Weird behaviour from the Prosper app when creating a notice account

sgog

Hello

I downloaded the prosper app and created a GB notice account.
It gives me bank details to make a deposit under the name of Bondsmith, without anywhere on the app that shows my name or details on the new account.

Needless to say, my current account bank is unhappy to allow the transfer.

Did something similar happen to anyone here?

premierfella

If you think that is weird you probably need to be reading a bit more about how Prosper (and these sorts of intermediaries) work.

Bondsmith is where your money lands before they send it on to (in this case) GB Bank. Nothing sinister going on, and money in the Bondsmith holding account is placed with HSBC (according to the website). It's explained in the savings FAQs on the website.

Personally I only considered them when they had a particular account that was significantly above the market rate, and even then I didn't end up depositing because the customer service company they seem to use were a pain to deal with and slow to respond to even basic queries.

sgog

premierfella said:

If you think that is weird you probably need to be reading a bit more about how Prosper (and these sorts of intermediaries) work.

Bondsmith is where your money lands before they send it on to (in this case) GB Bank. Nothing sinister going on, and money in the Bondsmith holding account is placed with HSBC (according to the website). It's explained in the savings FAQs on the website.

Personally I only considered them when they had a particular account that was significantly above the market rate, and even then I didn't end up depositing because the customer service company they seem to use were a pain to deal with and slow to respond to even basic queries.

I was not suggesting that Prosper is doing anything illegal.
All I was saying is that their app doesn't allow me to show my bank that I own the account that the money is transferred to so they blocked the transaction. I had no issues with other platforms such as Raisin.

premierfella

lol I wasn't suggesting there was any whiff of illegality either!

Clearly you know how this all works if you use Raisin, so I did misunderstand.

Surely Bondsmith is a "business" account for COP purposes - I don't think this is one where you'd be using your name in the account name field?

I have logged into my dormant Prosper account, but not sure it helps as I have the other finding details they mention on the website (via Akoni and Barclays). For that one it clearly says Akoni Hub Ltd in the name field as it's a common sort code and account number for all and the reference field is the identifier for the individual customers.

premierfella

If the issue is that they want proof that the money is going somewhere legitimate, that's probably going to be an issue if the bank you are sending from is really fussy about it. Kroo were always satisfied with screenshots when I had to (endlessly) negotiate their fraud checks.