Lloyds TSB - Notes on making Transfers Out to elsewhere

DocProc

MSE is an 'Online Community. Generally speaking on here, we all know that to do things and find things out 'online', is actually quicker, easier, more thorough and hence you get faster results.

You aren't penalised if you are hard of hearing. You don't need to tie up 50% of your hands holding a phone.

Not so currently, with Lloyds TSB:

PHONEBANK PAYMENTS AND TRANSFERS

• Only Lloyds TSB's 'Phonebank' (FREE) facility is using Faster Payments.
• The transfer also arrives as 'Cleared Funds'.
• eg, Transfer a sum of money to Faster Payments enabled ING Direct and it will take about a couple of hours to transact. (NB. ING Direct was enabled for FPs on 9th September 2008)
• Despite advising availability only from 8am to 10pm on most Lloyds TSB literature, Phonebank is actually available 24 hrs per day and for 7 days per week.
• Once the Phonebank transfer has processed, then another transaction can be completed at a second attempt.
• The daily limit is not widely advertised. However, it is believed to actually be £30,000. It could possibly be higher than this, but if so, then any higher limit is thought to be definitely less than £50,000.
• Your hearing needs to be good.
• Take care to have all your info' ready for the call, namely your Debit Card (for the 3-digit security number on the back), your Password and naturally, your account details for both ends of the transaction.
• PS. Take care you don't get passed to a 'colleague' for a chat about utilising Lloyds TSB's savings and investment facilities - instead of those you are about to use elsewhere. Be aware that you might be about to become a 'sales lead' for an FSA in their Investment Dept.

ONLINE PAYMENTS AND TRANSFERS

• Use Lloyds TSB's Online banking Transfer and Payments facility (FREE)to transfer a sum of money to ING Direct and it will take three days to arrive as Cleared Funds' in the ING Direct Account.
• NOTE: The Faster Payment facility is not yet in use for online payments and transfers.
• The transfer does actually arrive in the target account as 'Cleared Funds'.
• The current daily transaction limit is £10,000 for a transaction sent to only one end location account (eg, Your own Savings Account).
• The individual transaction limit is also £10,000.
• If you try and do an online transaction using 'as soon as possible' as the date required, then this will currently only process for the NEXT DAY. Thus the Lloyds TSB will retain and have use of your funds for one more day.
• It is possible that you will run foul of the Daily Transaction Limit. This varies from week to week - or even day to day. It could be anything from only £10,000 to the £30,000 mentioned on the banks Online banking 'Help' page. A few weeks ago it went down to £7,500 and then down further to £5,000 - as did the Individual Transaction Limits too.
• It is currently not possible to do two transactions of say, £4,000 and £8,000 to only one end location account. Because of the Daily Transaction Limit being £10,000 for online transations, then the first transaction can only be 'edited' up to £10,000 up until it is processed. A second transaction for the remaining £2,000 would have to be done and you would have to wait to do it until the following day.

CHAPS TRANSFERS AND PAYMENTS

• Obviously, you HAVE to go into the bank.
• Obviously, you need to take Photo ID and maybe more.
• Obviously, you have to Fill in a Form.
• The current Fee is now £30
• Do this before 3pm (with Lloyds TSB - with other banks the time limit may be different) and the cleared funds will transact and appear in the receiving account on the same day.
• PS. When visiting the bank, take care you don't get grabbed by bank Financial Services Adviser, who might just be asked to chat with you and 'Authorise' the transaction. (This is just a sales ploy to obtain sales leads so as to convert the bank's own 'high worth customers' into clients for the bank's own Fee-Earning FSAs)

Milarky

Thanks for the update on ING

interest_Ted

Excellent run down Doc.

Additionally, a useful note re online transfers....

There is a small window each evening - after the daily incoming transactions for the next day have been run (credited to accounts), when you can still set up transfers for the next day. I'm not sure of exact times as may slightly vary day to day, but I generally succeed between the times of 2245 and 2300.

Anything much later than this, and you will see the credits ok for next day, but earliest outgoing transfers will be for day after next.

I have found this useful on several occasions.

Hope Lloyds don't read this and block this useful loop hole !!!

Ted