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allegro120

masonic said:

It seems I am on the naughty step with Family BS. They have taken exception to me using their debit card funding option to fulfil the criteria for my Halifax Reward accounts. A shame really as it was a pain waiting for the funds to clear at NS&I. I now need to provide them with an explanation for regulatory compliance. I expect they will tell me not to do it again.

Thank you for this warning. I've done it twice, no repercussions so far.  I didn't withdraw on the same day though, did it the next day instead (just in case).

flaneurs_lobster

masonic said:

It seems I am on the naughty step with Family BS. They have taken exception to me using their debit card funding option to fulfil the criteria for my Halifax Reward accounts. A shame really as it was a pain waiting for the funds to clear at NS&I. I now need to provide them with an explanation for regulatory compliance. I expect they will tell me not to do it again.

Why do they say the explanation is needed for "regulatory compliance"? It's got nothing to do with the regulator(s).
They just don't want you rinsing cash through their savings accounts.
Just use Revolut, they're used to having large amounts of cash sloshing around their accounts. 

jim1999

It may just be for some money laundering piece.  I'd be tempted to explain that it's from your own UK bank account with Halifax, and they might be satisfied with that.

masonic

allegro120 said:

masonic said:

It seems I am on the naughty step with Family BS. They have taken exception to me using their debit card funding option to fulfil the criteria for my Halifax Reward accounts. A shame really as it was a pain waiting for the funds to clear at NS&I. I now need to provide them with an explanation for regulatory compliance. I expect they will tell me not to do it again.

Thank you for this warning. I've done it twice, no repercussions so far.  I didn't withdraw on the same day though, did it the next day instead (just in case).

flaneurs_lobster said:

masonic said:

It seems I am on the naughty step with Family BS. They have taken exception to me using their debit card funding option to fulfil the criteria for my Halifax Reward accounts. A shame really as it was a pain waiting for the funds to clear at NS&I. I now need to provide them with an explanation for regulatory compliance. I expect they will tell me not to do it again.

Why do they say the explanation is needed for "regulatory compliance"? It's got nothing to do with the regulator(s).
They just don't want you rinsing cash through their savings accounts.
Just use Revolut, they're used to having large amounts of cash sloshing around their accounts.

Excerpt from the letter:

"As part of our regular checks and monitoring, we undertake reviews of our customers' transactional patterns for activity that may not fit expected behaviour for a savings account. We have identified you have made multiple deposits using different cards for each transaction before withdrawing the funds, this activity has been repeated. Accordingly we need to ask you for some information to enable us to comply with our regulatory obligations."

And then goes on to request I fill out a form (which just contains a big box for me to write in my explanation. I expect it is a bit of both. Could conceivably trip poorly set money laundering flags.

FWIW I only did it twice too, on one occasion withdrew on the same day, on the other a few days later.

masonic

jim1999 said:

It may just be for some money laundering piece.  I'd be tempted to explain that it's from your own UK bank account with Halifax, and they might be satisfied with that.

I think I will mention something about a promotional offer by the debit card issuer to encourage spending on the card, putting it all in the past tense. Which is the truth, and I have now been warned off.

jim1999

masonic said:

jim1999 said:

It may just be for some money laundering piece.  I'd be tempted to explain that it's from your own UK bank account with Halifax, and they might be satisfied with that.

I think I will mention something about a promotional offer by the debit card issuer to encourage spending on the card, putting it all in the past tense. Which is the truth, and I have now been warned off.

Fair enough.  Reading your previous message with more detail about what they've flagged, and the actions you've described, it is almost a textbook description of layering in money laundering terms.  Although as you point out, it was for entirely different reasons.  In that case explaining the rationale may well help.

Bridlington1

@soulsaver
YBS Rainy Day Acc Issue 2 slipping from 4.30% to 4.05% from 19/6/25.

crumpet_man

masonic said:

It seems I am on the naughty step with Family BS. They have taken exception to me using their debit card funding option to fulfil the criteria for my Halifax Reward accounts. A shame really as it was a pain waiting for the funds to clear at NS&I. I now need to provide them with an explanation for regulatory compliance. I expect they will tell me not to do it again.

I leave it in NSI until the next month and repeat.  I'm losing out on about 1% interest but it's far less hassle.

masonic

crumpet_man said:

masonic said:

It seems I am on the naughty step with Family BS. They have taken exception to me using their debit card funding option to fulfil the criteria for my Halifax Reward accounts. A shame really as it was a pain waiting for the funds to clear at NS&I. I now need to provide them with an explanation for regulatory compliance. I expect they will tell me not to do it again.

I leave it in NSI until the next month and repeat.  I'm losing out on about 1% interest but it's far less hassle.

I was doing the same, but just for the week or so it takes the money to clear. Never had any issues over a number of years. It was just by chance that I opened the Family BS account as a backup option as rates were falling, and thought to make life a little bit easier with the debit card deposit facility. It won't be a great hardship to go back to the old way. Hopefully through flagging it I can save others some inconvenience.

Bridlington1

masonic said:

crumpet_man said:

masonic said:

It seems I am on the naughty step with Family BS. They have taken exception to me using their debit card funding option to fulfil the criteria for my Halifax Reward accounts. A shame really as it was a pain waiting for the funds to clear at NS&I. I now need to provide them with an explanation for regulatory compliance. I expect they will tell me not to do it again.

I leave it in NSI until the next month and repeat.  I'm losing out on about 1% interest but it's far less hassle.

I was doing the same, but just for the week or so it takes the money to clear. Never had any issues over a number of years. It was just by chance that I opened the Family BS account as a backup option as rates were falling, and thought to make life a little bit easier with the debit card deposit facility. It won't be a great hardship to go back to the old way. Hopefully through flagging it I can save others some inconvenience.

I tend to vary it up with banks/building societies I use for debit card payments, I know for wirex's refer-a-friend offer last year I used a variety for my 20 debit card payments.

If possible I use accounts that have recently generated a few pence interest but have a minimum withdrawal amount so that I can say I had to make the deposit and then withdraw as it's the only way I can grab the interest without closing the account.