No need to worry — this is not uncommon, particularly if this is your first time sending money to Nutmeg by debit card.
This is not unusual for large debit card transactions and is a standard security measure by your bank.
Some banks may contact you automatically with an automated phone call to ask about the payment. Simply say that you want to allow future payments to Nutmeg and then head back to Nutmeg and try the payment again. You'll receive an email confirmation when it goes through successfully.
If you haven't already heard from your bank, here’s what you should do:
1. Ring the number on the back of your card
On the back of your debit card you should see a phone number for your bank’s card enquiries department. Give them a call. Some centralised call centres can't see flagged payments so, if needed, be sure to ask for the card services team.
2. Say that you want to be able to make payments to Nutmeg
Let them know that you were making a payment to Nutmeg and your payment was declined. Explain that you would like to be able to make future payments to Nutmeg. They should be able to mark us as an approved merchant on your account while you're on the call.
3. Head back to Nutmeg and try your payment again
If you are still signed in to Nutmeg simply re-enter your card details and re-try the payment.
If you are no longer signed in to Nutmeg, sign in at nutmeg.com and select Pay in now from the Payments and Transfers menu at the top of the page. Choose the pot you are paying into and type the amount you intend. Your card should still be saved and you should be able to try the payment again.
4. Once a payment is successful you will shortly receive an automated email confirmation
What if this doesn't work?
Use a different debit card
If you're not able to get your debit card payment to go through, then, as a last resort, you could try making the payment using another debit card for an account in your name. You may need to first send the money by bank transfer from your current account to the account belonging to the other debit card.
We're not able to accept credit cards as it is not recommended to invest on credit.
Send a bank transfer
You can also send money directly to Nutmeg by bank transfer from the account you provided during sign up. While most of the major banks will send faster payments which can arrive within 2 hours, be aware that others may take up to 2 business days for the payment to arrive. If you are unsure or need the payment to be credited by a particular deadline, say the end of the tax year, debit card is the most reliable method. Even though the money takes longer to arrive from a debit card payment, the payment will count towards the tax year of the payment submitted date.
Occasionally, even after you have approved Nutmeg as a recipient, banks may still flag a future payment. If so, don’t worry — Nutmeg handles millions of pounds each day and our custodian, State Street, is one of the world's largest custodian banks.