Cash ISA - Trading 212

John_Gwynfryn

I picked this account as it was the best rate shown on the MSE website. I opened the account and intended transferring money to the account from my HSBC account. I was asked whether I wanted to use its "Truelayer System" (recommended) or via my bank app. I chose the former and after inputting my account number I was asked to input a log on security code. Given that I had never heard of a Truelayer Sysytem and the warnings given never to disclose my security to anyone, I declined to do so. I then logged on to my bank and tried to transfer the money to Trading's account at JP Morgan Chase Bank. Despite having inputted all the right details HSBC indicated that it could not verify the account and advised against proceeding with the transfer! I am now stumped as to how to get the money to the account.  Can anyone help?

Aidanmc

John_Gwynfryn said:

I picked this account as it was the best rate shown on the MSE website. I opened the account and intended transferring money to the account from my HSBC account. I was asked whether I wanted to use its "Truelayer System" (recommended) or via my bank app. I chose the former and after inputting my account number I was asked to input a log on security code. Given that I had never heard of a Truelayer Sysytem and the warnings given never to disclose my security to anyone, I declined to do so. I then logged on to my bank and tried to transfer the money to Trading's account at JP Morgan Chase Bank. Despite having inputted all the right details HSBC indicated that it could not verify the account and advised against proceeding with the transfer! I am now stumped as to how to get the money to the account.  Can anyone help?

I've only ever used the truelayer method.

Halifax blocked my 2nd deposit, had to call them up to get it sent.

wiseonesomeofthetime

John_Gwynfryn said:

I picked this account as it was the best rate shown on the MSE website. I opened the account and intended transferring money to the account from my HSBC account. I was asked whether I wanted to use its "Truelayer System" (recommended) or via my bank app. I chose the former and after inputting my account number I was asked to input a log on security code. Given that I had never heard of a Truelayer Sysytem and the warnings given never to disclose my security to anyone, I declined to do so. I then logged on to my bank and tried to transfer the money to Trading's account at JP Morgan Chase Bank. Despite having inputted all the right details HSBC indicated that it could not verify the account and advised against proceeding with the transfer! I am now stumped as to how to get the money to the account.  Can anyone help?

Did you enter the reference number that shows in your Trading 212 app?

It is in blue near the top of the Bank Transfer screen.

bobfredbob

I think the modern open banking way of having some website redirect and ask you to enter all your credentials is a huge step backwards.

The way I handle this is to transfer a small amount, such as ten pounds.  Ensure you put the reference number.  If it arrives, transfer the larger amount.  Transfers from my bank take between minutes and hours, presumably depending on what flags it's raised behind the scenes.

Alternatively, go in to an HSBC and ask.

My bank could partially verify the details: it had the correct company name, but I think the bank name was slightly different.  It didn't inspire confidence, but once the money was in, all seemed fine.

noh

Truelayer does not ask you for any bank details or codes. It redirects you to your bank app and that is where you input your login and security details.
When trying to make a faster payment from HSBC did you choose personal or bussiness account?

Did you choose send to a new business?
The benificary should be Trading 212 UK Limited

I have always used Truelayer to deposit funds in my Trading 212 ISA.

Info on Truelayer and open banking can be found here:
https://truelayer.com/reports/open-banking-guide/what-is-open-banking/

Exodi

bobfredbob said:

I think the modern open banking way of having some website redirect and ask you to enter all your credentials is a huge step backwards.

I disagree, I greatly appreciate the incredibly convenience of processes like TrueLayer, especially coupled with technologies like biometrics - things that use to take minutes now take seconds with lower room for error.

artyboy

Exodi said:

bobfredbob said:

I think the modern open banking way of having some website redirect and ask you to enter all your credentials is a huge step backwards.

I disagree, I greatly appreciate the incredibly convenience of processes like TrueLayer, especially coupled with technologies like biometrics - things that use to take minutes now take seconds with lower room for error.

Ditto, and yet there are still people that would prefer to use a chequebook because they think it's safer.

bobfredbob

If I try to make a purchase on my computer, my card company sends a notification to my phone from my banking app.  Clicking and authenticating on my phone will then open my banking app on my phone, an app that I know and trust and use often.  I then authorize the transaction with biometrics.  The phone tells the backend that the transaction is authorized and the computer then updates to indicate the transaction is authorized.

I have no problems with technology.  I am perfectly happy with that type of transaction since it uses apps that I have installed and use.

Having a random website display a page of a company that most people have never heard of, such as TrueLayer, and then ask to enter credentials for your bank, and display a site that looks nothing like my banking website, is, quite frankly, asking for trouble.

Years have been spent teaching people to not trust random sites that ask for your banking login details, and yet I've had several websites ask to connect to my bank using some third party company that I've never heard of, with a T&C document I have no inclination to read.

The first time I saw such a page I then had to interrupt my flow, search FCA to see who this company is, was it a scam.  After that, it turned out my bank didn't trust the particular third-party company anyway so it couldn't connect to my bank.

noh

bobfredbob said:

If I try to make a purchase on my computer, my card company sends a notification to my phone from my banking app.  Clicking and authenticating on my phone will then open my banking app on my phone, an app that I know and trust and use often.  I then authorize the transaction with biometrics.  The phone tells the backend that the transaction is authorized and the computer then updates to indicate the transaction is authorized.

I have no problems with technology.  I am perfectly happy with that type of transaction since it uses apps that I have installed and use.

Having a random website display a page of a company that most people have never heard of, such as TrueLayer, and then ask to enter credentials for your bank, and display a site that looks nothing like my banking website, is, quite frankly, asking for trouble.

Years have been spent teaching people to not trust random sites that ask for your banking login details, and yet I've had several websites ask to connect to my bank using some third party company that I've never heard of, with a T&C document I have no inclination to read.

The first time I saw such a page I then had to interrupt my flow, search FCA to see who this company is, was it a scam.  After that, it turned out my bank didn't trust the particular third-party company anyway so it couldn't connect to my bank.

Your experience seems to differ from mine and others.
Truelayer or any other open banking platform that I have used does not require you to enter your bank login information.
They connect you to your selected banking app, to which you login in the normal way. In my case face id.
No banking login details are seen or tranferred to a third party.
A list of regulated providers may be found here: https://www.openbanking.org.uk/regulated-providers/
MSE article on the subject here: https://www.moneysavingexpert.com/banking/open-banking/

danny13579

The likes of T212, Chip, Tembo etc. all use open banking such as Truelayer to deposit or withdraw money. 

I find it very convenient. As others have said, all it does is redirect you to your bank, it is with your bank that you verify your details, Truelayer simply allows the money to transfer. 

If you're not prepared to use open banking, you may be better having an ISA with one of the traditional banks.

Exodi

bobfredbob said:

Having a random website display a page of a company that most people have never heard of, such as TrueLayer, and then ask to enter credentials for your bank, and display a site that looks nothing like my banking website, is, quite frankly, asking for trouble.

It's not as if that's the only payment handler service that gets used (and it's quite a popular one to be fair, Wise also use it), I find it's very common to have a payment processed through an intermediary website (my local Chinese uses Nochex) and it's not too different to paying with your card through PayPal.

If you're on a random website I could understand it, but if you're on a reputable site, then the fear is perhaps unwarranted.

As @noh also mentions above, your experience with TrueLayer differs from mine. All TrueLayer does for me is shows a 'connect to your bank' button which when clicked opens my banking app and I do the rest from there. I don't type in anything, I just scan my finger print, select which account and job done, I'm re-directed back to the website.