Instant access that isn't...?

rozeepozee

I've just discovered that my daily limit for transferring funds from my Clydesdale online savings account is £2000 online or £5000 via telephone banking. I was told I could go into a branch and transfer a larger amount but as I don't live anywhere near a branch that's not a lot of use to me and I can transfer via a Yorkshire Bank (affiliate dto Clydesdale) only if I pay a CHAPS fee of £25. It is going to take weeks to transfer the amount fee free.

How can the banks advertise these accounts as "instant access" if depositors are only allowed instant access to the smallest of amounts? Isn't there a cause for complaint for this misleading selling of a product?

Stavros_3

HSBC is 10k daily, yours does sound on the low side, agree with post above that if the sum is large enough then CHAPS would be worthwhile

YorkshireBoy

By pure coincidence I was asking the same question of Yorkshire Bank at the weekend. Here's what I was told:

Instant transfers online...........£2,000
Future dated transfers online...£5,000

Telephone banking...............£4,999,99 (but you can do any number of transactions...even to the same destination account.


I would assume the same is true of Clydesdale.


I can confirm the online figures are correct, having successfully made a £5K payment today that was 'put on' at the weekend, but I've not tried telephone banking (and never will).


EDIT: Just to add, I'm not sure how long the 'instant £2K' restriction has been in place (haven't made a payment that large from this account for a while), but it certainly used to be possible to do £5K 'on the spot' funds transfers with YB. Maybe they've reacted to a phishing attack?

rozeepozee

YorkshireBoy wrote: »

By pure coincidence I was asking the same question of Yorkshire Bank at the weekend. Here's what I was told:

Instant transfers online...........£2,000
Future dated transfers online...£5,000

Telephone banking...............£4,999,99 (but you can do any number of transactions...even to the same destination account.


I would assume the same is true of Clydesdale.


I can confirm the online figures are correct, having successfully made a £5K payment today that was 'put on' at the weekend, but I've not tried telephone banking (and never will).

Well they are supposed to be calling me back so I'll ask - so far everyone has told me something different. If I can tranfer £5000 online at future dates, I can at least arrange for them to be sent all in one go, one day after the other.

This may be standard practice but I don't think £2000 is that big a sum. As I've said above, it hardly makes your money instantly accessible.

Edit: I just tried the Future Dated thing online and it worked so that's something - thanks!

YorkshireBoy

rozeepozee wrote: »

Edit: I just tried the Future Dated thing online and it worked so that's something - thanks!

Don't forget though, that because YB/CB are not yet sending FP's, any transfers you make after Wednesday will be lost in the BACS ether over the coming weekend.

Do you have a linked savings account to bed 'n' breakfast the (additional) funds until after the weekend?

rozeepozee

Whoops, I did. It's complicated as the savings account is linked to my offset mortgages. I don't know what "Bed and Breakfasting" is but it sounds like fun! Nor, FP's for that matter. Am I being dim?

I can stomach a small loss of interest and have decided just to tranfer a portion of it out now as I've been reading the posts on whether or not Clydesdale is likely to go bottom up and I think I'm being neurotic. I just hope it is a case of the wisdom of the herd though!