HSBC: Internet banking transfers

gt94sss2 · 14 March 2010 at 4:37PM

Has anyone else noticed that HSBC have reduced the amount you can transfer online from a HSBC account to an external bank account to £5,000 from £10,000/day - unless the Payee is listed in their list of organisations (which remains at £10K).

Seems that you now need to call them or go to a branch if you want to transfer more than £5,000

Regards
Sunil

premierfella · 14 March 2010 at 4:54PM

Spot on. No doubt the reason is in some way linked to reducing losses to fraud.

I can add this to my personal list of reasons to keep secondary accounts open (e.g. a First Direct account to pass additional money through).

ManAtHome · 14 March 2010 at 4:58PM

Did you find out when you tried to transfer? (I haven't moved over £5k since middle of Feb)

jonesMUFCforever · 14 March 2010 at 6:13PM

The vast majority of genuine online transfers are for small amounts - the majority of fraudelent ones are not.

gt94sss2 · 14 March 2010 at 8:03PM

ManAtHome wrote: »

Did you find out when you tried to transfer? (I haven't moved over £5k since middle of Feb)

It was actually my father, with me looking over his shoulder.

Further investigation reveals that the new £5k limit is now also mentioned on their Internet Banking help pages and the UK Payments Association pages

Ironically, he was trying to top up his HSBC InvestDirect ISA from his HSBC current account(!).. and it came up with an error message when it usually comes up with the payment confirmation message.

If I try and put such a test payment through myself I also get:

Make a payment

We are unable to make this payment as it exceeds our limit for this type of payment.

The limit to pay bills and organisations from our standard list is £10,000. For all other payments the limit is £5,000 per day.

To make a payment between £5,000 and £10,000 please call us on 0845 600 2290 or +44 1226 261 226 (textphone 1800 08457 125 563)* .

* Lines are open from 8am to 10pm every day (except Christmas Day, Boxing Day and New Year's Day). To help us continually improve our service , and in the interests of security, we may monitor and/or record your communication with us. (124)

I wonder when they made this change.. - though suspect all Premier, Advance etc customers can call 24/7 to make a payment..

Regards
Sunil

ManAtHome · 14 March 2010 at 8:44PM

Cheers Sunil - surprised they didn't put up a message. My last £5k+ transfer was 16th Feb (to a Building Society account), so changed sometime after then...

Inactive · 15 March 2010 at 2:41AM

Well they could have sent a message to customers about this change, very soon we will all have to ring the branch to actually use our accounts.:mad:

cottager · 15 March 2010 at 7:36PM

I don't bank with HSBC so this doesn't affect me, but it's so depressing... the road towards consistently achieving the full Faster Payments service from all banks seems to have always been one (slow) step forward and two back in the almost 2 yrs since it was introduced. I know full well there are cost, technical and security issues for the banks, but it's so frustrating.

dougz_2 · 19 March 2010 at 4:53AM

They never told me. Poor show that HSBC not announce this significant reduction in service. Could come as a nasty surprise to someone trying to beat a deadline during an evening.

And BTW what happened to that system they announced they were going to prevent such fraud by instant calling your phone to verify transactions?

gt94sss2 · 20 March 2010 at 2:11PM

dougz wrote: »

And BTW what happened to that system they announced they were going to prevent such fraud by instant calling your phone to verify transactions?

I've encountered that when changing my contact details online and its apparently used for sending payments overseas as well - perhaps when its rolled out to other services, they will lift the limit again?

It had been £10K for as long as I can remember..

Regards
Sunil

cottager · 20 March 2010 at 5:11PM

gt94sss2 wrote: »

It had been £10K for as long as I can remember.

I think (only from what I've read) for HSBC it was £20 during the first week when FP went live at the end of May 2008, then up to the full £10k. To halve it now so long later makes you think it must be down to something pretty major. From a quick search, apart from the UK Banking page with the £5k figure and this thread, I can't see any comment about it. It leaves RBS/Natwest and Barclays as the only high street banks currently offering the full amount -- hope this isn't a sign they'll all be back-pedalling.

HSBC: Internet banking transfers

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