Faster Paymenet System (FPS)... thats scary

f_@_w_y

I just transfered £25000 from my account to my wife's using the online free FPS system.

I realised that within a minute it was transfered. Furtheron, there were no security checks as well, when I transfered this huge sum.

To me, it looks strange.... HSBC has a limit of £10,000 per day, but my bank LLOYDS TSB has no limit.....

Though it is a good service... and transfer of money so quickly is amazing :j... I was just concerned about the security issue and the money laundering stuff...

Any ideas???

isofa

Do you mean you sent it from LTSB as a payment/BACS or?

Do you often move large sum about? If you do, you probably have a higher limit.

LTSB online has a limit per transaction normally, think it's 10K but I might be wrong.

I'd be personally delighted I could move fund so fast!

TomsMom

f_@_w_y wrote: »

Furtheron, there were no security checks as well, when I transfered this huge sum.

I was just concerned about the security issue and the money laundering stuff...

Any ideas???

Assuming you went through the security details for your account when you logged on, are you saying you don't think they are secure enough?

Having recently sold and purchased a house, we had some large transfers to do with Northern Rock and Tesco. We felt that the log on security details were enough to make us feel happy to do the transaction. Don't know what LloydsTSB log on is like but if you're not happy perhaps look for something you feel is more secure?

Mikeyorks

f_@_w_y wrote: »

Any ideas???

Faster Payments has an upper limit of £10k on 'immediate payments' (ie 'within 2 hours').

The limit on SOs via FP ('within the day') is £100k ...... but I don't think anyone is operating to that upper limit yet.

These upper limits are a function of FP .... but individual banks can constrain them. I don't think they can exceed them ..... and certainly none are at the moment. So I'm a bit dubious your £25k was both 'immediate' and 'FP'? Are both accounts same Bank?

f_@_w_y

Mikeyorks wrote: »

Faster Payments has an upper limit of £10k on 'immediate payments' (ie 'within 2 hours').

Not really... i just realised that Halifax and BoS got a got of £20,000.

I am just concerned about online fraud.... if you are caught in a BACS or CHAPs fraud... you have some time to reverse it... but bank like HALIFAX does not ask for the security question once you are logged in and creating a new payment.

I still think... this is convenient... but it is a bit scary to me....

f_@_w_y

* got = limit

JayTee99_2

Some banks/building soc.s do have an extra layer of security before any move is accepted,

such as NR and Alliance/Leicester even though already logged in, they request 2 random letters from the password, using drop-downs

Mikeyorks

f_@_w_y wrote: »

but it is a bit scary to me.

Seems to be a day for it ..... judging by your other thread!

Halifax current accounts have an outward limit of £15k. Don't know where you get the £20k from. And you didn't transfer £20k by FP from Halifax as an immediate payment - the FP limit is £10k for immediate - as explained.

Were the funds you were transferring within HBOS?

Mikeyorks

JayTee99 wrote: »

such as NR and Alliance/Leicester even though already logged in, they request 2 random letters from the password, using drop-downs

Halifax constrain outward transfers to £15k. Internal transfers, above that, you're requested the password + extra security question.

RayWolfe

Mikeyorks wrote: »

Seems to be a day for it ..... judging by your other thread!

Sure does.

domcastro

I had an HBOS limit of 20k from current account to WebSaver. And 15k limit from HBOS to Tesco