Transferring money

Hi all, so today I tried to transfer money into my Tally account with the idea of moving it into my tally savings account and saving with Tally instead of my first direct ISA account. Two thousand pounds I wanted to transfer so not a huge amount and if I was to walk into any bank I could pay it into a bank account no problem.

But with Tally it’s a different story. Guys why are you wanting to see proof of where my money has come from before you’ll let it transfer in? To be blunt it’s none of your business and to ask me to send screen shots of my current account is just plain crazy and in my view a security risk.
In the end I’ve decided to cancel the transaction and get my money returned to my first direct account. But what a poor state of affairs this is! You’ve got a customer wanting to transfer two thousand pounds into your banking system and you won’t let me. It’s very frustrating.


I’m afraid this is probably all down to money laundering laws and out of there control. My wife cant even pay cash into my bank account at a certain bank and it was only about £30

But how can Tally be advertising a savings account… and then not let you pay money in? Does that not seem crazy to you? I mean how else am I supposed to pay money in?

It’s anti money laundering checks - protects both you and the Company - it’s the law.

If you have nothing to hide then what is the issue ?

As I understand it the threshold is something like £8800 and after that you need to go through checks. We’re talking about two thousand here. If I was a drug dealer I be a very poor one lol. Not only that but it was being transferred from my normal account that I’ve always used with Tally for the past 18 months. I don’t get it myself, how can you have a savings account that you can’t transfer your savings into?

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@Alans27 This is down to internal security checks which are necessary, plus Tally is not like any other bank account as it is backed by gold which is a physical asset.

Morning Chris, OK fair enough you have security checks but these need to be clearly explained as it won’t just be me who wished to transfer money to my Tally savings but found it over complicated. What is the threshold for the amount I can transfer in without all these checks and what documents will you accept in order to pass these checks?
I was asked for a screenshot of my bank account but first direct won’t allow me to take a screenshot so that rules that out. Plus a bank account screenshot is very private and a lot of people won’t wish to share that with you.

@Alans27 The limits are changed as a way to prevent illegal activity. The accounts team can ask for a number of different questions from, where the funds have come from or what these are related to to just name a few to name a few.

As you have mentioned your other account does not allow you to take a screenshot which can be the case with some accounts. What you can do is login to this account via your lap top and take a picture or screen grab using your laptop, if you get a paper statement this is fine as well, you can also black out things you do not wish to show but do this could mean your covering something the team are looking for which means they might ask additional questions. We do not just ask for a statement screenshot, the information asked for depends on where the funds have come from and purpose of the funds, as each user and situation is different.

As you are probably in discussions about this with the team please do ask them any questions about this process and they will happily answer them as best they can.

Thing is if I send you a screenshot of my account, that doesn’t tell you where the money has come from does it? That just shows what account I’m transferring the money from, which you will know anyway because that’s the account number details I have given you when I’ve attempted to transfer the money. It doesn’t prove where the money has actually come from though.

I mean I could go out and sell something illegal and then pay the money in at my local banks branch and then transfer it to you. It’s still illegal but would pass all the checks anyway. So it makes me wonder why bother with all this hassle for an amount as low as two thousand pound?

But fair enough rules are rules and that’s that. Not having a go at you at all Kris I’m just discussing the subject. Anyway I thank you for your replies.

I know you’re not having a go @Alans27 and you are only asking a question. I can understand where you are coming from and will pass on your feedback about this process to the relative department.

The security processes we have in place are to protect both the user and ourselves. A lot of these checks are done automatically but we do have a few things we do manually to make sure everything is correct.

Kris you’re a gentleman. Thank you.

Revolut wanted me to go through this kind of faff for a card I use for simple errands, shopping, travel in UK and Europe that I guess I spend less than a few thousand pounds on annually. It’s crazy regulatory overreach, but that’s where we are these days with creeping surveillance. It’s totally outside of Tally’s hands.