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Why can I only use my linked bank to deposit funds or withdraw to?

Updated over 2 months ago

For your security and to comply with UK financial regulations, we can only accept payments from — and send payments to — your nominated bank account.

This policy helps us achieve three important things:

✅ Fraud prevention and customer protection

Your nominated bank account acts as a secure link between Sidekick and your personal banking. By only allowing transfers from a verified account that’s in your name, we significantly reduce the risk of fraud, identity theft, or unauthorised access.

If a third party were to gain access to your Sidekick account, they wouldn't be able to redirect funds elsewhere — they’d still have to send them to your own bank.


✅ Compliance with anti-money laundering (AML) regulations

As a regulated financial services provider, we’re legally required to track where funds are coming from (and going to). This is part of our AML and Source of Funds checks, which help prevent financial crime.

Accepting funds from accounts that aren’t verified or associated with your profile can compromise our regulatory obligations.


✅ Faster processing and fewer errors

When you use your nominated bank account, payments are automatically matched to your profile. This allows us to process your deposit or withdrawal much faster and with lower risk of rejection or manual review delays.

Transfers from unrecognised accounts may be rejected automatically or require additional verification, leading to delays in funding or refunding.


What if I want to change my nominated account?

That’s absolutely fine — but for your protection, we’ll just need to confirm the reason for the change and re-verify the new account.

If you’d like to make a change, just drop us a quick message and we’ll guide you through the process.

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