Chip ISA and unexplained account changes

Puncharama

I’ve had a Chip ISA since 24/25. I made a deposit and it failed, tried 3 more times and all failed, likely a poor internet connection. Attempt 5 worked; funds showing in Chip, confirmation email arrived. Couple of days later the funds had still not left my bank account but were showing in chip. Then say 3 they vanished from chip, the transaction disappeared  no notification so I used their chat and after some back and forth with me raiskng specific questions they confirmed some deposits with ClearBank had failed and been manually corrected. 

I’m surprised Chip could issue a confirmation email of they had issues during the deposit process. More surprised they just quietly edited out the transaction without any notification. 

Have since made the deposit again and this time it went from my bank account but am now taking screen shots as I’ve lost trust. Anyone else had similar ?

eskbanker

Where do unexplained account charges come into it?

Should have gone to Specsavers 🙄

masonic

eskbanker said:

Where do unexplained account charges come into it?

changes - as in to the transaction history when the Open Banking transfer failed to complete and was removed subsequently removed.

OP - in the past I have had a transfer fail that was removed and a transfer succeed when it was initially reported as failing. It comes with the territory of reporting the outcome according to the Third Party Provider before the funds actually arrive and are allocated. This is usually rare though. You'll know whether or not the money left your account, so shouldn't be difficult to figure out a payment hasn't worked after all.

Didn't Chip enable customers to push payments in via Faster Payment at some point?

Puncharama

I didn’t lose any money at any point. Just seemed strange as the transaction was in process for a while, then successful (on the app and via email) yet money hadn’t moved and 3 days later they decided it had failed, deleted it and didn’t bother to tell me. 

Just seems a bit rubbish 

masonic

Puncharama said:

I didn’t lose any money at any point. Just seemed strange as the transaction was in process for a while, then successful (on the app and via email) yet money hadn’t moved and 3 days later they decided it had failed, deleted it and didn’t bother to tell me. 

Just seems a bit rubbish 

The way Open Banking works is that you log in to your bank to authorise the transaction. It is then the bank's responsibility to make the payment to Chip via Faster Payment, which can take up to the end of the next working day to arrive, or will not arrive if the bank's fraud team block it. In your case, it appears the transaction was blocked by your bank, so Chip eventually removed the credit from your balance. I agree it would have been better if they didn't credit monies until they had received them. It is not like a debit card payment where once authorised the business is assured it can claim the funds upon clearance.