Cashplus Bank App and Online Banking Not Working All Day.
Cashplus started having reports early hours this morning that there was a problem with their app and website and at around 15.00 hours this afternoon, Cashplus said the IT Department would resolve the issue by 17.00 hours. This issue is still ongoing at 17.15 on both the mobile app and also the online banking website and is intermittent.
Cashplus Bank is the trading name of (APS Financial LTD) Advanced Payment Solutions Ltd is a UK Challenger Bank.
Cashplus offers people with bad credit ratings the option to open an account and help rebuild their credit score.
The company also provides business and personal bank accounts, overdrafts, debit cards with overdrafts and loans, and other alternative lending products. They also offer a range of corporate solutions for established businesses, including expense management services and bulk payments.
The website issue had a 524 error message as you can see from the screenshots below:
To login via their website on your computer, you should use the link https://servicing.cashplus.com/identity/login?returnUrl=/onlineservicing/
However, you need your key code on hand which can be obtained using the “Entrust Datacard” key fob or you can also get the code via the app providing the mobile app works.
Launched in September 2005, Cashplus Bank is a fintech company that has processed over £20 billion in payments and issued over 2.2 million cards to over 1.6m customers. They’ve been profitable for the past 9 years whilst recording an operating profit of £3.2m in 2020.
They’re authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA, allowing them to provide FSCS protected accounts. They’re also a principal member of Mastercard.
The private company is focused on developing simple and smart banking services that make their customers’, especially start-ups and small to medium business owners, lives easier. This focus is rewarded by having a 7% market share of new business accounts opened in 2020.
However, this bank is not without problems. Since its launch, the app has had a lot of technical issues, dating back to Sept 2018 where it compensated customers, and it even seems like a running theme where every September they encounter problems in Sept 2019 https://www.thesun.co.uk/money/9916556/cashplus-down-mastercard-twitter/ and today as we speak on 6th September 2021 where the app is only working intermittently. This is especially not good for customers who are trying to access their accounts or run businesses that need to receive, transfer money and pay staff, and pay bills.
The other downfall is that any business owner has only a limit on how much money can be held in their account at any one time and how much they can transfer. Personal Bank Accounts are opened with a maximum balance limit of £10,000. Business Bank Accounts are opened with a maximum balance limit of £50,000. Higher limits may be made available on request if further documentation is provided.
When Cashplus Bank first was launched in 2005 its aim was to provide a general-purpose prepaid card. In 2008 it launched the first Creditbuilder product in Europe, which now helps over 30,000 customers a year improve their credit score. They became the first to offer instant approval, online business current account in the UK in 2013. In 2015, Cashplus became the first non-bank to provide banking services through the Post Office, giving customers access to the largest over-the-counter banking network in the UK. In 2019, they launched the UK’s first payment card made from a new type of degradable PVC, offering customers a more sustainable alternative to traditional plastic PVC cards.
Cashplus will need a lot of PR to get their good name back on track.
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