Tandem withdrawal delay

[Deleted User]

I have been told that the payment was reprocessed at 17.58 yesterday and can take up to 24h. I was told they have been working overtime night and morning on this, the agent acknowledged the marker on my account, but very briefly. I get the impression they have had enough.

judexx

Mine's just turned up (requested first thing yesterday morning) - hope this bodes well for everyone else caught up in this

Pompeydave1967

Have tandem put out a reason for delayed payments ? Eg I.T. Issues. I see on app there is a message to say they are working on outbound payments but no real explanation.

JJM03

Missing withdrawal has now appeared in my bank account. I agree that an explanation for this unfortunate issue would be most welcome. Never been totally comfortable with Tandem so doubt I will change my mind on winding down my savings balances with them.

[Deleted User]

Still nothing for me

cmgurney

JJM03 said:

Missing withdrawal has now appeared in my bank account. I agree that an explanation for this unfortunate issue would be most welcome. Never been totally comfortable with Tandem so doubt I will change my mind on winding down my savings balances with them.

I have now withdrawn all my money from Tandem. Fortuitously, Chase yesterday added a bonus to their savings accounts which means they now beat Tandem's interest rate, and their transfers are always instantaneous. The new rate is only for new savings accounts but you can have up to 10 savings accounts with Chase. So I opened a new one, at the new rate, to put the money from Tandem in. Then I closed my original Chase savings account, to avoid confusing myself! 

Pompeydave1967

Like others I have a few fixed savings with tandem and this recent episode doesn’t fill me with confidence. Hopefully just a glitch like other banks have from time to time .I have 5.5 / 5.85 rates with them fixed so fingers crossed all is fine .

judexx

cmgurney said:

JJM03 said:

Missing withdrawal has now appeared in my bank account. I agree that an explanation for this unfortunate issue would be most welcome. Never been totally comfortable with Tandem so doubt I will change my mind on winding down my savings balances with them.

I have now withdrawn all my money from Tandem. Fortuitously, Chase yesterday added a bonus to their savings accounts which means they now beat Tandem's interest rate, and their transfers are always instantaneous. The new rate is only for new savings accounts but you can have up to 10 savings accounts with Chase. So I opened a new one, at the new rate, to put the money from Tandem in. Then I closed my original Chase savings account, to avoid confusing myself! 

I'm thinking along the same lines - Chase are always so quick with transfers and the bonus rates makes this look like an excellent choice

cmgurney

JJM03 said:

Missing withdrawal has now appeared in my bank account. I agree that an explanation for this unfortunate issue would be most welcome. Never been totally comfortable with Tandem so doubt I will change my mind on winding down my savings balances with them.

There's clearly some major IT issue, as they seem to have all their staff working flat out on this and the chat agents have been authorised to offer £25 compensation if you're willing to drop a formal complaint. They've lost me as a customer because of the way they've handled this. Total transparency is always the way to go. Every Tandem customer should have received an email with a full explanation of the problem, and what they were doing to fix it, as soon as they discovered the issue. And that definitely wasn't soon enough. The chat agents both told me that the delayed payments, which happened early on Sunday afternoon in my case, were only discovered first thing on Monday morning. What kind of banking system doesn't have live human monitoring over the weekend?

[Deleted User]

Agreed its been poor, as for the fixed savers I would happily leave with an interest penalty if this were an option. I am still awaiting my money.