Nat West 'Daily Limit' definition

G_M

I knew Nat West have a daily limit on Faster Payments (and indeed 3 day online BACS too) of £10,000.

What I didn't realise till today was that the daily limit is a 24 hour period. I always assumed it meant £10K each day (ie midnight to midnight).

Not so. If you send £10K at 7.00 PM on Monday, you can't send any more till after 7.00 PM on Tuesday.

Just me or did everyone think 'daily' meant each 'day'?

zppp

G_M wrote: »

I knew Nat West have a daily limit on Faster Payments (and indeed 3 day online BACS too) of £10,000.

What I didn't realise till today was that the daily limit is a 24 hour period. I always assumed it meant £10K each day (ie midnight to midnight).

Not so. If you send £10K at 7.00 PM on Monday, you can't send any more till after 7.00 PM on Tuesday.

Just me or did everyone think 'daily' meant each 'day'?

The 24 hour period is reasonable IMO. Some banks can only send a FP of £250! :eek:

Olipro

If you send a payment on a Saturday or a Sunday, it will be sent immediately, however, for the purposes of resetting your limit, you will not be allowed to send any more funds until Tuesday.

PNPSUKNET

its sensible, say someone hacks your account its better to limit the damage

Olipro

PNPSUKNET wrote: »

its sensible, say someone hacks your account its better to limit the damage

ok, let's say someone has done that.

now they need to either have my card and my PIN or they need to have a trojan in my PC to perform a MITM attack that will get me to do the code generation for them.

personally, I'm not stupid enough for either to happen.

BLT_2

Olipro wrote: »

ok, let's say someone has done that.

now they need to either have my card and my PIN or they need to have a trojan in my PC to perform a MITM attack that will get me to do the code generation for them.

personally, I'm not stupid enough for either to happen.

So you are smarter than 1,000,000 computer hackers who spend 18 hours a day trying to figure out how to compromise internet security.

My congratulations to you, have you considered working for NASA? Stephen Hawkings doesn't operate as fast as he used to :rotfl:

Alpine_Star

zppp wrote: »

The 24 hour period is reasonable IMO. Some banks can only send a FP of £250! :eek:

A 24 hour period may be reasonable but to answer the OP's question of whether 'daily' meant each 'day' the answer is of course no. It is wrong of Nat West to call it 'daily' when a given 24 hour period would almost invariably encompass 2 days.

Olipro

BLT wrote: »

So you are smarter than 1,000,000 computer hackers who spend 18 hours a day trying to figure out how to compromise internet security.

My congratulations to you, have you considered working for NASA? Stephen Hawkings doesn't operate as fast as he used to :rotfl:

actually mate I write the firmware that goes on the bloody smartcards, It really baffles me how people fall for this nonsense, and 9 times out of 10 it's not really the security but the fact the user is completely naive.

Case in point is these people who fall for the "you need to resync your cardreader" malarkey, hopefully the banks' efforts to make people pay attention to what they're entering and where might help mitigate that, although I'd be really interested to see how nationwide's fraud rates stack up against NatWest since Nationwide are using the Sign function which requires you to enter a monetary sum as part of generating the response, and I'd hope nobody's going to be stupid enough to actually follow some directions on their screen telling them to authorise a transaction for £x while they're logging in.

Another issue is that the banks have fraud watches in place, the £10k limit is simply so they can eek a CHAPS charge out of people, if you've got an account already in your payees that you've paid amounts to regularly that has a history, if you want to send over 10k to it, at that point it's already established as a trusted account, of course, things they will take into account is what payee name you entered, nonetheless, such an arbitrary limit has naff all to do with fraud prevention, the majority of sods who get targeted don't have that much in credit + overdraft most the time.

BlueAngelCV

I didn't even know about the limit until my OH referred to it recently. Of course it's not something I'm ever going to have to worry about!
I always assume that limits like that are for the day though not a 24 hour period.