Unexplained email about transactions at NS&I

HI, can anyone from Curve shed any light or make any sense of this email i have just received today:
Firstly, i don’t do any transactions with NSI through curve, only through my current account as far as i am aware. Also, i haven’t done a transaction for over a month and it was for £25 to my sons account and before that it was over a year ago before i started using curve. So is someone looking at my old transactions? Or is someone else using my account, if this is the case, i will be more than happy to close curve until this issue is resolved… I.E security breach?

As you may be aware, we have an obligation to monitor transactions through Curve accounts. We have noticed certain transactions taking place on your account that might prevent us from continuing to provide our services to you.

Specifically, we have observed a number of transactions at NS&I that indicate that cash recycling may be occuring, (e.g. revolving borrowed or own funds between financial institutions for financial gain). We value your custom and want to keep your account open and active, however, we must remind you that such activity is against our Terms of Service, our Fair Use Policy, NS&I’s terms and conditions and potentially also your card issuer’s terms and conditions.

If we continue to observe this kind of account activity, Curve will unfortunately have to suspend your account until we have been able to confirm that the activity is not cash-recycling and has a legitimate purpose.

We look forward to your continued use of Curve.

Thanks,
Team Curve

I got the email too, having done a single transaction to NS&I in the past. I’m not sure how Curve can say they’ve observed a ‘number’ of transactions on my account or how this indicates cash recycling?

NS&I are featured by Curve on their website as a merchant that is supported by Curve Fronted. It seems they have course-corrected too far here, if it was to appease merchants and card providers then you would have hoped they wouldn’t have accused customers who have followed Curve’s rules. I really hope they haven’t had a security breach and it’s just an innocent error, but you’ve got me worried now @ukinvestor!

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I’ve had this email too. I only invest in NS&I through my bank account. This tells me that curve are snooping on my accounts without my consent. I’m seeking legal advice on this. Be interested in their explanation for this.

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I am sure there is a rational explanation. lets wait for Curve to give some feedback on this.

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I received the same as well - they must be sending it to anyone who has done any NS&I transactions as mine was a long time ago. Since there is no way they can know if you are withdrawing your monies, I guess they are just blasting these out to scare people?

It would be great if there is more clarity about what exactly constitutes cash recycling - surely withdrawing some money after a year should not be considered cash recycling - but I guess theoretically they can argue that.

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Tbh, i don’t really know what the term means fully had to google it. Funny how i ended up back at curve community with my results: Cash recycling limits and tests - #2 by Gaoler
Explains it here a little.

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I think it’s fairly obvious what has happened. Its a response to Creation blocking Curve transactions a couple of weeks ago which clearly has Curve extremely worried that other card issuers may follow suit. I think Curve management has to think very carefully about the opportunities for abuse that the product has opened up, and be much more proactive around shutting down any situations that are likely to backfire on them. Its inevitably a tricky balance to do that without making the product unattractive, or pissing off your customers.

Personally I don’t think this kind of blanket email is the right answer. I have bought NS&I investments through Curve as investments, and either still have them, or the case of income bonds bought last year kept them until I otherwise would have cashed them in anyway (when NS&I slashed the rate on them). I’ve done that because Curve makes it possible and it is within the terms and conditions, and I would expect the majority of people who have bought NS&I investments to be in that position. There clearly have been a (significant?) minority of people cash recycling, in some cases to extreme extents if you believe what you read, so it’s not really surprising it’s come to a head.

If Curve wants to stop or limit NS&I transactions they can. So surely it would be much better to enforce clear rules, not accuse customers of ‘suspected’ terms breaches?

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Unfortunately (from what I’ve heard from speaking to colleagues and reading on here) Curve seem to have sent this email out to all customers rather than only those that have used NS&I - if there was a desire to send such an email I would have (a) expected it to have been more carefully worded (without such an accusing tone) and (b) sent out either in a more focused manner or with a more generic message.

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All UK customers, that would be (luckily for Curve). I (living in the Netherlands) didn’t receive the email.

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Eh, it was a bit of an unfriendly email. I do stash my tax in NS&I until it’s requested by HMRC in January/June, but it’s hardly ‘cash recycling’. I assumed it was an allowed use of the card?

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Just taken a snippet from Curve’s ‘Terms of Service’ it states:

  • for “cash recycling”, which means using your Curve card to make an ATM withdrawal and using the cash to repay the payment card used for the withdrawal in order to receive rewards on the payment card or your Curve card

There is no mention of NS&I in the terms about cash recycling. Confused even more now. Don’t see how ATM’s have anything to do with NS&I

Also, have another definition of cash recycling, would make more sense i suppose.

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The bemusing point I make is: I have not used curve card for NS&I investments. How do they know I invest in them. They must be looking at my account to check what I’m up to. Why???

Secondly not the quickest to respond to these inquiries. Very amateurish. I think this has prompted me to cancel my curve card.

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Wait for a reply first my friend, could be a rational explanation for all this. Curve don’t seem to be the swiftest in replying.

Yep I received the e-mail. But I do actually use it with NS&I. Every month I buy some premium bonds with my spare salary using curve charging my underlying debit card which offers cashback on the transaction.

As far as I’m concerned that is standard use.

I have sometimes used a Credit Card, but this is rare, again though, I don’t see this as inappropriate use though I can see why people might be more concerned about revolving credit but isn’t that my affair as to if I pay off the bill or not… My thought would be if I screw myself over and am unable to pay my my credit card provider they would suspend my service preventing use with curve anyway.

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Yeah, I’m not remotely impressed with that email. It’s been 9+ months since any transactions with NS&I and these were funded from an underlying debit card and fully traceable.

Once again Curve is jumping the gun with some blanket poorly-worded email that’s done nothing other than annoy the hell out of customers.

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Glad to hear it was at least UK-only, I was worried it had gone to all!

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I have made one purchase of Premium Bonds for £100 with Curve Fronted on my metal card. Curve support even helped me as I couldn’t get it to work (through my error)

A month later I get the email accusing me of multiple uses for cash recycling

Curve customer service really isn’t very clever, hacking of customers using Fronted EXACTLY how they’ve advertised it!

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I got this email too. Have to say I’m really hacked off at Curve - an implication I was doing something wrong, and a threat to close down my Curve Account? Things like this dent this customer’s loyalty!

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Also had this email, replied to support explaining no recycling has happened.

My support reply now gives me 10 days to supply all bank statements, all card statements, all NS&I statements. If I don’t provide this this will close my account.

This is after I proactively responded to their threat email. Pretty poor customer relations, investor relations and seems to just be a “mail all” based on any NS&I. No explanation for starting a countdown on me for emailing in to confirm I’ve not done what they claim…

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To be fair, looking at how Curve has dealt with communications in the past, I wouldn’t expect any less than an email blast of this kind.

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