MSE News: Customers being 'ripped off' by banks on Faster Payments limits

grumbler

eskbanker wrote: »

This thread and the article that it's about are from November 2014, making it even less likely to be an accurate source of up to date information!

An article that isn't being updated and that can be found via google only, not from the main website, has to be removed from the website or hidden from searches. As simple as that.

This article isn't the only example of the rubbish that MSE keep littering internet with.

Here is another example - and you will be deeply mistaken if you think that MSE corrected the wrong information after 20 days. They are busy with producing new rubbish and don't give a !!!! about the one left behind.

JuicyJesus

grumbler wrote: »

An article that isn't being updated and that can be found via google only, not from the main website, has to removed from the website or hidden from searches. As simple as that.

This article isn't the only example of the rubbish that MSE keep littering internet with.

Here is another example - and you will be deeply mistaken if you think that MSE corrected the wrong information after 20 days. They are busy with producing new rubbish and don't give a !!!! about the one left behind.

Completely agree with this. For better or worse, MSE and Martin Lewis are seen as, well, experts, and authoritative. They actually do have a responsibility to give out correct information.

Ballard

Pincher wrote: »

CHAPS is really more for international telegraphic transfer any way.

Whilst a lot of CHAPS payments are used by international banks, being as it's only for Sterling I'd wager that most of the payments are domestic.

Ballard

Archi_Bald wrote: »

Doesn't make sense. No bank would clear a cheque until they have actually confirmed with the issuing bank that the funds are actually available. That's done using the 2-4-6 clearing cycle.

that's another option to save the £25 or so for a CHAPS payment. But don't expect same day completion - a cheque remains subject to the 2-4-6 clearing cycle.

There was a time, maybe 20 years or so ago, that certain banks issued 'Town Clearing' cheques which cleared in one day. They were recognisable by a T after the sort code but I think that it was restricted to The City.

Newly_retired

For my house purchase I made sure the solicitor knew the money was coming in over a few days from several sources, and informed my main bank to expect a number of movements of large sums of money in and out.
It all worked perfectly using Faster Payments.

continuity

agrinnall wrote: »

There is no such thing as "Google's definitive answer", if you think there is then I suspect that you have made many wrong decisions in the past due to incorrect assumptions. It is your duty to evaluate the results that a search returns and not simply take the first one in the list as gospel.

As you may or may not know, Google introduced it's Answer Box to the top of its search results page a couple years ago to present information from Knowledge Graph, the repository it's building in an attempt to pull answers from web pages directly on to the results page. Rightly or wrongly, Google presents this as a definitive answer.

continuity

eskbanker wrote: »

In what sense would you consider anything Google (or MSE) presents as 'definitive' or 'authoritative' when looking for the terms and conditions of commercial organisations? One is a search engine providing links to all sorts of information that anyone can post, while the other readily accepts its status as P.S. This thread and the article that it's about are from November 2014, making it even less likely to be an accurate source of up to date information!

As mentioned in my other post, Google presents its Answer Box as a definitive answer - that's it's specific purpose, to save users clicking through to originating websites to read further. Search engines don't just serve up links anymore, it's all about providing answers now.

I didn't call MSE authoritative, but I do believe many people would accept what it written there without question. As MSE is such a popular site it's easier to find than many authoritative sites when looking for information. I obviously can't change the contents of the original article but I can at least add a link in the contents to a better source.

agrinnall

Ballard wrote: »

There was a time, maybe 20 years or so ago, that certain banks issued 'Town Clearing' cheques which cleared in one day. They were recognisable by a T after the sort code but I think that it was restricted to The City.

You're picking up on dead and buried comments from over 2 years ago, best to read the date on posts when an old thread is resurrected [once again, a good argument for closing any thread that hasn't been active for a long time].

zerog

I bought a house recently and found that Santander's 100K limit per day actually applies per 24 hours.

I had to go into branch 4 times. They need to fill in an excel spreadsheet with various details. The sheet contains a random number generator which will occasionally instruct them to call headquarters to approve the transfer.

On one occasion this resulted in my accounts being frozen because that is what the spreadsheet told them to do. Eventually they decided that they could call my solicitor to see if he would approve receiving the funds, but I could easily have given them a fake number operated by my associate.

Fortunately I have 20 bank accounts so freezing one of them doesn't leave me with no money.

But this sort of thing matters more than a few hundred pounds of interest, which contributed to my decision to stop using Santander for anything important. Next time I purchase a house in the UK, I will probably just send the money directly from one of my overseas accounts, as it's cheaper than a CHAPS.

Santander's online banking is still, IMO, the easiest site of all UK banks to use for sending small FPs of £1000 or thereabouts, so I continue to use them for that.

agrinnall

zerog wrote: »

Next time I purchase a house in the UK, I will probably just send the money directly from one of my overseas accounts, as it's cheaper than a CHAPS.

It might be cheaper but you'll need to spend more of your time providing evidence that's acceptable to your solicitor about the source of the funds - that's if they will accept the transfer in the first place.