Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jan 8, 2019 11:05:40 GMT
Previously I have had no problems depositing money into a friend’s FS account and my brother into his daughter in laws account.
The transactions are tracked and traceable to uk bank.
FS have now informed my brother that ‘‘this is no longer possible and you can only deposit from the same account you widraw too.
This is annoying as the family deposited money whichv was held for future of grandchild.
Has anyone else had this problem with FS or other platforms ?
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Post by beepbeepimajeep on Jan 8, 2019 11:18:28 GMT
I am extremely surprised this was even allowed in the first place.
Not that I agree with over zealous financial regulation and reporting, which has gone completely over the top in recent years but no wonder this has been stopped. It could easily be abused for all sorts of purposes. Even a fully fledged bank will close accounts that make and receive too many transfers.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Jan 8, 2019 11:37:02 GMT
I am extremely surprised this was even allowed in the first place. Not that I agree with over zealous financial regulation and reporting, which has gone completely over the top in recent years but no wonder this has been stopped. It could easily be abused for all sorts of purposes. Even a fully fledged bank will close accounts that make and receive too many transfers. I’m not talking thousands here. It’s the odd £25-£200 for Xmas birthdays etc. It comes from fully tracked and traceable UK bank account. It can only be withdrawn to one account. It just means funds have to be sent to to her bank account for which there is no restrictions in sending money as long as it is traceable and then sent to FS a total waste of time. Banks don’t close accounts for deposits only which this is. Withdrawal will be in 18-20 years My option is to move some from my FS account by buying from her at premium or selling to her at discount.
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Post by beepbeepimajeep on Jan 8, 2019 11:40:18 GMT
[ Banks don’t close accounts for deposits only They do. Of that I have no doubt.
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mjc
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Post by mjc on Jan 8, 2019 11:43:06 GMT
Agree with first sentiment, but “Even a fully fledged bank will close accounts that make and receive too many transfers.” concerns me a little. I have used a large Building society and made many, and large, withdrawels both as cash flex loans with a view to repaying by Apr, and numerous transfers to other IFISA providers. Likewise all p2p cash withdrawels go via my Hi St Bank, so if I violated their (undisclosed) policy I would be severely disadvantaged. Is it common practice?
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Post by beepbeepimajeep on Jan 8, 2019 12:06:37 GMT
Agree with first sentiment, but “Even a fully fledged bank will close accounts that make and receive too many transfers.” concerns me a little. I have used a large Building society and made many, and large, withdrawels both as cash flex loans with a view to repaying by Apr, and numerous transfers to other IFISA providers. Likewise all p2p cash withdrawels go via my Hi St Bank, so if I violated their (undisclosed) policy I would be severely disadvantaged. Is it common practice? Not that I have access to inside information but generally they close accounts even if they only suspect something might be going on. That is to protect themselves from possible fines by regulators if it’s found out something IS going on. There doesn’t need to be dodgy shenanigans for sure. Different organisations have different tolerance levels. I have never heard of bank accounts being closed for transfers between other accounts of the account holder however a high frequency to other individuals is a flag as is transfers to another jurisdiction or frequent cash deposits. Drifiting off topic with that but some financial organisations did seem to tolerate such high frequency transfers before although clamping down on it now. I’m surprised FS allowed it if only because although there’s nothing wrong with it it’s a nightmare for them if someone is caught using it for fraudulent purposes. The regulator would not be happy. The time and cost of policing it wouldn’t make it worthwhile imo
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Jan 9, 2019 0:27:26 GMT
Agree with first sentiment, but “Even a fully fledged bank will close accounts that make and receive too many transfers.” concerns me a little. I have used a large Building society and made many, and large, withdrawels both as cash flex loans with a view to repaying by Apr, and numerous transfers to other IFISA providers. Likewise all p2p cash withdrawels go via my Hi St Bank, so if I violated their (undisclosed) policy I would be severely disadvantaged. Is it common practice? Not that I have access to inside information but generally they close accounts even if they only suspect something might be going on. That is to protect themselves from possible fines by regulators if it’s found out something IS going on. There doesn’t need to be dodgy shenanigans for sure. Different organisations have different tolerance levels. I have never heard of bank accounts being closed for transfers between other accounts of the account holder however a high frequency to other individuals is a flag as is transfers to another jurisdiction or frequent cash deposits. Drifiting off topic with that but some financial organisations did seem to tolerate such high frequency transfers before although clamping down on it now. I’m surprised FS allowed it if only because although there’s nothing wrong with it it’s a nightmare for them if someone is caught using it for fraudulent purposes. The regulator would not be happy. The time and cost of policing it wouldn’t make it worthwhile imo It's FS that's the problem funds can only be withdrawnto the FS account holder's Bank just the occasional extra deposit. Probabably maximum 3 a year not from account holder and as I said fully traceable and under £200 a time
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duck
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Post by duck on Jan 9, 2019 4:51:42 GMT
Sorry to bring death into this but there is always the problem of gifting cash (or anything) and then dying within 7 years so in some ways I'm not surprised about restrictions.
That said transferring cash to ones wife/husband is not an issue, this is one of the main reasons 'the ducks' got married a couple of years ago after many years of 'living in sin'.
I invest in my wife's name over a range of platforms and have never had any issues (even though we have kept different surnames) and the cash always comes from my personal bank account. Where I have found platforms do differ is where withdrawals are sent to. All the platforms that I am currently investing through send withdrawals to my wife's bank account, Lendy was different, they sent withdrawals back to me.
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Greenwood2
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Post by Greenwood2 on Jan 9, 2019 11:28:34 GMT
I did successfully transfer a small amount by debit card into someone else's Ratesetter account, they were having trouble getting a transfer to work so I tried a different card for them. (It turned out their card number was rather worn and illegible so they were getting the number consistently wrong!)
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