Unexplained email about transactions at NS&I

It’s a shame that this email went out to some wrong people, but overall I’m glad they are finally enforcing their terms and conditions. It is rather a case of closing the stable door after the horse has bolted. Bad apples have been abusing the system in massive amounts and, with the Creation blocking Curve, they’ve allowed genuine customers to suffer by not acting sooner. Creation are no better though - why not just dump the abusers instead of penalising everyone.

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I think there is a lot of confusion on curves end, misunderstanding what cash recycling is. I was buying lot of bonds in this case simply due to having a load of savings and wanting to transfer into bonds for prizes. This may have looked odd, but was perfectly genuine and not cash recycling as all cash stayed in bonds, until I needed to withdraw it all in entirety.

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Yeah, it’s not an illegal action. Its just card companies looking out for card companies.

Dave buys 100 quid of premium bonds using his curve card.
CURVE is linked to his SUPERMEGABANK card that gives him 1 loyalty buckaroos, for every pound spent.
Dave withdraws the 100 quid of premium bonds and pays off his supermegabank card before interest is accrued.

Dave ends up spending nothing, gaining 100 loyalty buckaroos.

Dave repeats this activity ad-infinitum. Dave uses his loyalty buckaroos to buy a first class around the world trip. Dave is super happy. SUPERMEGABANK is pissed, SUPERMEGABANK blocks CURVE as a merchant.

Not illegal, and absolutely nothing to do with money laundering, just it’s normally against terms of service, most card providers keep an eye out for it to minimise abuse of their loyalty schemes, I guess given CURVE sits as a middle man, it is very easy to use CURVE to “lose track” of cash that way, so if CURVE wants SUPERMEGABANK to play nice with them and allow their users to use CURVE for their card, CURVE now have to police it on their behalf.

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Why is SUPERMEGABANK peeved? SUPERMEGABANK gets an interchange fee. Curve gets an interchange fee.

NS&I is peeved, as they pay the interchange and Dave withdraws his wonga.

Sorry… couldn’t resist :wink:

5o9fh6

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See I think this was always seen as fine via curve fronted, however if curve wish to stop it then fine. But I do expect everyone to be let off and simply told not to in future. However, those that kept withdrawing repeatedly and buying more, then withdrawing, that I understand being a bit more cheeky!

Glad I found this thread after spending 2 days trying to ascertain whether I had been phished or hacked. I like others, messaged to say that I definitely had not been money laundering which generated Keira H asking for all my bank statements, NS&I statements and c/card statements. It took nearly 4 hours to get all this together and send off, 20MB of attachments with all the data anyone ever could want to steal my identity and guess what, no reply or acknowledgment at all from Keira H. So spent a while longer and sent a Dropbox link. Still no reply a day later. Perhaps replying to Keira’s email was the wrong thing to do, but as she didn’t explain the right thing to do, I am stumped. Such a shame for our family relationship with Curve to end like this (10 days must be up shortly).

I wish I had kept a screenshot where Curve appeared to actively promote NS&I as a merchant! Yes I did buy some Premium Bonds using Curve but they sit there earning diddly squat, so no idea why Curve is accusing me of money laundering for purchases that they actively encouraged. I’ve not withdrawn ££ to ‘rinse and repeat’.

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@MetsonIJ It isn’t money laundering, so don’t worry about that. It’s worst case a confusion of terms of service. Also, it’s 10 working days not days, so it won’t be up till late next week. In addition, I doubt if you’ve provided details and response explaining they will suspend anyone, more likely to issue a formal word of warning like the first email.

In addition, I didn’t think NS&I even did statements, I just simply have the account transactions and can clearly see it’s topped up over months before I withdrew all in totality in August. (Not topped up since)

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I don’t use Curve Fronted and haven’t received the email in question.

If I did and was asked for all this information - I would refuse.

It’s a totally disproportionate request to ask a customer for all their bank and credit card statements

Even if applying for a mortgage, you wouldn’t be asked for so much detail.

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I’m really concerned & struggling to understand with what is being requested for some users, I have never in my life seen this happen. Maybe ID checks or proof of address, but never statements unless like you say for a mortgage application. If this info is required just to keep curve happy, then there is a fundamental flaw in the processes which could lead to a downside for curve. Has anyone experienced this with any competitors, i wouldn’t know, i don’t use any apart from curve or my actual card supplier.

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I got the email, and emailed support. All they said was this was breach of terms and pointed me to them. Unlike other users, they did not ask for any statements as such or said my account will be blocked in 10 days. Communication on this matter seems to be confusing to say the least.

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Strange email, initially thought I am the only one but seems like we all are in same pool :slight_smile:

Seems anyone who is from the UK and invested in to NS&I it seems.

And seems like even if you invested once , 2 years ago, you still got the email.

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It was a blanket email, Maybe take it with a pinch of salt until you get the email to confirm your had it by mistake. see my message above.

I have a feeling it was an automated response and after the uproar they changed it for future responses!

Yep, I expect a proper response today! Bit annoying though as I had sent them a load of Credit card statements, not bank as didn’t feel that was necessary

https://help.curve.com/which-transactions-will-curve-fronted-fees-apply-to-r1FErO38_

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Interestingly, free Curve Fronted is no longer listed as a benefit for Curve Metal. It’s also not listed under “Features” in the footer as it used to be, or on the “how it works” page. They seem to have removed all mention of fronted from the main site, and as far as I can tell it only remains in the help pages.

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Connie! What a star, thanks

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