Withdrawing money from accounts

gogsboy

Wonder if someone could help, I went to take £1300 out of my Nationwide account but they wouldnt give me it as I hadn't order it as such, waffled something about changes in law due to money laundering.

Is this the case or just a building society thing as I have taken a larger sum out before from a Lloyds TSB account with no issues

Thanks

my_gorgeous_ellie-belle

I have come accross this when i tried to take £1200 out of my Abbey account for my rent deposit - They told me i had to give 24hrs notice and also bring ID like passport and a bill. That was about a year ago now though so not sure if it has changed again or not. A friend who used to work for Abbey told me that if i spoke to their manager and kicked up bit of a fuss i would have got it - i am prob a bit to apprehencious to do something like that though.

I suppose they are keeping themselves safe because imagine if someone went in with your, say, stolen card and maybe even ID like just a bill and they gave up the cash, they would have to pay you back as it is their mistake. If they did that they would lose a fair bit i think.

Alfie_E

A good part of it comes down to how much cash an institution is prepared to have kicking around in each of its branches, and the number of cash transactions it expects. Clearly, a Nationwide branch can’t know how many people are going to walk in tomorrow and want to make large cash withdrawals. But, because there are a large number of customers walking through the door, some depositing cash, some withdrawing it, they can say something statistical. If they put a limit of, say, £2000 before they require notice, they might say, “if we start the day with £10,000 in cash, there’s only a 99.9% chance we’ll get to a point in the day when we’ll have to start imposing a limit below £2000, or we’ll risk running out.” The lower the limit before you have to give them some warning, the less cash they need to have available to meet the same degree of certainty that they won’t run out. Cash sitting around in a branch isn’t making any money, so institutions want to keep this to a low level, while still providing an acceptable service.

There might be some difference with building societies, as I don’t think they tend to provide business accounts. That could effect how much cash moves in and out. I think people with building society savings accounts tend to put money in in lots of small lumps, and then make big withdrawals. Sometimes they do this en masse, like in the run up to Christmas.

You get the same issue with a cash float in a shop. You don’t want tons of change at the start of the day, but equally, you don’t want to risk running out.

Robert_Sterling

Alfie_E wrote:

If they put a limit of, say, £2000 before they require notice, they might say, “if we start the day with £10,000 in cash, there’s only a 99.9% chance we’ll get to a point in the day when we’ll have to start imposing a limit below £2000, or we’ll risk running out.”

I think you mean that there is only a 0.01% i.e. 1 chance in 10,000.

codetown

I had the same problem with Nationwide, but with an higher amount, i.e. 5000 pounds.

In that case I insisted and talked also to the manager who repeted the story they did not keep so much money in the branch for any signle custmer and showed me a book they kept in which they had real orders of largish amount of money (from 2500 pounds onwards) for the following days. The reason is that they did not keep in the branch a large amount of money for internal security. And only when necessary they ordered it on request of the customers.

Like it or not, they did not give me mymoney.
I placed an order for the day after and then I returned the day after. They checked who I was and the order made and gave me the money with no problems.
The minimum might also depend on the branch size (the smaller the lower amount of money they tend to keep regularly).

tom188

See this recent thread dealing with unreasonable cash withdrawal requests.
http://forums.moneysavingexpert.com/showthread.html?t=305902

Each bank will have a standard maximum per day you can withdraw on demand. It does not depend on the size of the branch. If you are likely to need more make sure you ring up before.

steady__eddie

Nationwide let me have up to £500 over the counter but anything over that requires a couple of days notice. On the other hand, Lloyds are o.k. up to about £5k at most times in all branches but above that it depends on the size of branch and day. A Lloyds employee told me that Mondays were usually a bit tight and if I wanted anything "excessive" on a Monday, it was advisable to order it a few working days beforehand.