Chetwood Bank

avarndell

Sorry, I'm a newbie to this. Is it normal to send money to the bank's business account when depositing money? Does this mean that I don't have my own individual account.  I've never been asked to do this before with a savings account. Please could someone explain how this works and whether there's any risk involved for me. 

la531983

They assign it to your account from the payment reference. Perfectly normal.

mebu60

Several savings institutions bank elsewhere. The reference field is used when making a payment to their business account which needs to contain your individual account reference. The only difference is that it can take a little longer to appear in your savings account, as in up to a few hours dependent on their internal processes. Chetwood is fairly quick in that regard. 

Albermarle

Quite common for the smaller providers.
It used to mean that payments will not show up for one working day, but many have speeded up their processes.

avarndell

Thank you so much for sharing your knowledge and experience. I have found it reassuring.