Any experience with Chetwood bank? or Monument

eskbanker

What have Chetwood said about this?

refluxer

https://forums.moneysavingexpert.com/discussion/comment/81870312#Comment_81870312

Was it an easy access or fixed rate account ?

Their easy access account has no minimum or maximum balance, so it's hard to think of a reason why they would reject a deposit unless money has to come from a nominated account and you tried paying in from a different account, maybe ?

If it's a fixed rate account, they have a 14 day funding window so you can't pay any more in after this time.

x44

My Chetwood easy access requires the saver to pay to a "collection account" - Barclays I think, with the reference field of the payment details being your true Chetwood account number (something like XX12345695). this is a standard system of payment used by many smaller savings groups and building societies.

If that reference field was left out or was incorrect and did not match to the users nominated bank account name and account/sort code number then the payment would be rejected. Monies have to come from the 'nominated' bank account the saver supplies at account opening.

The incoming bank payee details plus the chetwood account number in the reference field is used to allocate the payment in the centralised collection account for all incoming payments to the correct saver's account with Chetwood - anything wrong/mismatched and the payment will be bounced.