Are banks clamping down on the £1k transfer?

Nine_Lives

Various banks require you to cycle £1k per month, or similar, to hit the targets many of us joined up for. Santander, Halifax etc.

I've just tried to do February's cycle round the houses & i've had no end of bother, especially with Santander, but now Halifax are starting up. Telling me they can't transfer my £1k out as the payment is going to be reviewed.

I've been doing this for about 2 years now & i've never had an issue until this month.

mr_fishbulb

Have you phoned them up and asked them why it's flagged?

Nine_Lives

Nope, if it's anything like Santander then their kneejerk response is "we flag anything that is [unusual] or [high]".
The amount is not unusual on the account & it depends on definition of high. As i've cycled £1k out in 1 go before for many months, i wouldn't say it's out of the blue.
Yes it's going into a brand new account, but it's not like i've just tried to transfer £50k.

So i'll let them do their checks & see if it clears by tomorrow. If not then i'm in town anyway.

mr_fishbulb

K_P83 wrote: »

Yes it's going into a brand new account

Ah, that's probably it then. I assumed when you said you'd been doing it for two years that it was all the same account details.

hillendale

When I've used my existing Santander account for a transfer to a new external account for a £1000 or over its taken 2/3 days. But all future payments sent to the same 'new' account have gone via faster payment within a couple of hours.
hope this helps

Nine_Lives

Getting really Peed off with this now.

The gf's account has been blocked. I think from Monday just about everyone in this household has had their Santander account blocked.

What's the solution? Call an 0845-empty-your-account number to get it unblocked. Why should we have to pay to transfer our money when other banks don't charge?
Santander, or even some members here, will argue that you're not charged. Well, unless i get refunded the phone call, what is that? It's an indirect charge!

So a trip to Santander tomorrow to get this account unblocked. While there i'll have a few choice words myself. We have £35k between my partner & I with Santander, with another 10+k likely to go to them in the new tax year. Unless they stop playing silly games, this will all be removed.

MoneySaverLog

Guess you've been santandered.

BoGoF

K_P83 wrote: »

Getting really Peed off with this now.

The gf's account has been blocked. I think from Monday just about everyone in this household has had their Santander account blocked.

What's the solution? Call an 0845-empty-your-account number to get it unblocked. Why should we have to pay to transfer our money when other banks don't charge?
Santander, or even some members here, will argue that you're not charged. Well, unless i get refunded the phone call, what is that? It's an indirect charge!

So a trip to Santander tomorrow to get this account unblocked. While there i'll have a few choice words myself. We have £35k between my partner & I with Santander, with another 10+k likely to go to them in the new tax year. Unless they stop playing silly games, this will all be removed.

In all honesty, what is the point in getting all bolshy with the branch staff...."a few choice words" - like it is their fault. As far as they are concerned you can take your £35k elsewhere - you think they give a toss?

JacksterD

K_P83 wrote: »

Getting really Peed off with this now.

The gf's account has been blocked. I think from Monday just about everyone in this household has had their Santander account blocked.

What's the solution? Call an 0845-empty-your-account number to get it unblocked. Why should we have to pay to transfer our money when other banks don't charge?
Santander, or even some members here, will argue that you're not charged. Well, unless i get refunded the phone call, what is that? It's an indirect charge!

So a trip to Santander tomorrow to get this account unblocked. While there i'll have a few choice words myself. We have £35k between my partner & I with Santander, with another 10+k likely to go to them in the new tax year. Unless they stop playing silly games, this will all be removed.

Switch bank accounts?

Milarky

I experienced trouble paying £1K through to a newly set up payee from Barclays on Wednesday. With them there is an section in your online banking where you can go to 'pull' the request ('delayed' payments they call these) but the amount also seems to come off your daily transactions limit of £10K. Barclays will still call you sometime the next day to verify the payment. If you wish to, that payment will then go the next working day (but, as I said, you can cancel it immediately online if that suits you)

Over at Nationwide things were a lot smoother. I was able to set up new payee details on six separate accounts and make first payments of £1K to each using the card reader.

At Halifax, I think, the payment is reviewed - you don't need to call them and - when accepted there is an on-screen prompt which appears when you next login. This should display tabs allowing you to reinstate the payment and you then go through to the usual password submit screen.

Experience seems to show that suddenly changing amount on a payee (so, particularly on new payees) is what gets a transaction flagged by these computerised systems. Repeat payments (of similar amount) are pretty well immune thankfully.

worried_jim

I previously worked for a Bank's fraud dept and this is known as "cash cycling" a form of money laundering and would be reported as suspicious account activity, I would caution anyone against doing this, no matter how innocent you think it may be.
Banks have specific software to look for this behaviour and it is easily flagged.