Trading 212 Clone / Scam?

gravel_2

dwainpipe said:

@gravel_2 what's COP and who can't be part of it?  Trading212? 

@GreenWiz I've been on the same online chat session/waiting for a human for 2 days now... still no response.  The bot just says the 'it's take too long, sorry' type message, which I also got by email overnight too.

https://www.wearepay.uk/what-we-do/overlay-services/confirmation-of-payee/

dwainpipe

@gravel_2 Thank you. I see COP is Confirmation of Payee, which appears to be what Chase Bank (and others I use) offer when I setup a new payee in their app.

This is what started the rejection of Trading212 for me by Chase.

I don't understand what Trading212 not being a bank means as to why Chase can't check their bank account details.  Trading212 appear to be FCA authorised so I think this means they could provide COP services if they wanted, but I can't understand why they would.  It's Chase's job, not theirs.

Are you suggesting something, some reason why Trading212's bank account details should have been trusted by Chase, or not as the case maybe?

gravel_2

I'm not making excuses or explanations for anything. I was responding specifically to GreenWiz who said:

"If T212 are protected by the FSA £85k then they rerally should allow account name checks too. Absolute waste of my time."

dwainpipe

I now have £5k with Trading212, transferred to the account number provided by them.  It's showing in the app and I feel comfortable that this is not a scam and that Chase Bank seem to be overreacting.

masonic

It is a reasonable precaution to confirm that you are dealing with the correct entity by using the details of the genuine firm on the FCA register. Though it is normally sufficient to confirm the website address.

screwphillips

I have today had exactly the same experience as gravel_2. I also bank with Chase and was trying to transfer money to T212. My test transfer of £1 went through fine and I got notification that it had arrived at my new T212 account. I then sent a much bigger amount and this was blocked by Chase. I had to call Chase but got fed up waiting so opted for a call back. 20 minutes later I got a call back from Chase in the Philippines. The guy to 30 minutes to convince me that transferring the money was not safe as Chase had had multiple customers reporting T212 as a scam by cloning the T212 site. I told him that the sort code matched JP Morgan-Chase but he said that JPM- Chase was not part of Chase bank. He said he was going to block the transfer and return my Chase account balance to its original amount. My £1 is still sitting in my T212 account. I now don't know what to do. Are Chase just putting their customers off because so many are transferring away from them ? 

masonic

If a bank refuses your instructions, even after you've taken all reasonable steps to confirm the payee, then it is time to raise a formal complaint.

Chase won't be refusing because you are moving money to another part of the group. Even if the person you spoke to doesn't understand that to be true.

One thing that has been noted about Chase in the past is that multiple payments on the same day tend to cause security holds, where those made on different days are more likely to get through. So it might be worth another try tomorrow after making your complaint.

Beddie

screwphillips said:

I have today had exactly the same experience as gravel_2. I also bank with Chase and was trying to transfer money to T212. My test transfer of £1 went through fine and I got notification that it had arrived at my new T212 account. I then sent a much bigger amount and this was blocked by Chase. I had to call Chase but got fed up waiting so opted for a call back. 20 minutes later I got a call back from Chase in the Philippines. The guy to 30 minutes to convince me that transferring the money was not safe as Chase had had multiple customers reporting T212 as a scam by cloning the T212 site. I told him that the sort code matched JP Morgan-Chase but he said that JPM- Chase was not part of Chase bank. He said he was going to block the transfer and return my Chase account balance to its original amount. My £1 is still sitting in my T212 account. I now don't know what to do. Are Chase just putting their customers off because so many are transferring away from them ? 

Like all banks, they have to pay compensation for fraud and it's costing them a lot of money. It's cheaper for them to block transfers to T212 than it is to pay huge claims further down the line.
We see this with other banks too - they are trying to protect themselves from future claims. Blame the FCA for taking all of the responsibility from customers and putting it on the banks, regardless of behaviour.

Andyb01

I don't believe this is a scam but it has put me off investing with Trading 212 - I set up a cash ISA account but opened and closed it within an hour.

Firstly they wanted my bank login username details for an instant transfer - never happening - and on a bank transfer I was unable to verify the account details using name check, so I binned the transfer and closed the ISA account.

Why no option to make a deposit by debit card?

The above are classic red flags for a scam - like I say - almost certainly not a scam in this case but these companies know what fraud triggers look like and they can and must do much better than this if they want my business.

As they say on Dragon's Den: I won't be investing, I'm out!

Andy

gravel_2

Andyb01 said:

I don't believe this is a scam but it has put me off investing with Trading 212 - I set up a cash ISA account but opened and closed it within an hour.

Firstly they wanted my bank login username details for an instant transfer - never happening - and on a bank transfer I was unable to verify the account details using name check, so I binned the transfer and closed the ISA account.

Why no option to make a deposit by debit card?

The above are classic red flags for a scam - like I say - almost certainly not a scam in this case but these companies know what fraud triggers look like and they can and must do much better than this if they want my business.

As they say on Dragon's Den: I won't be investing, I'm out!

Andy

Are you sure they wanted your bank login details or did they just redirect to your bank login via open banking?

You can deposit by debit card. Up to £2k is free and then there is a fee to do so.