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Pcdv
Jul '20

An BACS payment has been made early afternoon to my Tide account. The issuer has been contacted by their bank that the payment is being held (and cannot be returned) as the payee details could not be verified.

I presume this might have to do with the new regulations from 1st July onwards, but it worries me very much.

Tide support has not responded or even read my message yet.

Can you please help, with what seems to be an issue with elementary banking services?

Also, maybe a message to all clients detailing the currrent issues and risk of using Tide might be a good idea?

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    Jul '20

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    Jul '20
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Obi_at_Tide
Jul '20

Thank you for reaching out about this @Pcdv

I can see that the team have responded to you in the app regarding this, apologies for keeping you waiting.

This is likely as a result of the Confirmation of Payee system that’s being implemented across the industry. Our payment providers have not yet implemented it, so it’s likely why the sending bank has sent your client a notification about this.

Note that if that is the case, it’s just a notification and the payment can still be made.

Regards,
Obi