“Huffing and Puffing” at transfer limit and cost of getting at you own money!

Cameron

:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:


I’ve just found out that my Halifax bank has imposed a £15k per day transfer limit on the BACS system.Never had this problem before!


This is ‘scandalous!

Think about it! If you have more than £15k in savings, you want to transfer the money, buy a large item (car, house, etc), how do you get at YOUR money?

Lets look at £50k in savings getting interest 3.5 %

1) You could write a cheque –
Cheque is free to write, 2 days to post, 1 day to process, 3 days to clear?
This will cost you £28.77

2) You can do Bacs Transfer - assuming your bank doesn’t want the first BACS to clear before you can create another –
1st day £15, 1 day for security clearance (Halifax wanted this) 3 days to clear
2nd day £15, 1 day in current account (0%),1 day for security clearance (Halifax wanted this) 3 days to clear
3rd day £15, 2 day in current account (0%), 1 day for security clearance (Halifax wanted this) 3 days to clear
4th day £5, 3 day in current account (0%), 1 day for security clearance (Halifax wanted this) 3 days to clear
This will cost you £24.93

3) You can do Bacs Transfer - assuming your bank wants the first BACS to clear your current account before you can create another – (I have read some banks require this)
1st day £15, 1 day for security clearance (Halifax wanted this) 3 days to clear
2nd day £15, 2 day in current account (0%),1 day for security clearance (Halifax wanted this) 3 days to clear
3rd day £15, 4 day in current account (0%), 1 day for security clearance (Halifax wanted this) 3 days to clear
4th day £5, 6 day in current account (0%), 1 day for security clearance (Halifax wanted this) 3 days to clear
This will cost you £30.68

4) You could do a CHAPS transfer
1 day lost interest
This will cost you £29.79

5) Would they let you take out £50k in cash?
Assuming you could
Assume 5 days notice, 1 day to hand deliver, hitching a ride
This will cost you £28.77

6) You could get a bankers draft –
Cheque is £20, 1 day to collect, 2 days to post, 1 day to process, 3 days to clear?
This will cost you £33.56

Any other ideas please?

Anyone know of a better bank?


:mad:

BASFORDLAD

And breath........

bingy_burge

I think your find its money laundering regs that the goverment is pushing.

Problem being majority of the uk public don't need to move 50k a day etc. Those who do are either very wealthy and well to do individual/s but they are minority so the other people shirting vast somes of money around are criminals hence banks and the goverment making ti difficult.

If your a good buisness person who has amassed that amount of cash well done!

If you have intherited it all good.

If your drug lord trying to get your money out the country hard luck sunshien the net is closing!!!!

That aside do you have private banking?

Paul_Herring

7) Realise that you'll require that much money a reasonable amount of time before you actually do need it, and plan for it in advance instead of reaslising at the last minute and getting your knickers in a twist?

D1zzy

There is no limit on transfers from their Web saver accounts - so open one and move your money into there (internal transfers) before you do your BACS out:
From Halifax:-
In response to your query, I can confirm that an unlimited amount of funds can be transferred out of a Web Saver account through our Online Service. This is regardless of which organisation the destination account is held with.

All other Bank and Savings accounts held on our Online Service are limited as to the amount of funds that can be sent per transaction.

If a funds transfer is sent to another account with ourselves then each transaction can contain a maximum of £20 000, however more than one payment can be made to the same internal account per day.

The majority of internal payments are sent and received immediately, and once the funds have been received in the destination account then another payment of up to £20 000 then be made.

If a funds transfer is being made to an account with another organisation then up to £15 000 can be made per individual payment, however please be aware that only one payment can be made to an external mandate per day.

The Faster Payments System will currently not accept transfers higher than £1000, if you are looking to send a higher amount than this please be aware it will go through the normal BACS route which will take 3-4 working days.

On accounts with withdrawal limitations, Internal transfers will count as a withdrawal. If money leaves the account, regardless of its destination, then this is a withdrawal.

noh

i was just about to post a link to D1zzys post (above) on the savings forum.

The £15k limit is for online transfers from current accounts and is more generous than most of the other online accounts I have which impose a £10k transaction limit.

I currently have a very large amount in a websaver at 5.2% which finishes at the end of this month. I do have 5 current accounts with the Halifax so that is another way of doing multiple BACS transfers of £15k each.
Just wish their faster payment limit was higher than £1000 per transaction.

anselld

Cameron wrote: »

Anyone know of a better bank?

According to this ...
http://www.ukpayments.org.uk/faster_payments_service/value_limits/

Barclays, Citibank, Northern Bank and Northern Rock will transfer up to 100,000 via faster payments if it is set up as standing order. Presumably you could therefore create a standing order for a single payment then delete it afterwards.

Cameron

"Basforlad" :mad: Uhhhhhhh arrrrrrrrrr! And relax! cheers



"Binge_Burge"
Hard honest work, a lot of tax, sweat, being very careful, listening to Martin and doing without.
It is a personal current account. - Halifax current, Bacs was created online


"Paul_Herring"

I dont need the money so the only time issue is lost interest which is a cost.
I would argue that this affects a lot more people than you might think!Remember the queues of people outside Northern Rock trying to get at their life savings (I was one)
Web accounts (Most) need to be linked to a current account so if you have had money in X and Martin advised you to move it to Y then the money would have to transfer through a current account, you would always loose the 3 days in 3 days out, but if you have more than average funds you are now loosing even more days of interest


"Dizzy" That looks interesting - though I'm a bloke and it will take me a hour or two to digest cheers


"Anselld" Thanks for link Ironically its going in CitiBank but when in a years time its coming out as advise by Martin it will have to go into the a current account hance further delays and lost interest

Cameron

bingy_burge wrote: »

I think your find its money laundering regs that the goverment is pushing.

I would politely argue against this -

If this was the case then the same rules would apply to CHAPS!

I would say its the banks trying to make more money

noh

Hopefully when faster payments is fully implemented we won't have this problem.
At present if I have to nominate a linked bank account I use my First Direct one which is FP enabled with the max limit of £10k per transaction multiple transactions allowed.
Some online savings accounts accept FP inbound which eliminates the delay on incoming funds from a FP enabled source.
Of the accounts I have at present egg, ING and Coventry BS accept incoming FP.

noh

Cameron wrote: »

I would politely argue against this -

If this was the case then the same rules would apply to CHAPS!

I would say its the banks trying to make more money

No its a security measure.
It is there to reduce the damage to your account by someone with unauthourised access. It generally applies to online transactions only.