Virgin Money not part of banking verification system ??

borderline

I contacted Virgin Money because I wanted to transfer from HSBC to my Virigin Isa and everytime I got a warning on HSBC saying 'Unable to check details , the payee bank doesn't offer this service'..

Virgin replied saying that they are not part of the banking verification system😯.. they suggested to send a small amount first

is that possible? I sent to my virgin account a small amount to test it, it has cleared now, but nevertheless what they say I'm not sure if that's correct

la531983

If the money has arrived I am not sure what the issue is.

borderline

https://forums.moneysavingexpert.com/discussion/comment/81918329#Comment_81918329

the warning from HSBC and the reply from Virgin .. I would have thought all banks were verified

wmb194

https://forums.moneysavingexpert.com/discussion/6659092/virgin-money-not-part-of-banking-verification-system

When did you open the account? Sometimes it takes a day or three for the details to propagate to the CoP verification system. Virgin's a mess of various legacy banks and systems so anything's possible for one part of it.

borderline

https://forums.moneysavingexpert.com/discussion/comment/81918356#Comment_81918356

I opened the Virgin account over a week ago

The_Groat_Counter

The legacy ex-Northern Rock systems at Virgin Money - basically where many of the savings accounts are held - are not equipped to offer the Confirmation of Payee function.

born_again

https://forums.moneysavingexpert.com/discussion/6659092/virgin-money-not-part-of-banking-verification-system

That is because it is going to a internal account & not a account in your name. So confirmation of payee (cop) does not work.

PRAISETHESUN

I understand your concern over COP not matching, but I'd take what HSBC/VM say with a big pinch of salt. At the end of the day if you've set up a new payee and sent a test payment of £1, which you have verified has arrived at its expected destination, then there shouldn't be any need to worry anymore. You know the payee has been set up correctly and you just keep using that to send payments in future.