Which banks can move large amounts to other banks quickly without charge?

Squibbler

We have some money from a recent inheritance that due to the financial crisis we thought ought to be spread around so that we had no more than 50K in any account. To be safe as quickly as I could, as a temporary measure, I moved 45K out of Nationwide via internet banking (presumeably BACS) into a Lloyds account which I already had in place. I had to split the payment into 4 x £10000 and 1 x £5000, but Nationwide let me do all the transactions to come out on the same day. Having now opened a savings account elsewhere with a better rate to put this money, today I tried to move it out. Not only will LLoyds internet banking only allow a max of £10k out a day, but you cannot set up payments for subsequent days to the same recipient until the first one has cleared. This means the hassle of logging on every day next week to set the next day's transfer up and just seems ridiculous.

I went into the Lloyds branch to see if they could do any better but was told they cannot do BACS payments at all, only CHAPS (which they wanted to charge me £30 for). Weird since they are able to do BACs (and now faster payments online). They said BACS is for payroll only and the best I could do was to write a cheque for this large amount, but even then I will probably get a phone call to check that I wrote it. What if I'm not in when they call? Are they going to bounce it?

Having experienced serious bank fraud recently, I am totally for security, and I do understand the online 10K daily limit, but why cannot Lloyds at least allow payments to be put in place ready for subsequent days? Also why can the branch not do BACS - even the dreaded Kaupthing Edge (ING) were able to refund my £25k by BACS eventually?

Anyway - i would be interested if people have experience of other banks/ Building societies and how they can transfer sums greater than 10K out, without CHAPS charge. Thanks

Milarky

1) Where did you want to move this money on to?

2) I'd have used Egg (on the Natiowide current account) and they could have opened an account for you earning 6.55% variable like that. Same £10,000 daily (paying-in) limit also applies however.

[FONT=Arial, Helvetica, sans-serif]You can add Maestro, Visa Debit Card, Visa Electron and Solo card details to your accounts address book, and you can pay in up to £10,000 per day, although this limit depends on your bank's authorisation limit.

http://www.egg.com/visitor/0,2388,3_11097--View_165-bID_SavPayAndWithdrawFAQ-dva_1,00.html[/FONT]

BUT you earn interest staightaway.

3) Why not CHAPS the Nationwide money to final destination - rather than lloyds - since your BACS payments @ £45,000 x 2 days @ '6.5%' have already cost up to £13 - and now you face additional delays.

4) A cheque from Nationwide would also work - if you could have left the cash in an 'e savings' account and got the recipient to agree to tell you the day they presented - so you could move the cash over the next morning [M-F]- and the following morning it would 'clear'

Whenever planning to move large amounts of cash do just that - make a plan - before you go ahead and do it.

Banks are past masters at slowing things down