Cash payments


#1

I am very unhappy with Tide at the moment. Recently I sold some of my products as cash sales at a trade fair which amounted to just short of £2000. The cash was then paid into my account successfully in four separate transactions via the post office; apparently you can only pay in £500 in one go.
a week later I get an email asking all kinds of questions about where the money has come from, do I have proof, who I do business with, can I provide proof of these business’s existence.
I replied with all the relevant info and explained that the cash deposits were a product of cash sales. Yesterday I get another email asking yet again for proof of the cash sales and giving me 3 business days to reply or tide will block my account for security reasons.
Come on Tide get a grip! It’s less than £2000 for god sake. If it was £10,000 or £20,000 I could understand but even then there must be companies dealing with that kind of cash. Not only that but if the cash was from doing dirty deals would I really pay it into a bank account or keep it in my back pocket.


#2

Hi Stephen,

Thanks for taking the time to share your feedback with us.

We appreciate this must have been frustrating but, occasionally, we need to do extra checks around cash deposits. We’re sorry for any inconvenience caused.

Please don’t hesitate to let me know or chat to our Help team in the app if you have any questions about this :slight_smile:

Valentine


#3

account closed as i am not justifying myself every time i pay cash into the account


#4

Hi Stephen,

I’m sorry to hear this.

Our team has reached out in the app to offer to give you a call as we’d love to discuss your experience and get further feedback.

Valentine


#5

Sounds like a frustrating issue on both sides IMO.

Its an interesting topic that’s been raised.

I’d like to know, in this thread, what Tides policy, procedures and requirements are with regards to cash payments, if there is a minimum threshold where investigation may be considered appropriate, and the criteria that would qualify an account to be closed.

These are important considerations in your T&C’s that would typically go unread.


#6

it says in the T&C’s that a maximum of £500 per day can be paid into the account. in my naivety i took that as being the fact that Tide was relatively new and it was the agreement reached by the governing bodies and i that i phisicaly would not be allowed to pay more than 500 per day. when i tried to make the cash payment at my local PO the lady said it could all be paid in to the account but in separate sessions which incurs a £1 charge per session. a £1 charge per session seemed reasonable enough so that is what i did, but then the email demands and threats started to arrive.
i have had a voice mail left for me wanting to discus the issue but after receiving an email telling me i had 3 days to clear my account, cancel all my DD’s because i had not provided enough information to satisfy their investigation. i mean how do i provide proof of postage from a cash sale and why if Tide has set a limit am i then able to make the payments in the account anyway?


#7

Hi @davids, @the_yicker

Thanks for sharing further feedback about cash deposits with us - it’s really helpful as it’s a new feature and we want to be as clear and transparent as possible around our processes and your options.

With regards to the limits, the £500 daily limit was put in place by our partners. We understand some members might sometimes need to deposit more than £500 a day as their businesses may require higher cash deposit limits. We’re in conversation with our partners around revising these limits. We’ll keep our you updated on this, but at present the Tide limit remains at £500 a day.

In regards to your question about our procedures and whether there is a minimum threshold for which we would investigate, we don’t have a set minimum for investigation. Our members have a great array of companies that all do different things and have different banking needs, therefore each member is reviewed on a case by case basis by one of our Compliance team. However, factors such as your type of business and use of cash will be considered.

As I said above, this is a new feature and we really value members’ feedback as we refine our processes. Please don’t hesitate to get back in touch if you have any questions.

If you want to discuss your individual business requirements please reach out via the app, the team would be happy to help.

Valentine


#8

Thanks Valentine.

A thorough response and clear guide for other Tide members.