Tide using a 'holding' account to send from!


#1

I transferred money FROM Tide into a Virgin Money account.

This Virgin Money account has now been closed, and they’ve returned the money to sender (my Tide account)
HOWEVER - the sort code / account number Virgin Money received the funds from is not my Tide account details - it appears to be a ‘shared’ account:

20-03-53
73152596

What’s going on?? This isn’t made clear - also, the money returned isn’t showing in our Tide account!


#2

Hi @cohoda

Our members’ funds are in a ring-fenced safeguarding account that is fully protected against risk and reinvestment. As a result, funds do not require FSCS protection.
this means that when making a payment these details are pulled. if you think a return is coming to you via these details. Please reach out in app so we can assist.


#3

Nowhere, i mean absolutely nowhere is this made clear during transfer.
In fact, the opposite is true.
See below screenshot: it actively appears to be coming FROM my account.

It’s very misleading, and caused a considerable amount of inconvenience.

I have an official complaint open, and will be taking this to the Financial Services Ombudsman, as it’s plain misleading.