Do not bother putting so much on the savings pot for the booster.
I was asked for the statements from my bank initially which I have sent.
Now they are asking why I have put so much money in??
Are these people for real ? They do not KNOW what their booster product is for?
Bla bla bla.
My last hope for Tymit has been demolished.
This might be the end of my long suffering with the non existent customer service.
Tymit should change its name to Sleepit.
Sorry, not sorry for the rant.
ps I had the booster over 6 months.
This is probably for AML reasons as it’s such a large amount
Don’t offer the service if can’t handle £15k. Put a depositing limit. Just annoying.
Anyway I took my money. It is much safer in the savings account with the bank.
It’s not a limit of the deposit, it’s rules under AML directives 5 and 6. Putting such a large amount is unusual.
It’s not that it’s not allowed, but it’s fair for a company to ask the source of funds and the reason for deposit. In fact if they don’t they are breaking the law and their license conditions.
Often the trigger point will be around £10,000 but with more recent updates to the directives, it covers any payment value that is identified as unusual. This includes payments that are unusual in that they are not the norm for your wider customer base.
My Man be calm I feel you, however I ain’t gon lie having £15k toward a Secured credit card is out of place, I do understand what you are trying to achieve but need to be aware tymit is a regulated financial company they have recourse to ask sources of fund realise that could have easily got your card frozen and you’d be made to wait several months to get it sorted.
I will suggest since you have such amount in saving and 10 cards, 9 excluding tymit you can give your current card providers a call explain situation such as wanting to lower your utilisation ask for credit limit increase and let them be aware about your savings in form of bank statements, If you have always paid on time I can assure you 8 out of 9 or all will agree to up your limit, sorry man
I pay in full every month as the statement is issued so my utilisation reported as 0% on all cards. But I was planing the future, eg making a large purchase (car) with it and then balance transfer it to another card on 0% APR.
Only good thing on this case is that they did not block my money, I was able to withdraw my cash back to my bank account, which is a relief. I have still left £250 security deposit, so I have not decided if will close it or not.
Some small banks are very known for it, they open paid online accounts very easily without sufficient checks then they block accounts when some deposits made while citing AML.
I am familiar with AML regs.
The issue was that I was only asked to confirm the funding source bank account with one statement dated in the last 3 months which is reasonable. I sent them the last four!
In return they were still asking for more documents payslips etc. Just annoying and inconvenient sadly.
I held my bank current account past 15 years and never had any issues with them or with any other banks.
Ps. I think the max credit limit on regular Tymit is up to £5,000. I think it is reported incorrectly here https://www.finder.com/uk/tymit-credit-card as £15,000 which I wanted to match mine to
But is really 15k the limit for Booster?
Cause it doesn’t say anywhere on the application for Booster. I applied, there was no word on any limit, I automatically inferred that there’s no limit.