Llods TSB charging transfer to another account

BoothenBoy

My wife has just visited our local Lloyds bank to transfer money from her account to a fixed rate savings account with Santander.

She has been charges £30 to do so., Has anyone else had the same experience or managed to have the charge waived?

maypole

is it a fixed rate or an ISA with penalties attached?

psychic_teabag

Looks like £30 is Lloyds fee for a CHAPS payment ..?

maypole

oh right! should have used BACS then it would have been free. Did they offer her an alternative Boothenboy?

jimjames

maypole wrote: »

oh right! should have used BACS then it would have been free. Did they offer her an alternative Boothenboy?

Or did she say she wanted an instant transfer today and the amount was above faster payments limit? If the customer asks for something and the bank delivers it then it isn't always their fault if there is another option that might be slower/cheaper.

BoothenBoy

Thanks everyone - it appears that it was a CHAPS payment, and she was not offered an alternative.

BoothenBoy

My wife has contacted Lloyds, who say that the limit for BACS payments is £10,000 over a period of time to avoid money laundering!

Still sounds like a con to me ..........

RetiredInThailand

BoothenBoy wrote: »

Still sounds like a con to me ..........

It is a con. This has absolutely nothing whatsoever to do with money-laundering. If it was then cheques and CHAPS would also be subject to the same limits and, of course, they are not.

Gromitt

Some banks now refuse to make payments over £10K via BACS, but you can pay a cheque into your other account free of charge, or sometimes do a one time standing order which goes via FP.

opinions4u

She could have transferred funds to her Lloyds TSB current account and drawn a cheque or sent a free Faster Payment from there.

The only options the branch has are cheque, cash or CHAPS. Two of those carry a fee.

Mikeyorks

No one has used BACS from personal accounts since 1st Jan 2012!

My wife has contacted Lloyds, who say that the limit for BACS payments is £10,000 over a period of time to avoid money laundering!

No such thing as BACS - outward from personal banking any more. But you could have sent it online via Faster Payment (Lloyds limit is £25k) totally free.

If they did quote 'BACS' and '£10k' ....... I'd be after them to get your £30 back. On the basis of a) misleading and inaccurate information given and b) for being idiots in alleged charge of a banking system.