I think this should be much less of an issue, now dozens has scrapped card topups
These are interesting points. I’d like to think (and my experience does seem to suggest) that this might be a bit extreme.
I don’t find myself worrying ‘will this legitimate transaction look like criminal activity?’ Every time I do something with money. If honest people are doing that, banks are horribly failing at profiling.
I have (legally) violated most of those rules (some routinely, although with non-huge amounts) and have never had any trouble.
Certainly where larger as of money are involved (ie more than I’d usually move in a month) eg a car/house purchase I do have some concerns.
While fintechs are at a bit of a disadvantage over the old world banks here, they also provide a solution. If, post Wirecardgate you still only have 1 debit card, you’re doing money wrong. As long as you have a backup card with a little money on, a false-positive fraud flag (resolved efficiently) should be only a minor inconvenience.
Most anti-money-laundering monitoring is risk based and done by AI these days. Decisions are taken in a fraction of a second and transactions encounter no significant delay. The easiest way to avoid any pitfalls is to make sure you have completed the KYC process to make your account “verified”. It’s best to avoid frequent or high value transactions with unverified accounts. For example, if you need to settle bills with friends or house mates who have recently opened a new bank account, make sure you have all completed KYC so that none of you have restrictions imposed.
Tbh. The amount of times I’ve now had emails from Dozens about my transactions is just leading me to stop using the account .
6 people transferring £15 to my account (for a friends birthday) - email. Husband transferring money in to use abroad -email . Wine purchase - email . Transfer of money out on hearing the wire card issue - email !
I feel like I’m being hounded !
Very sorry to hear that you’ve had issues @Leah
Our checks are particularly tight at the moment, as mentioned in the post above, specifically to keep your account safe and to stop fraudsters using any accounts in ways they should not. Unfortunately it is possible that regular customers will get caught up in this, and we are very sorry if that is the case.
As someone who has been with us for a while, you’ve already dealt with a lot of our growing pains (!) but I hope you’ve had a chance to take advantage of some of the benefits too ?
As @jgw2001 points out, there are many things that we have to look out for, and sometimes it is hard to distinguish between fair and ‘unwelcome’ uses - for example in genuine accounts that are not used regularly.
We are doing our very best to avoid any issues, and I hope your account has not been frozen, only getting emails from the team? Please bear with us, and we promise we are doing our best for customers, and building a reliable account for the long term.