how did people transfer their deposit?

missjy

An anti-Natwest rant!! Natwest have caused me nothing but headache since I started a mortgage process with them. Got completion date from solicitor today for Tuesday and was soooo excited. Got online to transfer deposit to solicitor and online banking told me that I couldn't transfer more than 10k a day. Rang telephone banking who said they couldn't transfer more than 10k a day either so I could make one payment today, one tomorrow and one Friday and the first one would not reach my solicitor til Tuesday!! They said I could make a CHAPS transfer for the full amount for a fee....but not online or over the phone, only in branch. So that's what I am going to do. But I just find Natwest so difficult, cumbersome and awkward!! Considering I'm tied into a 30 year mortgage with them, I hope that isn't always the case!! I had thought getting a mortgage with the same bank that I've been with since I was 18 would have been beneficial would have been easy but it hasn't been!

tim9966

I think I had the same problem with Lloyds TSB, but I didn't pay any fees to do it quickly. I did £10K a day, and the money went through quickly. It didn't take the full 4 working days.

westv

The £10,000 online/phone limit is the same for most (all?) banks.

BornAtTheRightTime

westv wrote: »

The £10,000 online/phone limit is the same for most (all?) banks.

Yes where you are transferring money out. On the other hand, money taken by direct debit can be any amount it seems - my £250k completion funds were taken by DD from my AA savers account by my One Account and I set the DD up.

abankerbutnotafatcat

As said, this is entirely normal and done for security (yours/theirs). I went into a NatWest branch, with ID as it's over £10k and did my chaps - twice: the deposit and then 2 weeks later my share of the purchase price. Once each payment had been arranged in the branch I phoned my solicitor to advise them and they told me each time that they had already received the payment. They may make some enquiries as to the source of the funds for money laundering purposes.

This is the way that ALL property purchases i.e. from the 1 bed flat in Southend to the multi million pound Mayfair portfolios are transacted. Maybe, one day it will change but it is standard for now. CHAPS payments always incur a fee - currently about £25 per payment regardless of how much that payment is.

noh

Last time I used a cheque but obviously you need to give it to the solicitor allowing enough time for clearance.

Svenena

missjy wrote: »

Considering I'm tied into a 30 year mortgage with them, I hope that isn't always the case!!!

Gosh, did you really get a 30 year mortgage deal? I thought the norm was 2/3/5 years, with 10 year ones being long!

navmanwestmids

I transfered total by CHAPS. Cost £25, in saving holding exchange up it was worth it. (extra search enquiries came back alot quicker than expected)

Procrastinator333

westv wrote: »

The £10,000 online/phone limit is the same for most (all?) banks.

I did chaps with first direct over the phone...

chappers

Natwest subscribe to "faster payments" so the money should go straight away.

missjy

Thank you all for your replies. At least I've learnt something new today!