Lotus account clarification

[Bilko]

Hello, I have come to the point of needing to settle up with Lotus but my bank repeatedly states that the the account couldn’t be checked/ verified.
Has anyone else had this problem and if so how did you navigate this.
It amazes me that a company as large as lotus doesn’t accept Chaps payment.
Thank you for your help.

 

[Porter]

It's likely because of the fees. Just do a BACS and wait the day.

 

[frazzer]

Hello, I have come to the point of needing to settle up with Lotus but my bank repeatedly states that the the account couldn’t be checked/ verified.
Has anyone else had this problem and if so how did you navigate this.
It amazes me that a company as large as lotus doesn’t accept Chaps payment.
Thank you for your help.

I had the same, it's because the account is a virtual bank account with details specific to you. You can't do a CHAPs transfer for this reason. I had to make 2 transfers over 2 days since the max daily my bank allows is not sufficient for the full amount.

For security you can call Lotus and ask them to confirm the details over the phone.

 

[Porter]

I had the same, it's because the account is a virtual bank account with details specific to you. You can't do a CHAPs transfer for this reason. I had to make 2 transfers over 2 days since the max daily my bank allows is not sufficient for the full amount.

For security you can call Lotus and ask them to confirm the details over the phone.

But surely they have these accounts set up with their banking provider to allow full value wire transfer? I mean the thing is specifically for buying a car.

 

[Pugwash]

In my case my bank was happy to make the transfer all in one go but the receiving bank could not.
To test the process I transferred a very small amount to start with (£5) and phoned LCC to confirm they had received it.
Armed with this information the conversation with my bank about are you sure was much easier. We did two transfers within 5 mins of each other and I then called LCC to confirm they could see the transaction.

 

[frazzer]

But surely they have these accounts set up with their banking provider to allow full value wire transfer? I mean the thing is specifically for buying a car.

The limitation was on my account not theirs

 

[Porter]

The limitation was on my account not theirs

Trying to do it through online banking? If you arrange it over the phone or in-branch, they can override the limit and do the full value.

 

[frazzer]

Trying to do it through online banking? If you arrange it over the phone or in-branch, they can override the limit and do the full value.

In my case on the phone and online had the same limit - but it depends on your bank

 

[Bilko]

Thank you all for taking the time to answer, great help that other have had the same messages from bank.
I have made a small transfer and will wait for confirmation before sending the rest.
Fingers crossed for delivery next Tuesday!!!

 

[Kentviking]

Thank you all for taking the time to answer, great help that other have had the same messages from bank.
I have made a small transfer and will wait for confirmation before sending the rest.
Fingers crossed for delivery next Tuesday!!!

Hey Bilko...just out of interest how long was your checout email to delivery process...I got my email just over a week ago and not yet been notified of delivery date (am choosing factory collection which I know may delay matters)

 

[nimbusblack]

Hey Bilko...just out of interest how long was your checout email to delivery process...I got my email just over a week ago and not yet been notified of delivery date (am choosing factory collection which I know may delay matters)

Im not Bilko but i completed checkout and got a call next day saying finance was approved, i heard nothing for a week and chased my delivery dealer who called lotus on my behalf to be told its 'still in production' they couldn't/wouldn't tell him any more than that. i was a little miffed as i had assumed it was built and awaiting on me to go through the process my end. Today i had identity verification email from Lotus via Stripe their 3rd party which i completed within about 10 mins.

 

[vision]

Im not Bilko but i completed checkout and got a call next day saying finance was approved, i heard nothing for a week and chased my delivery dealer who called lotus on my behalf to be told its 'still in production' they couldn't/wouldn't tell him any more than that. i was a little miffed as i had assumed it was built and awaiting on me to go through the process my end. Today i had identity verification email from Lotus via Stripe their 3rd party which i completed within about 10 mins.

Same here, sent £1 initially, contacted lotus who confirmed then transferred another max bank limit, then tried to transfer the last bit and the bank stopped it. Quick call to fraud and they released it at my risk. immediately had a completion invoice conforming all paid. It's a very scary process. Also my car is being delivered tomorrow but not heard anything yet!

Im not Bilko but i completed checkout and got a call next day saying finance was approved, i heard nothing for a week and chased my delivery dealer who called lotus on my behalf to be told its 'still in production' they couldn't/wouldn't tell him any more than that. i was a little miffed as i had assumed it was built and awaiting on me to go through the process my end. Today i had identity verification email from Lotus via Stripe their 3rd party which i completed within about 10 mins.

Sorry if this is obvious, but this is a well known issue.

Do a search. Us early adopters have taken the pain for you.

what a hero!

 

[EspritGuy]

Trying to do it through online banking? If you arrange it over the phone or in-branch, they can override the limit and do the full value.

I once had a Nigerian Prince tell me the same thing.
Very easy. No worries, he said.

 

[JohnHoward]

But surely they have these accounts set up with their banking provider to allow full value wire transfer? I mean the thing is specifically for buying a car.

Probably not as they are using a payments processing provider called Stripe which is often used on ecommerce sites for retailing and subscriptions etc. for much smaler amounts in the UK. I expect that Lotus will have chosen the most cost effective (for them) choice as the Stripe pricing structure is based around amounts transferred and volume. I don't think Lotus will be too worried about us UK folk having nervous breakdowns transferring money and hoping for the best!

 

[Porter]

Probably not as they are using a payments processing provider called Stripe which is often used on ecommerce sites for retailing and subscriptions etc. for much smaler amounts in the UK. I expect that Lotus will have chosen the most cost effective (for them) choice as the Stripe pricing structure is based around amounts transferred and volume. I don't think Lotus will be too worried about us UK folk having nervous breakdowns transferring money and hoping for the best!

I'm very familiar with Stripe. Traditionally they facilitate e-commerce credit card transactions, though those can be of any value, there isn't a cap. They are a full service payment processor.

In the past few years Stripe has begun offering bank debit capabilities, including both ACH in the US and BACS in the UK. There is no cap on transaction value for these either, it's controlled by the limits applied by each participating bank.

Overview: https://stripe.com/docs/payments/bank-debits

BACS on Stripe detail here: https://stripe.com/docs/payments/payment-methods/bacs-debit

 

[Porter]

Looks like there is a €10k per transfer limit by default on the EU equivalent (called SEPA) but it can be removed by Stripe support. The UK BACS payment method doesn't seem to have a comparable limitation, or they would have mentioned it in this documentation in the same way they do for the EU clearing system.

 

[JohnHoward]

In the past few years Stripe has begun offering bank debit capabilities, including both ACH in the US and BACS in the UK. There is no cap on transaction value for these either, it's controlled by the limits applied by each participating bank.

So the limit could be on the receiving side, I think someone has mentioned this on here somewhere. For my bank, I can transfer £25K per day from my app, but if I call into the bank branch, this increases to £250K (with a lot of questions asked). But that is no good if there is a limit on the receiving (i.e. Lotus) side. Perhaps Lotus set it all up expecting the majority of people to want finance from them rather than paying in cash.
Thanks for the Stripe links, they also do the ID checks in the UK to validate your driving licence photo against a picture that is taken via your phone through a live app.

 

[frazzer]

This thread is a hive of information for a would be scammer

 

[Porter]

This thread is a hive of information for a would be scammer

It's all public information. Trust me, criminals today are way, way smarter than we would like.

 

[Bilko]

Hey Bilko...just out of interest how long was your checout email to delivery process...I got my email just over a week ago and not yet been notified of delivery date (am choosing factory collection which I know may delay matters)

Hey Kenttviking I checked out Feb 11th for early April delivery. I had to delay a week due to being away. Also home delivery. Shouldn’t be to long.