Friday evening (19/05/2023) from my instant access account and could see this money in my current account almost immediately. I then requested a second withdrawal 30 minutes later and the money never arrived.

There was no one available to talk to until 9am the next day but the money had been removed from my Zopa balance. At 9am I had an online chat with a Zopa representative who told me just to wait until the end of the next business day (Monday) and if the money still had not arrived to contact them again! No explanation, no visibility of where my money is and now no access to my supposedly 'Instant Access' funds. I ended up having to default on a car purchase (and have now lost this vehicle) as I now had no access to my own money. You can't call them and frankly they have provided no assistance anyway.

PROCEED WITH EXTREME CAUTION BEFORE HANDING OVER YOUR FUNDS! I have instigated a subject access request to receive all communications between myself and Zopa which I will use in filing a complaint with them and the Financial Services Ombudsman but wanted to give others a warning that your money is probably best saved elsewhere.

masonic

Any Faster Payment sent from any financial institution can take up to the end of the next working day to be received.

housebuyer143

sarahhavard said:

I took out two Zopa savings accounts, one instant access and one 31 day notice account. FAQs state withdrawals to your nominated bank account are usually within 10 minutes but may take up to 2 hours. I requested a withdrawal on Friday evening (19/05/2023) from my instant access account and could see this money in my current account almost immediately. I then requested a second withdrawal 30 minutes later and the money never arrived.

There was no one available to talk to until 9am the next day but the money had been removed from my Zopa balance. At 9am I had an online chat with a Zopa representative who told me just to wait until the end of the next business day (Monday) and if the money still had not arrived to contact them again! No explanation, no visibility of where my money is and now no access to my supposedly 'Instant Access' funds. I ended up having to default on a car purchase (and have now lost this vehicle) as I now had no access to my own money. You can't call them and frankly they have provided no assistance anyway.

PROCEED WITH EXTREME CAUTION BEFORE HANDING OVER YOUR FUNDS! I have instigated a subject access request to receive all communications between myself and Zopa which I will use in filing a complaint with them and the Financial Services Ombudsman but wanted to give others a warning that your money is probably best saved elsewhere.

You know payments don't normally get processed on a weekend right? 
It's not just Zopa. Best not to move money on a Friday afternoon or weekend if you need it to be reflected and received right away.

allegro120

housebuyer143 said:

sarahhavard said:

I took out two Zopa savings accounts, one instant access and one 31 day notice account. FAQs state withdrawals to your nominated bank account are usually within 10 minutes but may take up to 2 hours. I requested a withdrawal on Friday evening (19/05/2023) from my instant access account and could see this money in my current account almost immediately. I then requested a second withdrawal 30 minutes later and the money never arrived.

There was no one available to talk to until 9am the next day but the money had been removed from my Zopa balance. At 9am I had an online chat with a Zopa representative who told me just to wait until the end of the next business day (Monday) and if the money still had not arrived to contact them again! No explanation, no visibility of where my money is and now no access to my supposedly 'Instant Access' funds. I ended up having to default on a car purchase (and have now lost this vehicle) as I now had no access to my own money. You can't call them and frankly they have provided no assistance anyway.

PROCEED WITH EXTREME CAUTION BEFORE HANDING OVER YOUR FUNDS! I have instigated a subject access request to receive all communications between myself and Zopa which I will use in filing a complaint with them and the Financial Services Ombudsman but wanted to give others a warning that your money is probably best saved elsewhere.

You know payments don't normally get processed on a weekend right? 
It's not just Zopa. Best not to move money on a Friday afternoon or weekend if you need it to be reflected and received right away.

I'm sure I've made a number of withdrawals from Zopa on weekends and they all arrived imminently.

masonic

You can withdraw and pay in to Zopa 24/7, but doing so outside of banking hours does increase the impact should a transaction be flagged. Just one of the everyday frustrations of life.

housebuyer143

allegro120 said:

housebuyer143 said:

sarahhavard said:

I took out two Zopa savings accounts, one instant access and one 31 day notice account. FAQs state withdrawals to your nominated bank account are usually within 10 minutes but may take up to 2 hours. I requested a withdrawal on Friday evening (19/05/2023) from my instant access account and could see this money in my current account almost immediately. I then requested a second withdrawal 30 minutes later and the money never arrived.

There was no one available to talk to until 9am the next day but the money had been removed from my Zopa balance. At 9am I had an online chat with a Zopa representative who told me just to wait until the end of the next business day (Monday) and if the money still had not arrived to contact them again! No explanation, no visibility of where my money is and now no access to my supposedly 'Instant Access' funds. I ended up having to default on a car purchase (and have now lost this vehicle) as I now had no access to my own money. You can't call them and frankly they have provided no assistance anyway.

PROCEED WITH EXTREME CAUTION BEFORE HANDING OVER YOUR FUNDS! I have instigated a subject access request to receive all communications between myself and Zopa which I will use in filing a complaint with them and the Financial Services Ombudsman but wanted to give others a warning that your money is probably best saved elsewhere.

You know payments don't normally get processed on a weekend right? 
It's not just Zopa. Best not to move money on a Friday afternoon or weekend if you need it to be reflected and received right away.

I'm sure I've made a number of withdrawals from Zopa on weekends and they all arrived imminently.

Yes not guaranteed though. I am with Skipton and they don't process payments on weekends. I don't rely on it because lots of places don't. Expecting that money on a weekend is asking for trouble.

Sg28

I paid a builder several thousand on a saturday morning a few years back. He didnt receive if it until Tuesday afternoon. It was incredibly worrying and frustrating. You get so used it being instant it makes you panic when its not.

Malchester

A bit OTT I think. I have found Zopa excellent which is why I stay with them even though their rates are a little low. Always had excellent service. Sometimes transfers are delayed for security checks. Zopa cannot be castigated generally because of one experience 

ZeroSum

Think they had technical issues on Friday night. I made a deposit into zopa Friday night & the money didn't arrive until Saturday morning. Which I did get an email from them apologising 

francoghezzi

ZeroSum said:

Think they had technical issues on Friday night. I made a deposit into zopa Friday night & the money didn't arrive until Saturday morning. Which I did get an email from them apologising 

It must have been quite a night. A lot of accounts are still locked because customers can't receive verification codes to access them

Wheres_My_Cashback

housebuyer143 said:

sarahhavard said:

I took out two Zopa savings accounts, one instant access and one 31 day notice account. FAQs state withdrawals to your nominated bank account are usually within 10 minutes but may take up to 2 hours. I requested a withdrawal on Friday evening (19/05/2023) from my instant access account and could see this money in my current account almost immediately. I then requested a second withdrawal 30 minutes later and the money never arrived.

There was no one available to talk to until 9am the next day but the money had been removed from my Zopa balance. At 9am I had an online chat with a Zopa representative who told me just to wait until the end of the next business day (Monday) and if the money still had not arrived to contact them again! No explanation, no visibility of where my money is and now no access to my supposedly 'Instant Access' funds. I ended up having to default on a car purchase (and have now lost this vehicle) as I now had no access to my own money. You can't call them and frankly they have provided no assistance anyway.

PROCEED WITH EXTREME CAUTION BEFORE HANDING OVER YOUR FUNDS! I have instigated a subject access request to receive all communications between myself and Zopa which I will use in filing a complaint with them and the Financial Services Ombudsman but wanted to give others a warning that your money is probably best saved elsewhere.

You know payments don't normally get processed on a weekend right? 
It's not just Zopa. Best not to move money on a Friday afternoon or weekend if you need it to be reflected and received right away.

Wrong, ZOPA are a 24/7 365 day bank who operate to standard FP guidelines.