Lloyds TSB the worst ever bank

mike22

I tried to make online transfer and after I made the transfer, they put this transfer "under review".

So, I called them asking why, then asked to make a transfer via Faster Payment ( as they only provide it on the phone), and when I told him to make £10K transfer, the customer service said, Faster Payment cannot be done on such amount.

Today, I went to local branch to complain, and make the transfer via CHAPS, and guess what, the transfer did not go though.

What a worthless bank.

What shall I do now?

rb10

mike22 wrote: »

What shall I do now?

Calm down.

I hardly think that what they have done warrants "Lloyds TSB the worst ever bank". I would guess that it's all done for your security. It was clearly a large transfer that you were making, so it just got held up. That would be my guess as to what 'under review' means. These things just happen, as they have to be sure that what you are doing is legitimite.

Then the CHAPS transfer, did they say why it didn't go through? Could it be because you have a pending £10k BACS transfer due to go out?

gozomark

that qualifies them as worst ever bank ?

you don't get out much do you :-)

as per comment above - its probably just a matter of security

gozomark

http://en.wikipedia.org/wiki/Faster_Payments_Service

for a list of banks, and limits

Lloyds Banking GroupLloyds TSB / Lloyds TSB Scotland via phone transfers only. Outgoing payments limited to £500. Fully operational for Bank of Scotland including Halifax division [16] (but no sending or receiving service at Intelligent Finance

mike22

Delaying a CHAPS transfer is a matter of security? Not providing the Faster Payment through online banking is a matter of security? Holding up my money 4 days for any online transfer is a matter of security?

ozzage

Lloyds TSB's support of faster payments is a joke. Even over the phone it's not always available, and not all via internet banking. It's one reason I moved a lot of my banking away from them.

I know that in the UK immediate transfers are a relatively new thing, but I can't stand living in the dark ages when I know that the technology is available and works.

With Natwest I can put payments through the website and they go immediately every time to my Lloyds account where my debit card is linked.

unhealthyman

mike22 wrote: »

Delaying a CHAPS transfer is a matter of security? Not providing the Faster Payment through online banking is a matter of security? Holding up my money 4 days for any online transfer is a matter of security?

Stop whinging you big baby, no one cares. One anecdotal story of a slight delay in transferring money because of security and regulations does not make for the 'worst bank ever'. If someone had used a fast transfer to steal £10000 from you, then you wouldn't be complaining about excessive security measures.

dunstonh

Delaying a CHAPS transfer is a matter of security? Not providing the Faster Payment through online banking is a matter of security? Holding up my money 4 days for any online transfer is a matter of security?

Stop whinging about it and give some facts.

Why was the Chaps delayed? (at the moment, the assumption is that you didnt have enough funds as the transfer was still earmarked)

Not having faster payments on large sums is a business decision at the moment and is linked to security. Faster payments have a tiny window of opportunity to recall. I seem to recall Lloyds saying a while back that too many mistakes are being made by consumers within online banking and they didnt feel it was right to have a higher limit.

Holding up a payment for 4 days is not consistent with the cycle. Its normally processed same day or next working day depending on the type of account you have and where the money is going. The receiving account gets it on the third working day after it leaves your account.

ozzage

While I agree that "worst bank ever" seems rather strong, it's not such a trivial thing for banks to be holding up transfers. Somebody might be relying on receiving that money to avoid an overdraft, it might be paying rent on time, could be anything.

There are rules in place, and if I operate within those rules then I don't expect the bank to be interfering with my transfers. I was rather surprised when I first opened my bank account in the UK and wanted to transfer money in from an o/s account. They told me I should call them and give them a warning about any large amounts. I find this ridiculous. Obviously they have a rule for this, so fair enough, but other banking systems seem to manage without such rules.

Seems to me that the banking regulations here focus too much on regulating the customers and not enough on regulating the banks themselves!

Edit: ahh just read the next post - was it for insufficient funds? That's a completely different story!

ozzage

dunstonh wrote: »

I seem to recall Lloyds saying a while back that too many mistakes are being made by consumers within online banking and they didnt feel it was right to have a higher limit.

I would be interested to see statement! I find that a ridiculous statement and I refuse to believe that the Brits are any stupider than anywhere else when it comes to using the internet!

Somebody clearly makes money from the three-day transfer (which is in itself ridiculous!), and I find it very hard to believe that it's not a factor in how fast they roll out faster payments.

Trollfever

and make the transfer via CHAPS, and guess what, the transfer did not go though.

What explanation have you had as to why a CHAPS transfer did not go through on the same day?

P.S.
You are a part owner of Lloyds Banking Group.

.