My experience with Tide has been extremely disappointing and stressful. They initially kept emailing and encouraging me to create an account and start doing business with them. After trusting them and setting up my account, the moment I started my business and received payment, my account was restricted without any proper reason.
After 20 days, my account was finally un-restricted — but only after I had to personally chase them and speak with a manager. However, as soon as the manager closed the chat, my account was restricted AGAIN without any explanation.
This is completely unacceptable. They actively push people to open accounts and run businesses, but then treat customers in a highly unprofessional way and put their funds at risk.
I have already suffered a business loss of around £20,000 due to this situation, and I still have £5000 stuck in my account which I cannot access. It has now been almost a month, and there is still no proper resolution or communication.
I will now be escalating this issue by submitting all evidence to the Financial Ombudsman Service and reviewing my case under the Financial Services Compensation Scheme.
I strongly advise everyone to avoid doing business with this bank. Based on my experience, this service is unreliable and has caused serious financial damage.
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