Why do I need to nominate a bank account?
Before you make a deposit with us, we require that you nominate a bank account to make your deposit from. This will also be the bank account we return your deposit to at the end of your term.
We can securely verify your bank account information – Stoa runs a Confirmation of Payee (CoP) check against your provided details to verify that you are the account holder.
Deposits via Open Banking are more secure – when we create the payment instruction, we pre-populate the payer (your) details. This ensures that you are sending money from the correct account.
Can I make a deposit on behalf of someone else?
No. Any deposit must originate from the nominated bank account that you have associated with your Stoa account, which must be in your name.
If I nominate an account, can Stoa take money out?
No – when you nominate a bank account you are simply providing us with the account details. At the deposit stage, we use these details to prepare the payment screen for you, but only you can authorise the payment.
Can I nominate multiple banks?
No – you can only have one nominated bank account at a time. When you nominate a bank account, you can always nominate another bank account, in future deposit journeys, to make your deposit from. Note that we will always return a deposit to the account it was sent from.
How do I unlink my nominated bank account?
When you checkout, you will be asked if you want to deposit from your nominated bank account, or deposit from another bank account instead. If you choose the latter, this bank account will become your new nominated bank account. You can only have one nominated bank account at a time.
If I unlink my nominated bank account, will I still receive my deposit back (when my Pot expires)?
Unless you have opted for a Renewal, we will return a deposit back to the bank account it was originally sent from.
If you nominate a different bank account, this will also not impact where your deposit is returned to. So if you opened a Stoa Pot from Bank Account A, it will always be returned to Bank Account A, irrespective of whichever bank account is nominated at the time the deposit is returned.