Charge for withdrawing from RBS current account

ricey420

Hey all, long time lurker rare poster.

Hoping someone can help me out here. I have been saving up my wage for a while in my RBS current account (I know, I should be using an ISA but I digress) and I have just been told that to transfer £10,000 or more to my credit union I need to pay a £20 charge.

Despite wanting to transfer £10,000, I am on an average workers wage (I have been saving for a few years). So £20 would be missed.

Can anyone tell me what this is actually for, and if that's correct? How can I be penalised for wanting to access money from my own bank? I am outraged at the principal of it.

I would be grateful of any help. Thanks! :beer:

YorkshireBoy

£20 is their CHAPS fee (for the extra work involved for them).

You can move it yourself for free via online/telephone banking. Are you registered for either?

Maybe you could use a cheque instead?

grumbler

They are trying to rob you.
£20 is the charge for the 'same day electronic transfer' ("CHAPS"?). In the past it was faster than free BACS. Now "Faster Payments" are available instead of BACS and are still free. The daily limit is £10K for RBS, but if needed you can split it in several payments and several days.

http://www.ukpayments.org.uk/faster_payments_service/value_limits/

http://www.rbs.co.uk/personal/ms/faster-payments/faq.ashx

What do I need to enter to set up a Faster Payment? It is important that you ensure the correct instructions are entered, as payments are directed by sort code and account number.
Sort code (e.g.151000) the six digit number which identifies the bank or institution at which the payee holds their account
Account Number of the beneficiary account
Unlike BACS, payments to the incorrect destination cannot be recalled.
Incorrect sort code and account number details may also result in your payment not being processed.
To create a payment in the Branch you will need to present your debit card to the member of staff. N.B. The debit card must be either Chip & Pin or Chip & Signature.

I am sure you can do this online and over a phone too: http://www.rbs.co.uk/personal/credit-cards/g3/payment-times.ashx

stclair

You could transfer 10K a day for free via internet or telephone banking.

ricey420

Sincere thanks for the replies guys.

YorkshireBoy - I had originally asked about transferring it online, but they said that I wouldn't be able to do it as the sum of money was too large.

Grumbler - Interesting stuff, though on the first link it says the limit is £10,000. So, could I transfer £10,000 today and still be able to transfer £10,000 tomorrow? Or is there a time limit?

I just don't want to trip myself up!

If they're trying to pull a fast one, I will probably shut down my account with them and go elsewhere.

HappyMJ

The limit resets every day so you could transfer half today and half tomorrow.

alanq

HappyMJ wrote: »

The limit resets every day so you could transfer half today and half tomorrow.

Though you could get the transaction(s) held up pending a phone call from the bank to confirm the transaction(s) to a new payee. It happened to me.

Seems a bit of overkill for online banking as one has to know the sign in details and then possess a card and PIN to set up a new payee. However, I prefer a bank to err on the side of caution rather than have my account emptied by a fraudster.

grumbler

ricey420 wrote: »

...Grumbler - Interesting stuff, though on the first link it says the limit is £10,000. So, could I transfer £10,000 today and still be able to transfer £10,000 tomorrow? Or is there a time limit?

Have you not said £10,000 in your first post? If you asked them about a bigger amount, this explains why they wanted to charge you, as the daily limits for CHAPS are much higher.

innovate

At many banks, you can make several £10K transfers in a single day. The limit is usually just per transaction.

But if the £10K is in fact the 24-hour max, just do one today and one tomorrow, and so on.

ricey420

grumbler wrote: »

Have you not said £10,000 in your first post? If you asked them about a bigger amount, this explains why they wanted to charge you, as the daily limits for CHAPS are much higher.

Yeah it is only £10,000, I was trying to get a grasp of how this stuff works in case they try to argue when I go back down to the branch.

Thanks again everyone :j :money:

YorkshireBoy

ricey420 wrote: »

when I go back down to the branch.

You've intimated you already bank online.

If that's actually the case, why do you need to visit branch, now that you've been informed you can make the transfer yourself free of charge online?