Transaction flagged as fraud when they are not! Help!

16
Posted 29th Jul 2020
Hi all,

I have been banking with Natwest for serveral years, not because they are better then the rest, as they are all as rubbish as each other, but because it's my oldest account and looks good on my credit file...

Anyhow, recently I got involved with an investment account, its doing not too bad, but it would do better if I was able to move the money in and out between my Natwest account and the investment account quicker, as a sort of buying and selling depending on price flactuation, however, every time I send the money out of my Natwest account I received a text telling me that my payment is on hold, and then a call from Natwest asking me how many time I have been to the toilet that day...

Now this slows me down terribly in making profit, apart from frustrating me, the money is always sent to the same account and sort code on the other side, and the account on the other side is in the same name my Natwest account is in, my name, I have told them that I would like to whitelist this particular account, but they say it can't be done blah blah blah...

So now am on the look out for an account, just same basic sort of account that would allow me to make multiple transaction back and forward without flagging up each transaction as fraud...

At the end of the day is my money and I don't get why I can't do what I want with it, without having to tell the bank what I am moving my money for and and all the rest...

Can anyone advise me of a solution

Thanks for reading
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16 Comments
Is the account your transferring to a foreign account? As one of the monzo, starling etc banks might be better for you.

My bank first direct are part of the HSBC group and they have a history of being like this too due to some bad history, so I would stay away from that group
Open a starling account
First direct, Nationwide, TSB, Starling, Monzo and others.
I make 100 plus transfers a month, With no issues.
I pay family members bills, insurance etc.
Due to age or mental capacity.
Only had issues the first few times, after a few calls explaining all sorted and now problems now
Don't pay directly into your investment account

pay the money into one of your other accounts, then make the payment from your other account
chocci29/07/2020 06:28

Open a starling account


Starling also flagged many transactions when my wife's account was new but were quick to resolve when the details were provided. No questions asked in the last couple of years now. Everything through the app, great experience.
Is your investment in Bitcoin or another crypto currency?

Banks can be funny about transactions for bitcoins.
Peejay123429/07/2020 09:48

Is your investment in Bitcoin or another crypto currency? Banks can be …Is your investment in Bitcoin or another crypto currency? Banks can be funny about transactions for bitcoins.


It's based on the gold price, its amazing that nowadays I have to be scared of moving my own money because the banks and government tell me how to spende it
bigwheels29/07/2020 07:13

First direct, Nationwide, TSB, Starling, Monzo and others.I make 100 plus …First direct, Nationwide, TSB, Starling, Monzo and others.I make 100 plus transfers a month, With no issues.I pay family members bills, insurance etc.Due to age or mental capacity.Only had issues the first few times, after a few calls explaining all sorted and now problems now


TSB and Natwest are under the same umbrella, and act the same most of the time, I have always made several transactions and they were OK with this, but for some reason they have an issue with the particular banking institution the other company uses to get their accounts, this is not my problem, I told Natwest to whitelist the account, but they don't seem to care, I explained to the fraud department several times, they have told me that that's the way their system works and they will have to continue to call me as long as their system flags up my transactions to this particular account.
bigwheels29/07/2020 07:13

First direct, Nationwide, TSB, Starling, Monzo and others.I make 100 plus …First direct, Nationwide, TSB, Starling, Monzo and others.I make 100 plus transfers a month, With no issues.I pay family members bills, insurance etc.Due to age or mental capacity.Only had issues the first few times, after a few calls explaining all sorted and now problems now


According to this I'd stay away from Monzo:
theguardian.com/mon…own
AndyRoyd29/07/2020 07:39

...and probably have it immediately blocked, lol …...and probably have it immediately blocked, lol https://www.hotukdeals.com/discussions/starlingbank-has-blocked-my-account-3513380


Someone used a different name to get paid in which triggered an AML flag, not really a surprise. Starling are still the best fintech for receiving/sending money, Monzo block accounts for stupid reason and Revolut are useless.
if you do multiple transactions a day to and from the same accounts, then this will trigger an irregularity and the payments will be blocked. it will be the same with any bank account that provides any sort of security to the account holder.

i put money into my hargreaves lansdowne account and then trade from there, and not through my natwest account. you need to chuck a load of money into the investment account, then trade from that account, rather than keep moving money into and out of your current account as that will trigger the security measures in place as this is not usual for current account holders.
mutley129/07/2020 13:06

if you do multiple transactions a day to and from the same accounts, then …if you do multiple transactions a day to and from the same accounts, then this will trigger an irregularity and the payments will be blocked. it will be the same with any bank account that provides any sort of security to the account holder.i put money into my hargreaves lansdowne account and then trade from there, and not through my natwest account. you need to chuck a load of money into the investment account, then trade from that account, rather than keep moving money into and out of your current account as that will trigger the security measures in place as this is not usual for current account holders.


It doesn't work like that mate, the other account I hold is a bank account based on gold, as soon as you pay into the account you brought the gold, so there is no place to put the money once its there so that its not affected by the gold flactuation, read up on Tally Money, you will understand what I mean
MGenovese31/07/2020 04:18

Comment deleted


Truthfully I would go 2 pronged attack on it, search out different banks but also make a full complaint to the current bank about it too. That might be enough to see some genuine change to the situation... Other than that I have no more advice I can offer
MGenovese31/07/2020 04:15

It doesn't work like that mate, the other account I hold is a bank account …It doesn't work like that mate, the other account I hold is a bank account based on gold, as soon as you pay into the account you brought the gold, so there is no place to put the money once its there so that its not affected by the gold flactuation, read up on Tally Money, you will understand what I mean


you may want to read the negative reviews about this bank

uk.trustpilot.com/rev…com

bear in mind that the positive reviews can be fakes, but the negative reviews are real.

they have been flagged up by your bank probably because they are on the potential scam list. i looked at their site, and it doesn't seem to state that they are FSCS protected or that the bank is regulated by the FCA?
Edited by: "mutley1" 1st Aug
mutley101/08/2020 17:05

you may want to read the negative reviews about this …you may want to read the negative reviews about this bankhttps://uk.trustpilot.com/review/tallymoney.combear in mind that the positive reviews can be fakes, but the negative reviews are real.they have been flagged up by your bank probably because they are on the potential scam list. i looked at their site, and it doesn't seem to state that they are FSCS protected or that the bank is regulated by the FCA?


If you read the review of most people investing money and not having a clue what they are doing, you will find that they all read the same, did you see the one stating that he paid in £100 and the money kept going down... lmao, the funds change with the live price of gold, its clearly advertised that this sets them apart from the other banks, when read reviews you go to separate idiots from facts, I have read their review, and most of those bad reviews are based on idiots, I have been in direct communication with the Tally Money team, spoken with their corporate office, and keep myself well involved.


As for your other questions, if you look under the Tally Money FAQ section you will find the information you were looking for:

TallyMoney LTD is an Electronic Money Directive Agent (Financial Conduct Authority Reference Number 902059) under the Financial ConductAuthority-licensed E-Money Institution, PayrNet Limited (Financial Conduct Authority Reg. No. 900594). Registered in England and Wales. Registered No. 07089561.

help.tallymoney.com/art…ted


Unlike traditional banks where your deposits are guaranteed under the Financial Services Compensation Scheme (FSCS) up to £85,000, your Tally is directly owned by you and insured up to the full amount of your holding. This means you are not limited by the £85,000 FSCS cap.

help.tallymoney.com/art…scs


Lastly the sort code flags up because PayrNet, the company used by Tally Money for their accounts, provide a regulatory umbrella service to many fintech companies so it is possible they have had some fraud cases, this does not mean that Tally Money is a scam, this is the same as you using let's say your Internet service provider's IP address to commit fraud, obviously the IP address gets banned by verious places, maybe even the whole IP range for your service provider gets affected, this does not mean that your service provider is all the sudden a scammer m, or your neighbour, that uses the same service provider is now suddenly a scammer because of "your" behaviour (I do apologise about using "you" as an example, obviesly no accusation was intended, it was just an example)
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