I’ve a number of clients waiting to make payment via bank transfer but the payment is unable to be completed as the bank is unable to verify my name. This has happened with 3 different banks now, why would they not be able to verify my name? I have tried from my personal account using my business name and my name and neither were verified. I have asked in the app but have not had a response, I’m not happy to leave clients waiting. This is the first time I have used my account.
I’ve had this account for 2 weeks and I’m already asking myself whether I should change to another bank! I’ve used the app and this and no one has got back to me! I appreciate your busy but what are we all meant to do?!
I too am having the same problem. I believe that some new rules came into effect on 1st July where a new payee has to be verified. As I have customers unable to pay for works I have carried out.
Its not like this would just happen overnight and I would of expected Tide to be prepared.
I can see that the team have responded to you in the app, to summarise very quickly here as well, any payments that have been queried like this is likely due to a new service called ‘Confirmation of Payee’ that’s being incorporated.
Because of how Tide accounts function somewhat differently from business accounts in other high-street banks, this is something that can arise as ours will likely appear unfamiliar. That said, payments can still be made.
I do understand that this can make some clients more wary, as they might take the message they get from their banks to mean that there’s something wrong with the account they’re sending to. We’ll do what we can to address this going forward.
I’m having the same issue with multiple clients. They are concerned that the verification cant be completed so not completing payment, they are then offering me a cheque - which I cant then pay in!
Is this something that will be addressed soon?
I have found the same problem with everyone who pays into the account. The first customer refused to send the money and gave me a cheque - so helpful. I now have to attach a warning to all my invoices to encourage people to proceed with the transaction. It would be nice if Tide could prioritise a solution to this as it is a little embarasing.
I have just opened an account and my first two orders had this problem so they have walked away! I just transferred some money in from my personal account so I could see the problem 1st hand and I have to admit the warnings from the bank are basically you could lose your money if you send! So to be fair if I was a customer to a new business that had no history and I received that warning when trying to pay I would have walked as well! Can you please give us an update on this issue as I will not be able to get my business off the ground the way it is.
Also a bit concerning that Tide have not updated/responded to this thread since July 3rd!
I completely understand how frustrating these situations must be - apologies if you were expecting a direct update here in this thread.
The primary hurdle with this issue is that we don’t have control over the wording of how high-street banks communicate the Confirmation of Payee system to their clients. I understand it can be quite alarming.
Because Tide is not a bank, getting involved in the system still poses a challenge, but we’re working on it. If we do make some headway, we’ll definitely make an announcements across our channels. We want our members’ association with us to be a point of pride.