LloydsTSB online transfer limit dropped!

exel1966

Lokolo wrote: »

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.

I would think there are probably thousands moving that kind of sum daily seeing as LLoyds have the largest number of customers of all the UK's banks.

Why dispute the £10K amount when you clearly know nothing of the set limits ?

It was still £10K when I moved that amount on the 18th July.

What evidence do you have to suggest that FPS is "much more prone to being abused" ?
As FPS has only been available since 27th May and many banks are not yet capable of moving funds via FPS your assumptions are completeley unfounded.

I agree with the OP here, £7.5K is far too low.

Jonbvn

I agree with the OP that £7.5k is too low a limit. Recently, I have been moving savings money around and the £10k limit (with HSBC) meant that this had to be done over several days.

It is evident to me that this is just being done by the banks to force people to use other methods to transfer money, where thee banks make more money (cheques or chaps).

BTW, the poster who said you should visit your bank branch is requested to only post on this board in future by sending postcards!

ukmike

BTW, the poster who said you should visit your bank branch is requested to only post on this board in future by sending postcards!

Excellent!!

whu

it would have been nice if they had informed us of the change to £7.5K - if you are used to transferring £10k and then suddenly cant it could affect certain customers financial transactions - I was told today that you can still transfer £10k over the phone

nzseries1

They should be able to check on their system to see who has transferred over £7500 in the last year, and only inform those customers. That would not be a hard thing to do.

ukmike

I was told today that you can still transfer £10k over the phone

Which makes a nonsence of online banking!What's the difference between doing it by phone or online?

exel1966

Limits are far more realistic with the Halifax as I've just had cause to move some money.

Max transfer limit is £15K, but that is only per transaction, not a daily limit. therefore have just moved £45K in 3 x £15K transfers.

I wonder if there actually is a daily limit ?

Incidentally ICICI permit a max transaction of £50K but again multiple transactions can be done.

edda

Had a similar problem to ukmike yesterday (Friday) but with 2 main differences:
The limit has now been reduced to £2500 :eek:

This was on a business account :eek: :eek:

Not fun for businesses - I know there are alternatives but at no notice, this was changed overnight. Similar comments from Lloyds - security issues nationwide etc. but this could have created all sorts of problems.

As I was told they can check on what you needed to do, a follow up phone call or individual email would have reassured us that the account was still ok and the issue was their end.

Not sure when this will be resolved.

ukmike

A £2,500 limit for a business account is ridiculous.I think there's more to this sudden dropping of limits than meets the eye.

dunstonh

If it really has dropped to £2500 then I will have to move my business account. I do weekly transactions that exceed £2500 per transaction. This includes paying wages to my staff and myself. Paying the money split over multiple transactions is not a viable option. Indeed, I will need to transfer £15,000 on Monday so i will put this to the test and if it doesnt work I will complain. It is possible that the branches will have the facility to increase the daily transfer limit in the same way they have the ability to increase the cashpoint withdrawl limits.