Not Secure!

[Deleted User]

It's getting worse. Now I've got the bank manager phoning me at home within hours of paying in, wanting to know if they can invest it for me.
I've had letters asking me to ring the manager about 'problems' with my account, only to get the hard sell when I call.
In Feb the manager asked me to see the 'wealth planning adviser', promising that he could get access to interest rates not available on the High St. I asked if these were savings or stocks and shares, and she assured me they were savings. When I got there he was trying to flog me a Scottish Widows investment, and couldn't find me a savings account as good as I'd found for myself on moneysupermarket.com.....

Does anyone know how you can get large sums from one savings account to another without putting it through your current account on the way?

mrjam

How much was the cheque for? I paid a 37k cheque into HSBC with no problems whatsoever a few years ago, no questions asked or hard sell. I always keep my money in savings until i want to use it then transfer to current account. Unfortunately, as a poster above said, Debit Card Fraud is unavoidable and always will be, wherever you have the ability to use your card, a fraudster has the ability to find a way to do the same.

rb10

The easiest way to stop banks from phoning you / writing to you / trying to sell stuff to you at the counter is simply to ask them to stop!

If you request that they put a marker on your file that states you don't want these forms of marketing, then they are not allowed to do this again. It's that simple!

Bloomberg

jambosans wrote: »

Strange coming from a bank, who, to achieve one of their best interest rates, you must have a current account with Vantage. If they were so security conscious about large amounts in current accounts they wouldn't be offering 4% AER on balances between £5000 and £7000.

Normally the fraud process involves a temporary credit (as Hazzanet suggests) while your bank completes an investigation. Some banks will put in place temporary arrangements to allow bills to be paid (e.g. an temporary overdraft increase).

I agree with the general point though, current accounts pose a higher risk of being defrauded purely down to the supplied debit card. Savings accounts offer more restricted access, which should provide more security. Although I would argue that if access is gained to a current account via telephone banking, online or branch, linked savings accounts often allow instant transfers (so the fraud risk is just as great).

I totally agree with the security advice given by many in this post but have to admit that you have made a very strong counter (No pun intended) argument which I never thought of. Lloyds promote their high interest current accounts constantly however if you took on board their security advice you would never maximise on these accounts. Thank you for an interesting post. :T

flossy_splodge

catflea wrote: »

Well, if its not secure can I have my cheque back please? and all the rest of the money in my account?

Then watch the backpedaling!

Brilliant! Shall try to remember this!

beecher2

jack_pott wrote: »

It's getting worse. Now I've got the bank manager phoning me at home within hours of paying in, wanting to know if they can invest it for me.
I've had letters asking me to ring the manager about 'problems' with my account, only to get the hard sell when I call.
In Feb the manager asked me to see the 'wealth planning adviser', promising that he could get access to interest rates not available on the High St. I asked if these were savings or stocks and shares, and she assured me they were savings. When I got there he was trying to flog me a Scottish Widows investment, and couldn't find me a savings account as good as I'd found for myself on moneysupermarket.com.....

Does anyone know how you can get large sums from one savings account to another without putting it through your current account on the way?

I deposited a large cheque into Lloyds fairly recently and had to have an interview regarding the money. Was told how 'lucky' I was and rather sharply replied that I'd rather have the person who left me the money, than the inheritance. (I was tempted to complain to head office as I felt it was really insensitive) Was then told that they'd put a note on my account to ensure that no-one phoned me up to ask about it. I'm really glad he did as I would be raging if I was getting calls about it.