£10,000 transfer restriction

Molotov

Thanks YB - I'm just waiting for the transaction to complete, but was worried that the limit would apply to this transaction too.

Funny that they have limits on 'pushed' transactions but not on 'pulled' - they've obviously never heard of Dr Doolittle.

Molotov

My fears were confirmed - the transaction was reversed! :mad:

Only not by Nationwide but by ICICI due to the fact that my direct debit instruction had somehow "expired" - I think this was the explanation, the email was so poorly worded it must have been a direct Babelfish translation of Gujarati to English.

So now have to wait another week to set up a new direct debit (even though nothing at all has changed) and lose yet more interest. I only wanted to transfer the money there in the first place to take advantage of the fixed rate account that then dropped the week after.:mad:

Then decided to use the Nationwide website instead to send the money, and had to spend a couple of hours routing round in the bottom of drawers for some ridiculous card reader - and then of course come up against the .....................£10,000 transfer restriction. :mad::mad::mad:

Banks!!!! They only have to click their fingers and Gordie rolls over and hands out tax payers money to them, but when we want to get our hands on our money it's a different story.

Mikeyorks

Molotov wrote: »

Only not by Nationwide but by ICICI due to the fact that my direct debit instruction had somehow "expired" - I think this was the explanation ......

You're not having the best of luck!

DDs have a dormancy period, whereby they're discontinued if unused for 13 months. But the instigator (in this case ICICI) can resurrect it simply by contacting you for approval. Seems odd you could 'pull it' from their end if it was dormant. I would have thought it would fail there rather than (presumably) against the lack of a current mandate at the Nationwide end.

Molotov

It did fail at the ICICI end - I tried to pull it from them.
It was my fault of course - their T&C's are quite clear about elapsing dd's - doesn't make it any easier to take though! :rolleyes:

I was surprised that they couldn't just resurrect the dd but the cs guy said they would have to send out a new form for signing etc

Just a bit galling that if everything had gone smoothly I could have taken out the fixed interest accounts before the recent rate drop.

Anyway, it's only money!!

gt94sss2

10_66 wrote: »

Many thanks Sunil, unfortunatley, we don't have £1,500 per month to put into the account (despite what poster #8 thinks!).

If the £1,500 reference refers to avoiding First Direct's monthly fee - you can also get around the fee by opening another First Direct product such as a credit card or a savings account and leaving £1 in it..

Regards
Sunil

SwitchyChick

gt94sss2 wrote: »

I believe First Direct has no limits on external transfers..

Not so. First Direct charged us £25 for a CHAPS payment because the sum in question was in excess of £10k...