Sidekick Money Ltd - Safe to use?

KevinG

Well I have finally ditched Sidekick after moving the last bonus interest payment out of the Wallet (which at least happened instantly). That was not a fun experience, too many problems with payments in and out and the interest rate is no longer competitive.

Desiringtransparency

Help - I have just (yesterday) moved some money via True Layer from my main account to a new account with Sidekick, as it was listed on the MSE best buys.  I no longer want to have an account with them and have been in touch to ask them to return MY money - into the very account it was taken from.  And this is the latest situation:

"

I understand your frustration regarding the delay in your funds. The funds are currently on hold by CurrencyCloud for a routine compliance check. To ensure the funds can be released swiftly, we require the additional information that has been requested. Current Status: The deposit is in a processing state. Next Steps: CurrencyCloud cannot process or return the funds until their compliance team has successfully completed their review. Release of Funds: The funds will be released promptly once CurrencyCloud receives and processes all the requested information. We sincerely apologize for the inconvenience this necessary compliance process has caused. Please provide the requested information at your earliest convenience so we can expedite the release.” Why didn’t they ask me to provide this info BEFORE attempting to open an account - and I would have steered clear since you don’t have to jump through these hoops with other companies? I have no payslips to show where the money came from (I just moved it from another savings account); they won’t accept a screen shot of my bank statement showing the money went to Sidekick (surely THEY know that as they’ve received the money); they want me to send an email with an attachment. Imagine if just 100 people were going through the same hoop - there could be millions of money ‘pending’ instead of being in someone’s account….

eskbanker

Desiringtransparency said:

Imagine if just 100 people were going through the same hoop - there could be millions of money ‘pending’ instead of being in someone’s account….

But presumably the money is still in your account earning interest while the compliance check is done?

Eyeful

Before opening an account with them did you go through their FAQ's and read this?
https://support.sidekickmoney.com/en/collections/13744191-getting-started

Desiringtransparency

eskbanker said:

Desiringtransparency said:

Imagine if just 100 people were going through the same hoop - there could be millions of money ‘pending’ instead of being in someone’s account….

But presumably the money is still in your account earning interest while the compliance check is done?

That’s what I presumed - but no, the balance is still showing £0 and when i do a bit of rummaging I find it’s “pending"

Desiringtransparency

Thanks, @Eyeful - having read their FAQs it doesn’t seem to cover what they want me to provide - it’s not ID but clarification of where the funds have come from.  I’m simply moving a sum from one savings account to another, am retired so no pay slips, no recent house sale or dividend cert!  They try to reassure me with a “while your funds are in a pending state, rest assured we’re keeping an eye on it” but no mention of any interest payable…..

wmb194

Desiringtransparency said:

Thanks, @Eyeful - having read their FAQs it doesn’t seem to cover what they want me to provide - it’s not ID but clarification of where the funds have come from.  I’m simply moving a sum from one savings account to another, am retired so no pay slips, no recent house sale or dividend cert!  They try to reassure me with a “while your funds are in a pending state, rest assured we’re keeping an eye on it” but no mention of any interest payable…..

Have you not been given any guidance? Sometimes all they ask for is a bank statement for your main account which might show income from e.g., state and private pensions.

In the 'Source of funds...' section of the FAQ it mentions bank, investment and savings account statements.

eskbanker

Desiringtransparency said:

eskbanker said:

Desiringtransparency said:

Imagine if just 100 people were going through the same hoop - there could be millions of money ‘pending’ instead of being in someone’s account….

But presumably the money is still in your account earning interest while the compliance check is done?

That’s what I presumed - but no, the balance is still showing £0 and when i do a bit of rummaging I find it’s “pending"

Oh right, I was assuming that the compliance check related to your attempt to withdraw the money but see that you'd only just paid it in the day before, so perhaps it could be related to the deposit rather than the withdrawal?

poseidon1

Desiringtransparency said:

Thanks, @Eyeful - having read their FAQs it doesn’t seem to cover what they want me to provide - it’s not ID but clarification of where the funds have come from.  I’m simply moving a sum from one savings account to another, am retired so no pay slips, no recent house sale or dividend cert!  They try to reassure me with a “while your funds are in a pending state, rest assured we’re keeping an eye on it” but no mention of any interest payable…..

I had an phone call from Oxbury Bank a couple of weeks back, wanting verification for source of funds for a new 3 month bond ( paying 4.4%)  I had set up with them. In my case failing to provide what they needed would result in account closure and monies returned to my designated account.

I explained the  monies were part of a large 6 figure withdrawal from Chase bank after their rate dropped to 2.5% from 4.5%.  Oxbury confirmed if I supplied them with a pdf statement of the withdrawal that would satisfy their ML compliance. I promptly sent a pdf statement by secure email, and all good to proceed.

OP what if you provide a copy statement from the savings account you moved it from, prior to arriving in your current account?  In my case Oxbury clearly assumed Chase had conducted their own due diligence when originally receiving my savings, and so 'piggybacked' their compliance on that basis.