Has anyone else tried to use tide as their nominated bank account to transfer money to and from Aldermore business savings. Aldermore have told me it can’t been done with a Tide account because it’s not a proper bank
Yes - I’m in the same position!! Aldermore have refused the statement confirming my account and don’t recognise Tide as an acceptable nominated account. The guy on the phone was intrigued to find out more about them though!!
They would do that for any e-money provider including but not limited to
- CashPlus (APS)
Basically anyone with the e-money license from FCA; listed at https://register.fca.org.uk
Similarly the guy I talked to was intrigued also. Did point out to him that Aldermore is more like crowdfunding. Money on deposit goes back out in business loans and invoice finance.
Starling is a full bank so that is wrong. They have never had a prepaid card.
As for Monzo. Those with a prepaid card (alpha or beta) are still an e-money solution. Those with a debit card are with a full bank account. Monzo is a fully licensed bank so their current accounts should be accepted.
It does look like that their designated category is upgraded to “Firm” from “E-money” at FCA Register. Last time I checked, they were both e-money providers though.
About a month ago their initial restricted license was changed to a full banking license on completion of the mobilisation stage when temporary limits on the level of customer deposit holding was lifted
It looks like any provider asking for a specific nominated account will be an issue. I’ve opened a savings account with another provider. Whilst they accepted the account details for my Tide account, they rejected my payments as all the bill payments are routed via a Barclays agency account (i.e. The payment looks like it came from Barclays not your sort code/account). Not a problem now that I know.
It’s possible to use Aldermore with Tide. You just need to send a message to Tide help through your app and ask them for the account details that your outgoing payments come from. This will be a Barclays sort code and account number, different to your standard account details, but still has your company name linked to the account.
If you already have an Aldermore account then you’ll need to close it and then open a new one with the new account details.
Aldermore have just told me that they won’t accept Tide accounts as a nominated account because Tide don’t carry out any money laundering checks. As Aldermore also don’t carry out such checks, they rely on the nominated account bank to have done so.
Has anyone else had any luck with providing the Barclays account details?
I would doubt that assumption as KYC ID checks are made and checks with Companies House. Banks and emoney institutions both have AML obligations.
Tide operates under the PPS e-money license who are regulated by the FCA. Both Tide and PPS ensure that all of our members undergo relevant identity and anti-money laundering checks to comply with the UK electronic money regulations (2011) as well as the money laundering regulations (2007).
Let us know if you have further questions.
My post that you have hidden is merely repeating what Aldermore told me. This is a problem that more than one person has e countered. Can I suggest that somebody at Tide speaks to Aldermore to establish exactly why they won’t accept Tide as a nominated account, and how the issue can be resolved.
After investigating and speaking with different parties at Aldermore, they have informed us that they won’t accept transfers with Tide due to a rule at their end relating to Fintechs in general. We are really sorry about the outcome of this conversation but there is unfortunately nothing else we can do as it is their decision. Feel free to contact them as this might help change the situation.
This just caught me out. So, do we have a subject on Business Savings accounts that DO support Tide? Before I chose another supplier and find they don’t support Tide?
You would need to contact them directly to discuss this I’m afraid.
Let me know if you have any other questions, I’d be happy to help
Secure trust do I have a 90 day notice account with them