Tembo Issue

daf123

I wanted to take advantage of my 24/25 ISA allowance and decided to create an account with Tembo. Downloaded their app to my phone, synchronised it with my online bank and used the app credit the account with £100. All good. So, on the 1st of April, I  moved a large chunk of money from my savings into my current account. That took a day, which I was fine with.

Now here was my big mistake. My online bank account, after synching with Tembo, had a PAYE entry - sort code and account number. I used that method to "credit" my Tembo account at 9am on the 2nd of April. Nothing appeared instantly in the Tembo account, so I thought I'd wait a day. Still not there. I tried ringing their contact number, but there was no answer, so left a message asking them to contact me. No response. I then used their chat within the Tembo app. I was informed that I could not credit my ISA in that way as that particular sort code and account number is their "holding account" - no idea what that is. The chat messages told me that my money would definitely be re-credited to my account within 1-4 days.

So, I still had an outside chance of getting the money returned to my bank account before the 5th,  the ISA cut off point. If I did, I could credit my Tembo ISA using the app - the correct way. The 5th came and went and now it is the 9th of April. Not only have I missed out on using my ISA allowance, I still have not received my money. I have provided details of the transaction, been told that they can "see my money in the holding account", "they will escalate it" etc. Still nothing. In my last communication with them, they asked for the transaction details, even asking for the holding account sort code and account number, which did not fill me with confidence.


How do I get my money back?

Regardless of how busy they are, they should not promise something that the cannot deliver.

friolento

Are you still in the cooldown period? If so, you can cancel the ISA and get your money back.  Though whether this would be any faster is questionable.

 My online bank account, after synching with Tembo, had a PAYE entry - sort code and account number.

This is very odd. Open Banking, which you used to make a deposit into Tembo, isn't authorised to add a payee to your current account. Who is your current account provider?

I have just checked - I have made deposits into Tembo from Santander, and there is definitely no Tembo payee in my Santander.

Regardless of how busy they are, they should not promise something that the cannot deliver.

They didn't promise they would credit your ISA if you send money to their holding account. In fact, they specifically highlight that you cannot make deposits into a Tembo ISA by bank transfer.

https://help.tembomoney.com/en/articles/10670408-how-can-i-pay-into-my-tembo-isa

If they made any other promise to you that they haven't kept, you might want to remind them, and possibly raise a complaint?

Clive_Woody

friolento said:

Are you still in the cooldown period? If so, you can cancel the ISA and get your money back.  Though whether this would be any faster is questionable.

 My online bank account, after synching with Tembo, had a PAYE entry - sort code and account number.

This is very odd. Open Banking, which you used to make a deposit into Tembo, isn't authorised to add a payee to your current account. Who is your current account provider?

I have just checked - I have made deposits into Tembo from Santander, and there is definitely no Tembo payee in my Santander.

Regardless of how busy they are, they should not promise something that the cannot deliver.

They didn't promise they would credit your ISA if you send money to their holding account. In fact, they specifically highlight that you cannot make deposits into a Tembo ISA by bank transfer.

https://help.tembomoney.com/en/articles/10670408-how-can-i-pay-into-my-tembo-isa

If they made any other promise to you that they haven't kept, you might want to remind them, and possibly raise a complaint?

I also just checked my Nationwide and no Tembo payee added. Very odd indeed that the OP had this happen.

daf123

Starling bank adds a Payee entry for Tembo using their holding account as the sort code and account number. No you cannot credit your account in this way but it wasn't clear to me that you could not do it.

Anyway, money is finally back in my account and I have requested to close the account.

Thanks everyone.

masonic

friolento said:

 My online bank account, after synching with Tembo, had a PAYE entry - sort code and account number.

This is very odd. Open Banking, which you used to make a deposit into Tembo, isn't authorised to add a payee to your current account. Who is your current account provider?

I have just checked - I have made deposits into Tembo from Santander, and there is definitely no Tembo payee in my Santander.

This is a bank-specific thing. Santander doesn't do it, but HSBC group does. You get a new payee with the one-time reference (which should not be used to send further payments).