LloydsTSB online transfer limit dropped!

DocProc

Well!!!!!!!

I've just tried to transfer £7,400 out of my Lloyds TSB current account only to be met with

You have exceeded the daily limit of £5,000

Why £7400? Because I thought the limit was £7,500. Well, it was on 11th August.

Looks like I'm either going to have to lose some interest in my Savings Account or stand the cost of a BACS transfer charge.

Tip: One way or another, these guys are determined to make a profit! Buy Lloyds TSB Shares!

ukmike

At this rate,in a months time,we'll only be able to transfer a quid a day.:eek:

DocProc

I've just checked and the Lloyds TSB 'Phonebank' transfer limit is still £10,000.

I've had a really good read and this is what I found:

You asked us:

Transfer limits

Our answer is:

You can move up to £1,000,000.00 between your Lloyds TSB accounts in each single transfer via Internet Banking (or £50,000 for Business Customers). The limit for individual payments is £10,000 per transaction and £9,999.99 for new or amended standing orders.

You can make payments up to a limit of £30,000 per day from each of your accounts using Internet Banking. This total amount can be a combination of the following:

• Bill payments
• Payments to individuals
• New standing orders
• Travel money
• The value of any increase in a standing order

If you need to make a series of payments that will total more than £30,000 please visit your local branch (a link - disabled). If you are registered for PhoneBank® (also a link - disabled) you can make single payments over the phone of up to £10,000.

Please note that clicking on any of the above links will open another window. PhoneBank® is a registered trademark of Lloyds TSB Bank plc.

dunstonh

£10,000 was the old limit but ohers here are saying its lowered. I wonder if Lloyds havent updated that particular page yet.


Edit 1: I just tried transferring £8500 and got the error:


Sorry we are unable to progress with your request

131037 - This amount exceeds the online single transaction limit of £2,500.00.
Please click on the Back button in the browser toolbar and re-try, requesting a lower amount.

Alternatively, for further advice click on the Back button in the browser toolbar and select 'Help' from the left hand menu.


Edit 2: I tried doing multiple lots of £2500 and that works. So, i cannot do £5000 to my account but I can do two lots of £2500 to my account. If you exceed £5000 in day then it says:


Sorry we are unable to progress with your request

131036 - This amount exceeds the online daily transaction limit of £5,000.00
For further advice click on the Back button in the browser toolbar and select 'Help' from the left hand menu.

Edit 3: If you delete a payment that you have requested it does not give you back that daily allowance.

edda

We still have a problem today with the single transaction limit of £2500.

I've crawled all over the online help - and there is no reference to any on-going problem. The old limits are still showing.

Guess I'm going to phone to see if I can get any sense out of someone.

dunstonh

I phoned LTSB and was told that this is a temporary restriction due to a systems problem and that once it is resolved the limits will return to normal. Apparantly, the phonebank side are getting lots of phone calls about this.

DocProc

At the beginning of the month of August 2008, the Daily Transfer Limit was £30,000 with an Individual Transaction Limit of £10,000.

Around the 11th of August, both the Daily Transfer Limit and the Individual Transaction Limit were dropped to a mere £7,500 each.

Over this last weekend, it appears they have both dropped once again. This time they are BOTH now down to £5,000.

Anyone who has done these kinds of online transfers out of a current account into an online savings account, must surely know how complicated it can get.

First you have to start dividing up a chunk of money into a number of integral parts. Sometimes it might be best to use a BACS transaction but if so, the BACS charges might be more than the interest gained (or lost) on the sum under consideration. Thus, how best to do all this gets very complex, particularly for a lay man customer, armed with just a simple calculator.

Do you lose some money paying BACS charges or do you suffer a loss of interest? There are only five business days in the week and then there is the weekend to consider too. These are very hard calculations to work out.

With Lloyds TSB too, you may or may not know, that you have to have the current account funded by 3.00 pm on Friday, to allow a transaction to happen on the following Monday. However, this is only so as to make a payment to an Individual. If the account isn’t funded, then the transaction just will not happen. Even if you have the pertinent necessary funds in your Lloyds TSB Online Savings Account, and can remember to transfer them over to the current account to fund the transaction on the Monday morning, then the transfer out of the current account WILL NOT HAPPEN. It doesn’t work this way for payments out of the current account to Individuals. Taking the money out of the Online saving Account on Friday will obviously cost you a loss of interest over the weekend too, on that particular amount.

Perhaps you didn’t know too, that with a Lloyds TSB Bank current account, there is a distinct difference between payments to Individuals and payments for Bills?

This isn’t the case, if your Credit Card Company or the Gas Man exercises a Direct Debit to pull money out your current account. Beware! THAT WILL HAPPEN, whether there are funds there or not and the current account will go into overdraft, perhaps incurring extra fees into the current account.

At this rate, if Lloyds TSB Bank drop their online Transfer Limits any more, then in a couple of weeks’ time, it’s highly possible that they won’t let you take your money out online at all.
Theoretically, Lloyds TSB do have another way of doing Transfer Transactions. This is by using their PhoneBank service. It requires a separate registration and has separate Passwords and ID checks.

However, the downside is the usual, “Enter your account number, enter your sort code, enter your date of birth, press ‘5’ if you want Sheila or ‘3’ if you want James or stay on the line if you didn’t hear what I just told you.” You also need to have your wits about you and also be familiar with your second set of ID information to do this.

If you happen to write it down, don’t forget to shred it again afterwards. I have not read whether having it written down on a piece of paper actually invalidates your security, but it is worthy of strong consideration.

However, with all these online transfer size reductions of late, I suspect you won’t be able to use their PhoneBank service at all, because the lines will be far too busy!!!

By the way, with regards to Lloyds TSB PhoneBank, the limits on Transfers and Transactions are in the Help section on the bank’s web site, so that you can read about them.

This is not the case for their online banking. Nowhere on the web site does it say what these limits are. Neither does it say when they have been or when they are going to be changed. Neither does Lloyds TSB Bank send you anything about it by snail mail, by telephone or by e-mail.

(Actually, I must say how I am in the habit of deleting all my incoming bank e-mails these days, particularly the ones from the banks where I don’t happen to have an account).

Are they running out of money? Are they actually cheating their customers?

A notice on the website would be a help! By not putting one on there, I think they are either cheating or extracting the urine. My money is on the former and not on some indeterminate 'systems problem'.

whu

just spoke to them and they said the online limit was now £5000 (down from £7500 last week) - telephone banking is still £10000

edda

Have spoken to the Internet banking team this morning (0845-3000-116) who told me that they do not know when the limits will return to normal.

I've posted a new thread in the Small Biz & Charities forum to alert people there who may not see this thread:

http://forums.moneysavingexpert.com/showthread.html?p=13446853#post13446853

munch4780

nzseries1 wrote: »

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.

How do you know that? You've done it have you? Or do you work in IT and can design a programme that will check the billions of transactions processed and pick out those over £7500 and then check to see if the addresses of those accounts are valid and then action a mail shot to each and every one. Don't forget mind this has to be done overnight so customers get their letter the next day.