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Discussion Starter #1
Long story short.

Tesco decide to drop our savings (dear old mum left us a wee bit) from 1.4% to 0.4%.

Fair enough...have a wee look around.....always go by MoneySavingExpert (Martin Lewis)

We rarely touch our savings,cos I am tight ar%e.

So instead of easy access we decide to go for a notice account...95 days...pays 1.85% as opposed to 1.45% easy access.

You would not believe the security hassle we have trying to transfer the money over.

Tesco were top class sending the money to our Santander current account....but by God,Santander have been a complete ball breaker !!!

I am not one of these to walk blindly into throwing money around....but I have had to bend over backwards to satisfy Santander.
I have even had to ring the FCA and FSCS to find out whether the company i am going with Investec are legitimate and covered by them.
The questions I have been asked have verged on the Spanish Inquisition !!

I know they are doing their work....but this has been ridiculous.....I started to doubt myself and decided to move the money to a lower rate easy access account.....but Santander had already blocked my account.

Still no further on but Santander now say they have "accepted" my explanation and will get it sorted by the end of the day.

And......chill
 

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They are paranoid about being accused of assisting in money laundering. Once the EU set the rules HM government gold plated them and the banks ran scared. If you have a significant sum then the assumption is it was NOT obtained lawfully unless you can prove it was. A real case of guilty until proved innocent. What happened to proper British (I nearly wrote English and then remembered where you are, Ronan) justice and innocent until proved guilty?
 

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Discussion Starter #3
They are paranoid about being accused of assisting in money laundering. Once the EU set the rules HM government gold plated them and the banks ran scared. If you have a significant sum then the assumption is it was NOT obtained lawfully unless you can prove it was. A real case of guilty until proved innocent. What happened to proper British (I nearly wrote English and then remembered where you are, Ronan) justice and innocent until proved guilty?
It seemed to be case of Santander thinking that Investec were a dodgy company and I was being ripped off....I know there is security....but this was overkill.....I was close to just putting the money under the bed !!!
 

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Investec are very well known and recognized in the financial industry and they are usually in the top 4 or 5 recommendations for fixed term savings on all the big choice sites. There's no way Santander should have been in any way concerned from that aspect and I suspect Investec would be pretty upset if they thought Santander were suggesting such a thing to their customers (as would likely be the FCA who wouldn't look kindly on any of their members suggesting such a thing about another UK regulated entity)
 

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They are paranoid about being accused of assisting in money laundering. Once the EU set the rules HM government gold plated them and the banks ran scared. If you have a significant sum then the assumption is it was NOT obtained lawfully unless you can prove it was. A real case of guilty until proved innocent. What happened to proper British (I nearly wrote English and then remembered where you are, Ronan) justice and innocent until proved guilty?
The significant sum has to be traceable that's all.

I move money about regularly, I gave my two kids early inheritance money at the beginning of the year in the form of a cheque, one used it to pay off some of their mortgage. I was contacted by the bank and had to show them the money trail, its nothing new. It's just a pity they. (HSBC) don't do it to major depositers (drug cartels) of money.

As Fred says Investec have been about years and were recommended to me as a company on my retirement.
 

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Discussion Starter #6
To be honest I have done checks on Investec and everything is coming back fine.... double and triple checked sort codes etc...

The last two posts have also put my mind at rest.
 

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Santander can be a hassle when transferring money but they are only covering their arses in case something goes wrong.

I moved a couple of grand between my santander current account and my savings a couple of weeks back and had to jump through a few hoops, such as one time passcodes, entering my logon pin number in full etc despite the fact I have been sending money to that particular account for several years.
 

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And get all the stuffing of the cushion into the pointy bit.


A friend of mine had real trouble with Santander who 'misplaced' £82 000 of hers.
 

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My father died in 2007 leaving me some Santander shares. It took nearly three years to get them transferred to my name.
 

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Discussion Starter #11 (Edited)
What the hell is it about Santander ??

Promised me yesterday that all would be sorted by end of yesterday.....still nothing....another phone call is in the offing.
I will be asking them for compensation for the interest I am losing.
Surely it isn't hard to transfer money.
Even when I set up a new payment from Santander I entered the Investec sort code and it was automatically populated by the Santander system.....so they know it's legitimate....ffs.

Tried to transfer my sons a £1.....not a chance

"Order not allowed due to notices in the account attention!!!.

D7_0179" and

Operation not allowed. Please contact your branch or usual contact centre.

SV_0110
 

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Discussion Starter #12
Another update.....

Got onto Santander.....got customer services.....they were excellent....put me through to Santander Security....they were an absolute disgrace....the aggressive tone was shocking.
They told me that they had sent an email to the "back office" but because it was a big sum that it would take longer via "faster" payments.....so a Thursday transaction would take until Monday !!!!

Wtf ???

I said to them that I was losing interest because they had not processed this in a "timely" matter.....she then got very defensive and no apology...just "I can put you through to complaints".

I hate complaining but I thought...hey why not ?.....kept me waiting another 5 minutes on hold....then through to complaints.

Told the girl there what had happened.....she was great....apologised for the delay....said that the payment would be done as quickly as she possibly could and gave me £75 compensation.

I told her that the initial communication was excellent but that their Security Team engagement with the public left a lot to be desired.

I am sure this is not over....but I will update you all.
 

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I know modern life is much more complicated than it used to be, and I know these processes are in place to ‘protect us’ (them!), but by gum modern life can be such a faff at times.

Hope it all goes well, Ronan. You’re almost there now!
 

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Discussion Starter #14 (Edited)
...and the car crash that is Santander continues.

Went to drive thru restaurant and tried to pay with my Santander current account card,tried contactless and non contacteless......transaction prohibited.....also tried to get out cash at ATM....declined.

These clowns are having a laugh.

Thank God I have my Tesco credit card.

Another phone call is imminent....straight to complaints.

Imbeciles

Edit :

Just off the phone to them....first adviser is always great...it's always the security team that are useless.

Here's the reply the first adviser had to tell me because security didn't have the balls to talk to me :

"Complaints (who don't work on a Sunday)...sent an email to the back office....we have no timescale on it's action...you are just going to have to wait"

The adviser seemed genuinely embarrassed.

I told him it wasn't his fault and that i would just ring complaints again tomorrow.

Incredible.
 

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Write to the CEO. keep calm and just explain the facts. It always works for me. ( I have jut had to complain to Lloyds Bank about closing a credit card account in credit and loosing the money on the card)

Good luck
 

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Discussion Starter #16
Didn't need to ring the Complaints Team today....all funds transferred to Investec and block lifted on current account and debit card.

Rant over.
 

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