Barclays refuse instant access to savings

Nick_C

I'm fuming.

I had a Barclays regular savings account that matured in October to a "more for more" savings account paying a lousy rate of interest. I also have an e-savings reward account with them that I have never used.

I thought I would use the last day of the Xmas break (BH Mon 28/12) to sort out my savings, and tried to move the savings (£3,100) from Barclays to my current account with the Halifax. First I moved the money from "more for more" to e-savings, which allows transfers out. Set everything up for an instant payment, to be greeted with a message that further security checks were needed, and the money would not leave my account Thu 31/12.

Unhappy with this, tried deleting the payment and changing to a smaller amount (under £3K) but still the same problem. Kept trying different amounts. On the 4th attempt, told I've exceeded the £10K daily limit (even though I've not actually succeeded in getting anything out of the account).

I've moved the money back from the e-savings a/c to the "more for more", and will try to draw this as cash tomorrow.

I'm raging mad that Barclays refuse to allow me to draw my own money from an instant access account. I will never take out another Barclays product. I've never had a problem like this with any other bank.

hothothot_3

any transcation over 3k gets verified as part of anti-moneylaundering laws. Obviously over the xmas period, there will be some delay in dealing with this process.

Why not phone barclays customer service? They have been excellent in resolving any queries I have had.

opinions4u

I'm raging mad that Barclays refuse to allow me to draw my own money from an instant access account. I will never take out another Barclays product. I've never had a problem like this with any other bank.

They haven't refused you access to your funds. They are carrying out security checks to ensure some Latvian chap isn't nicking your money.

Set everything up for an instant payment, to be greeted with a message that further security checks were needed, and the money would not leave my account Thu 31/12.

They have explained why there is a delay, I don't think it's unreasonable if it's to send money to a third party destination that has never been used before.

It may, in future, with any bank, be worth setting up a test transaction (e.g. £1) in advance to get those security checks done well before you wish to move a more significant amount.

Perhaps seeing if a human being in a call centre or branch can assist in any way can stop you getting frustrated with the logo on you laptop.

Nick_C

Tried the call centre - they can't/won't do anything.

Tried sending an amount less than £3k - this also came up as would be sent on 31st.

The pin sentry system should offer sufficient security to allow this transaction.

Sending on 31st could mean I don't receive it until 5th - not what I call instant access.

I've moved much larger sums than this between other banks without any problem.

opinions4u

Nick_C wrote: »

Tried the call centre - they can't/won't do anything.

Branch tomorrow then? Possibly paying for a bankers' draft?

Tried sending an amount less than £3k - this also came up as would be sent on 31st.

The £3k ship had probably already sailed on this one.

The pin sentry system should offer sufficient security to allow this transaction.

I'm sorry, but no single system is capable of preventing fraud or money laundering on its own. Multiple layers of varying checks, some visible and some not, are rightly in place in all banks.

Sending on 31st could mean I don't receive it until 5th - not what I call instant access.

Could easily be the 6th .

I've moved much larger sums than this between other banks without any problem.

I don't see the relevance of this.

Nick_C

So I 'phoned the security team this morning. They were adamant that, despite being satisfied they were speaking to the account holder, they could not release the payment. A supervisor suggested I cancel the payment on line and draw the money in a branch. I specifically asked her if I could withdraw the full amount, and she told me there would be no problem. Mind you, it didn't occur to her that the branch might not let me withdraw cash from an e-savings on-line account, so I guess/hope "Gill Moore" is not one of Barclays' brightest. Using the intelligence that Barclay's staff obviously lack, I transferred the money back to my "more for more" account before toddling off to the nearest branch. After queuing for 50 minutes(!), I finally saw a cashier who told me I could not withdraw more than £3000 a day unless I had ordered it - because "this is SE17". Apparently, if I took a bus into the West End, I would be able to draw the full amount!

This has got to be among the worst customer service I have ever encountered - and the total breach of the conditions under which I lent them my money is appalling. Their web site says of the "More for More" account "instant access and no restrictions on withdrawals", and I can't find anything on their web site to say that they reserve the right not to delay requests for withdrawals.

My advice to anyone thinking of opening a new account - stay well clear of Barclay's - they can't be trusted.

opinions4u

You appear to have some genuine gripes. But I don't think naming a staff member this way on a public forum is helpful to anybody.

Perhaps a minor edit to your post above would be appropriate.

AnxiousMum

Had it been a fraudulent transfer of funds to a non familiar account, and they allowed it, you'd be jumping up and down screaming about their lack of security. Can't have it both ways.

Nick_C

AnxiousMum wrote: »

Had it been a fraudulent transfer of funds to a non familiar account, and they allowed it, you'd be jumping up and down screaming about their lack of security. Can't have it both ways.

If Barclays allowed someone to remove money from my account without having access to my PIN sentry authentication card, my PIN number (known only to me), and my customer number (also known only to me), then yes, I would be jumping up and down screaming about their lack of security, and rightly so.

If Barclays feel the need to only allow withdrawals to known accounts I would be happy with that - if they made you aware of the requirement when you lent them your money. Many other institutions only allow money to be paid out from a savings account to a verified linked account and those systems work well - because you are told about the system when you open the account.

Barclays should not be advertising accounts as instant access when they effectively require notice before withdrawing money for the first time.

They also shouldn't say an account has "no restrictions on withdrawals" when they have daily limits on the amount you can take out as cash.

oimiass

Same thing happened to me as well! Tried moving money (this time from my current account) to another non-Barclays account. Online transfer deferred to the 31st. Tried telephone banking, no way. They suspended my telephone banking privileges. :rolleyes:

So I went to the Canary Wharf branch (on the advice of a telephone banking rep), ID and all in hand, but after keeping me waiting for 1 hour (I kid you not) I was told they did not have money available to pay me -- 'it's the holidays, sir' -- and that I'd have to return tomorrow. :mad: I nearly burst an aneurysm!!! I must've screamed so loud they used Bacs to process my transfer -- and waived the fee.

Charterhouse

I've taken out up to £10k in a variety of Barclays Branches in London and the South East over the last 6 months and all I can really say is for these amounts it is best to check that they are available before you make the trip. It is possible for them to tell you over the phone if a certain branch has enough cash to fulfill your request and this can save you the hassle.

Personally speaking it does annoy me that you can't transfer large sums of money in a more efficient, non-irritating manner, but rest assured Barclays are FAR less irritating with their fraud protection system than HSBC, who used to freeze my Switch card around once a month without any warning.