limit on movement of money BACS

kenshaz

Royal Bank of Scotland has a £10000 limit on the amount of money ,via BACS,they charge £20 to send it via CHAPS,and you have to go into the branch and fill forms in ,whilst other banks allow you to do a CHAPS on the phone,ie telephone banking,RBS has telephone banking but still insists that you go to the branch,any thoughts or experiences

K9cuddles

I thought there was a charge for any CHAP payment no matter what bank as the money is a Telegrahic Transfer and hence will be done by the end of the working day.

kenshaz

sorry think you have missed the point

kenshaz

I realise that all banks charge for Chaps,but RBS insist that you go to the branch and have a £10000 on BACS payments forcing you to use CHAPS

Debt_Free_Chick

You don't have to use CHAPS with RBS. The limit is, I think, a daily limit. So you can do £10,000 today, then £10,000 tomorrow and the next day.

So, if you have a bill for more than £10,000 just split it into two (or more) parts and do the transfers online on different days

dunstonh

When you say £10,000 limit via bacs, you surely have to be incorrect. (?!)

I know some of the banks have limits on the electronic submission of payments via bacs but the paper methods have no such limitations. In cases exceeding £10k, use the paper method.

kenshaz

Debt_Free_Chick wrote:

You don't have to use CHAPS with RBS. The limit is, I think, a daily limit. So you can do £10,000 today, then £10,000 tomorrow and the next day.

So, if you have a bill for more than £10,000 just split it into two (or more) parts and do the transfers online on different days

loss of interest,whilst it is waiting to go,three days for each £10000,when it would be simply to increase limit

kenshaz

dunstonh wrote:

When you say £10,000 limit via bacs, you surely have to be incorrect. (?!)

I know some of the banks have limits on the electronic submission of payments via bacs but the paper methods have no such limitations. In cases exceeding £10k, use the paper method.

No that is correct,paper method do you mean, the bank post the transaction.

dunstonh

BACS covers paper and electronic payments. The bank doesnt post paper transactions. They use BACs for them. Basically, a bank giro credit is used and processed in exactly the time scale as the electronic method.

jonesMUFCforever

Ok here I think the problem is that some banks have a personal customer transaction limit of £10k per day for things like Internet banking transactions (which for the majority of customers is one of 2 methods used to access the BACS system, the other being bill payments).
Large companies and organisations have a fixed BACS daily, weekly or monthly limit which for obvious reasons can be many millions of pounds.
For the vast majority of customers this is deemed as adequate (indeeed I have never had to pay any bill anywhere near this amount even when paying back stooze pots to credit cards) and if you do want to pay a very large bill it is not unreasonable for your bank to want extra procedures in place to protect not only your account but also the bank from potential fraudelent activity.
Indeed customer not present is the fastest growing fraud sector now that chip and pin has made it more difficult for crooks to use plastic cards.

kenshaz

Therefore,the banks make it difficult to move and withdraw your own money,whilst
companies and organisations are allowed the higher risk,some banks allow £50000 ie cahoot,but RBS £10000