LloydsTSB online transfer limit dropped!

ukmike

For years i could happily transfer up to £10,000 per day from my online LloydsTSB account to outside accounts.After trying all weekend to transfer that amout to other accounts,kept being told the daily limit of £7,500 has been exceeded.Rang the bank only to be told the daily amount has been dropped recently to prevent fraud.(so it's OK to lose £7.5k but not £10k??).When i asked why i wasn't informed of this by email or snailmail,was told it's not the banks policy in case criminals got to know about it(??????).What a joke.

Lokolo

How do you know the limit was £10k last time?

Maybe it was £25k and they dropped it to £7.5k?

And why would they inform you about the changes? How many of their customers do you think transfer that amount? About 0.001%, why waste money informing all their customers when only a small percentage use that service.

ukmike

How do you know the limit was £10k last time?

because if i tried more it would say *the daily limit of £10,000 has been exceeded*.The LLoydsTSB man i spoke to confirm the drop from £10k to £7.5K

How many of their customers do you think transfer that amount? About 0.001%

Stop making up figures-you have no idea how many.

why waste money informing all their customers

What's wrong with putting it on their website?

only a small percentage use that service

Once again,you have no idea how many so stop making it up.Facts dear boy,facts.

Lokolo

And the fact is your complaining because of a £2.5k limit. Get over it. Faster payment scheme is now in operation so money laudering is more likely to happen so I don't see what the problem is?

If you want to transfer that much get off your !!! and go down to nearest branch?

ukmike

If you want to transfer that much get off your !!! and go down to nearest branch?

Which are not open at the weekend & evenings.

RubyBish

The £10k limit was restrictive enough. So the new limit is poor.
Perhaps someone could explain why cheques are less prone to money laundering? When Ive had to transfer a lot of money they always tell me to write a cheque out to myself.

The lower the limit, the more people will be affected. For me it seems a way to push more people into using CHAPS and paying a fee.
Also they have never felt the need to set a limit to the volume of money being transfered in because of money laundering!

Lokolo

A cheque takes 3 days to clear....

Thats the whole point, with the FPS it takes 2 hours, much more prone to being abused, whereas with old BACS and Cheques they are more likely to spot something and go 'hang on a minute, this isn't right' etc.

RubyBish

The bacs transfer took min 3 days too and that was limited to £10k so your point is unfounded.
Lloyds will also make available the funds on the same day a cheque is deposited.
If the fast payment is inheritently more insecure then I dont want it. Bring back BACS!

SilentMinority

The way I look at it, with slow transfers, the banks played around with our money for a few days... :j

With faster transfers they don't get to play around with our money for a few days... unless they slap a bottleneck in place to slow down the transfers of larger amounts.:rolleyes:

Then they can roll around it for a while longer again. £££:rotfl:£££

Davesnave

Don't know if this is relevant, but Nationwide allow £10k per individual transaction, so last week I had to do 4 consecutive transactions by BACS to get my money into an account with another institution. They were quite happy to action that.

RubyBish

Davesnave wrote: »

Don't know if this is relevant, but Nationwide allow £10k per individual transaction, so last week I had to do 4 consecutive transactions by BACS to get my money into an account with another institution. They were quite happy to action that.

Nationwide sounds better. Lloyds was £10k a daily limit across all transactions.
The only thing you could do with Lloyds is setup 3 transfers for Friday, Saturday and Sunday. The transactions would then happen on the next working day. (I think it was or still is an unintended feature of their system).