Marcus Goldman. What to do?

Ayr_Rage

poseidon1 said:

GeoffTF said:

poseidon1 said:

ouraggie said:

Hi. I have just opened a 1 year fixed-rate account with the above bank. I intend to pay in £85k. Yesterday i rang Santander, where my current account is, to transfer the money They said their system couldn’t verify the payee details and they advise me not to do the transfer.
I tried myself online, just planning to transfer £1 as a test, and tried various forms of the account name ( full name, just initial of forename etc etc, but i get the same message. A pop-up told me that it is because Marcus Goldman is not a member of the system that identifies which bank you are involving.
Has anyone had this, and did your money get to its destination?

If you have Santander's app you can probably do this yourself ( rather than phone them), but you will be limited to the £25k daily limit So will take you a few days to hit your £85k investment but hopefully still within the Marcus funding window.

£25K is the Faster Payments transaction limit. The daily limit is £100K. Others have reported that you can make 4 x £25K online per day to a single payee.

https://www.santander.co.uk/personal/support/ways-to-bank/payments-and-transfers

Then the OP should be able to proceed with no further issues.

Maybe, that's the theoretical situation, however as I and others have said Santander can sometimes be a real pain in the butt with large sums going to new payees in quick succession.

The OP may get further hurdles to jump through but I'm sure they'll get there in the end.

valiant24

My payments into my own account require me to use my own name as Payee.

mebu60

GeoffTF said:

poseidon1 said:

ouraggie said:

Hi. I have just opened a 1 year fixed-rate account with the above bank. I intend to pay in £85k. Yesterday i rang Santander, where my current account is, to transfer the money They said their system couldn’t verify the payee details and they advise me not to do the transfer.
I tried myself online, just planning to transfer £1 as a test, and tried various forms of the account name ( full name, just initial of forename etc etc, but i get the same message. A pop-up told me that it is because Marcus Goldman is not a member of the system that identifies which bank you are involving.
Has anyone had this, and did your money get to its destination?

If you have Santander's app you can probably do this yourself ( rather than phone them), but you will be limited to the £25k daily limit So will take you a few days to hit your £85k investment but hopefully still within the Marcus funding window.

£25K is the Faster Payments transaction limit. The daily limit is £100K. Others have reported that you can make 4 x £25K online per day to a single payee.

https://www.santander.co.uk/personal/support/ways-to-bank/payments-and-transfers

Multiple payments up to £100k per 24 hour period with Santander. 

I would also suggest each transaction being a different amount. If one goes astray it would be easier to identify.

GeoffTF

Ayr_Rage said:

poseidon1 said:

GeoffTF said:

poseidon1 said:

ouraggie said:

Hi. I have just opened a 1 year fixed-rate account with the above bank. I intend to pay in £85k. Yesterday i rang Santander, where my current account is, to transfer the money They said their system couldn’t verify the payee details and they advise me not to do the transfer.
I tried myself online, just planning to transfer £1 as a test, and tried various forms of the account name ( full name, just initial of forename etc etc, but i get the same message. A pop-up told me that it is because Marcus Goldman is not a member of the system that identifies which bank you are involving.
Has anyone had this, and did your money get to its destination?

If you have Santander's app you can probably do this yourself ( rather than phone them), but you will be limited to the £25k daily limit So will take you a few days to hit your £85k investment but hopefully still within the Marcus funding window.

£25K is the Faster Payments transaction limit. The daily limit is £100K. Others have reported that you can make 4 x £25K online per day to a single payee.

https://www.santander.co.uk/personal/support/ways-to-bank/payments-and-transfers

Then the OP should be able to proceed with no further issues.

Maybe, that's the theoretical situation, however as I and others have said Santander can sometimes be a real pain in the butt with large sums going to new payees in quick succession.

The OP may get further hurdles to jump through but I'm sure they'll get there in the end.

Yes, that is right. My experience is that when COP fails, it is best to ring up and transfer the money in one go, rather than try and fail to do it online, and then have to ring up anyway.

mebu60

GeoffTF said:

Ayr_Rage said:

poseidon1 said:

GeoffTF said:

poseidon1 said:

ouraggie said:

Hi. I have just opened a 1 year fixed-rate account with the above bank. I intend to pay in £85k. Yesterday i rang Santander, where my current account is, to transfer the money They said their system couldn’t verify the payee details and they advise me not to do the transfer.
I tried myself online, just planning to transfer £1 as a test, and tried various forms of the account name ( full name, just initial of forename etc etc, but i get the same message. A pop-up told me that it is because Marcus Goldman is not a member of the system that identifies which bank you are involving.
Has anyone had this, and did your money get to its destination?

If you have Santander's app you can probably do this yourself ( rather than phone them), but you will be limited to the £25k daily limit So will take you a few days to hit your £85k investment but hopefully still within the Marcus funding window.

£25K is the Faster Payments transaction limit. The daily limit is £100K. Others have reported that you can make 4 x £25K online per day to a single payee.

https://www.santander.co.uk/personal/support/ways-to-bank/payments-and-transfers

Then the OP should be able to proceed with no further issues.

Maybe, that's the theoretical situation, however as I and others have said Santander can sometimes be a real pain in the butt with large sums going to new payees in quick succession.

The OP may get further hurdles to jump through but I'm sure they'll get there in the end.

Yes, that is right. My experience is that when COP fails, it is best to ring up and transfer the money in one go, rather than try and fail to do it online, and then have to ring up anyway.

With Marcus it's not that the CoP check fails, Santander are unable to do it so you don't get as far as pass / fail. 

I set up a new payee in Santander for Marcus the other evening (as my original EA payee had disappeared so must be over two years since I last deposited anything in there). Pushed through the £10 test payment (as no CoP check possible) which appeared almost straightaway. Then with great trepidation sent £19990. To my great relief it went straight through. Normally I would wait until the following day but as I'd already transferred the funds into Santander thinking I still had Marcus as a payee and was going to be out all day the next day I went for it. But I was expecting the worst and that I'd have to watch Traitors on catch-up after phoning Santander rather than watching live.