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Original poster

Transferred £90k yesterday but seems to be missing!

34 replies

SiIIy · 03/06/2023 22:04

I opened two savings accounts with Raisin yesterday. Transferred the money, which immediately left my current account but it’s still not in my Raisin account. The FAQs say it should have arrived instantly or at the latest within a couple of hours. No customer services open on the weekend and I’m getting nervous. Is this normal due to the weekend, and has anyone else had a similar issue? In retrospect I should have started off with just £100 or something. Feeling stupid and anxious!

OP posts:
00100001 · 03/06/2023 22:07

I guess it will show up in Monday..?

Drywhitefruitycidergin · 03/06/2023 22:08

It's probably in a holding account due to the value. Have you contacted the bank.
They prob need to do compliance checks based on proceeds of crime act over where you got such a large sum from.

But yes you should do a £1 test payment first.

Fingers crossed it appears.

Original poster
SiIIy · 03/06/2023 22:10

@Drywhitefruitycidergin Okay, that makes sense. I’m really hoping that’s it. I kept checking throughout the day yesterday just waiting for it to appear and grew gradually more concerned. Silly thing to have done.

OP posts:
dudsville · 03/06/2023 22:11

That's definitely a worry! I agree, most likely there's a reasonable hold up. I know MSE recommended them recently and i opened an account but have been hesitating because I am not familiar with the company. Aren't they connected to HSBC? That might be more reassuring.

Original poster
SiIIy · 03/06/2023 22:11

@00100001 I desperately hope so. In for a somewhat anxious weekend.

OP posts:
SergeiL · 03/06/2023 22:12

I’ve had this before and it turned up a couple of days later.

Doggymummar · 03/06/2023 22:13

Anything over £6k has to go through anti money laundering checks, this should their ts and C's although I have never heard of Raisin. Remember this is above the protected amount which is. 84k I think so move some of it somewhere else quick.

Towelin · 03/06/2023 22:14

I have had similar with raisin, albeit with vastly smaller sums of money. I sent a support ticket and they replied to say it can be up to two working days. Sure enough, the money did appear. So try not to panic... easier said than done, I know!

Original poster
SiIIy · 03/06/2023 22:14

dudsville · 03/06/2023 22:11

That's definitely a worry! I agree, most likely there's a reasonable hold up. I know MSE recommended them recently and i opened an account but have been hesitating because I am not familiar with the company. Aren't they connected to HSBC? That might be more reassuring.

Yes that’s right. I also saw the MSE article. It’s mine and the kids inheritance. Wanted to lock in a decent interest rate. Trying not to completely freak out. I’m sure it’s going to be okay but I can’t help feeling quite anxious...

OP posts:
Original poster
SiIIy · 03/06/2023 22:17

@SergeiL @Towelin Thank you both - that’s reassuring. I am sure it will be fine.

@Doggymummar Thanks, the money is split into two different accounts so I believe is covered by the FSCS.

OP posts:
BillyNoM8s · 03/06/2023 22:21

I have accounts with Shawbrook and tramsfers in won't go anywhere on a weekend or after 5pm or some such time on a weekday.

I always send a test £1. Sent one today and it won't arrive until Monday.

Out of interest, how did you transfer such a high amount? I think my bank transfers and card payments are limited around £20k a day.

FSCS protection is per institution, not per account. But if accounts are all in different names and under 85k then you're OK. As long as you don't hold more in an associated bank.

LubaLuca · 03/06/2023 22:25

SiIIy · 03/06/2023 22:17

@SergeiL @Towelin Thank you both - that’s reassuring. I am sure it will be fine.

@Doggymummar Thanks, the money is split into two different accounts so I believe is covered by the FSCS.

Your £85k is per institution per account holder. As long as both accounts aren't solely in your name the whole amount will be protected.

Original poster
SiIIy · 03/06/2023 22:26

@BillyNoM8s Thank you for the reply. That puts my mind as ease. I tried to transfer a smaller amount via online banking but it got flagged up for potential fraud despite speaking to them on the phone for about half an hour so I went in branch. The transfers were made at around midday after an extensive discussion with the fraud department. I didn’t want to go through the faff again so just ended up transferring the lot.

Stupid thing to have done and most definitely won’t be doing it again!

OP posts:
Original poster
SiIIy · 03/06/2023 22:30

@LubaLuca Okay great thank you. Both accounts in my name but different banks (Raisin are just the intermediary).

OP posts:
VisionsOfSplendour · 03/06/2023 22:31

Doggymummar · 03/06/2023 22:13

Anything over £6k has to go through anti money laundering checks, this should their ts and C's although I have never heard of Raisin. Remember this is above the protected amount which is. 84k I think so move some of it somewhere else quick.

Im pretty sure that's not true

For cash deposits they will ask but not transferring money to a reputable fimancial institution. To open the account in the first place the OP will have passed the checks

In sure it will be just a delay in processing

Unsure33 · 03/06/2023 22:41

Yes same thing happened to me .all ok.

Original poster
SiIIy · 05/06/2023 14:26

Whelp. Still not anywhere to be found and now I’m abroad on holiday :(

OP posts:
JonahAndTheSnail · 05/06/2023 15:34

It could be that the transfer has been flagged by your original bank. The standard procedure for a large withdrawal used to be money laundering checks then passed over to retentions dept. for their sales team to call you and try to get you to keep your business with them.

dudsville · 05/06/2023 15:37

Even though you're away it would be worth ringing the bank the money left from, they may have held it back for reasons stated above. It would be worth the peace of mind.

TheUnsettling · 05/06/2023 15:59

I know it’s too late but always do a &1 test first.

Have you managed to call even though you’re abroad?

WallaceinAnderland · 05/06/2023 16:16

Might look even more suspicious if you call from abroad.

tattygrl · 05/06/2023 16:34

Aw OP, hoping against hope it's all ok and simply taking its time because of due process. I think speaking to someone on the phone is your best bet.

CornishGem1975 · 05/06/2023 16:40

Good lord, even reading this has given ME anxiety. Hope you get to the bottom of it OP, they must know where the money is.

dudsville · 06/06/2023 21:59

I was considering Raisin, op, if you can bear it I'm very curious how you got on.

XelaM · 06/06/2023 22:06

🤞🏻

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