Lloyds TSB and transfer out of £16,700

Phill_1981

Yesterday I went into my local branch of LloydsTSB to transfer £16,700 to my solicitor for my property purchase.

Now I went in there with my solicitors bank details expecting I could do a 3 working day transfer (BACS?) for free, but they told me my only option was to do a same day transfer (CHAPS?) for the price of £30.

Not very happy after queing for 45mins I argued it for a minute and gave in as I had to get back to work.

Is this right that I have to pay to move MY money around?
Is it right that I am not allowed to do a normal 3 day transfer?

Any info much appreciated as I have to do a further large transfer next week to complete my sale, which will cost me £60 in total!!!

:beer:

payless

I got one for free the other week, but does depend on your (business) relationship with them

sorry but you will find more "good customers" having to pay fees, as they recoup the reclaims !!

You could
1. pre plan and use BACS
2. Bankers cheque ( if solicitors accepts- mine did not )
3. Cash either direct to solicitor ( if accepts) or to local branch of his bank and deposit over counter

John_in_the_city

I think you may want to raise the situation with your manager. Assuming you had sufficient time, 3 business days, there is no reason why you cant move the money by BACS. So, a transfer from yesterday should be in the solicitors account for thursday. CHAPS is a same day guaranteed service as long as you get to the bank before their cut-off time (varies by bank, as early as 11:30 as late as 3:30) then it will be credited before close of business at 5pm. Thats what you are paying for, express delivery!

if you had enough time for the 3 days, complain, ask for the fee back!

Phill_1981

thats the point, I went in there saying i want the BACS, but the lady told me I wasn't allowed!!!

John_in_the_city

By the way you havent said why she stated it wasnt allowed, that might shed some light on the situation.

But my point is .... as long as there was sufficient time (you havent stated when it was needed by the solicitor) then you now know that she was wrong, that she gave you incorrect guidance, that she charged you for it. That is the basis upon which you should complain to the branch manager. You sought guidance and were given incorrect advice which you acted upon and were charged for. You want your fee back!

BenL

They should have let you do a BACS transaction really.

Next time you may want to ring one of the call centres or do it on-line yourself.

I wouldn't get into too much conversation with the call centre mentioning its for house purchase as they may start trying to go down the CHAPS route as well as this is the "norm" for house purchase transactions.

Ben

Phill_1981

The lady said I couln't do that amount by BACS from a 'Personal Account' only business. I'm sure this only applies for amounts over £10,000 for my internet banking.

Oh well, I will try and speak to the account manager at the branch - can't find a direct number to the branch though, only to a call center which I have tried already and they weren't sure about 'in branch' transactions!!!

exbankrupt3years

I was a LLoyds bank customer for 25 years, I had to go through a house purchase etc, I was offered a bankers cheque, which could be raised on the spot for a fiver, they wave this charge if you have run out of cheques, and they can not print one for you straightaway. I also used this method for putting a deposit on a car, a bankers cheque is what the americans call a certified cheque, its as good as money, because the funds are payable on demand. Your bank clerk may not be aware of this, and if they did not offer it to you, you should complain.

someone

exbankrupt3years wrote: »

I was a LLoyds bank customer for 25 years, I had to go through a house purchase etc, I was offered a bankers cheque, which could be raised on the spot for a fiver, they wave this charge if you have run out of cheques, and they can not print one for you straightaway. I also used this method for putting a deposit on a car, a bankers cheque is what the americans call a certified cheque, its as good as money, because the funds are payable on demand. Your bank clerk may not be aware of this, and if they did not offer it to you, you should complain.

Bankers cheque/draft are not guaranteed. There is now significant fraud on bank drafts. Be very careful taking payment via bankers drafts and wait until your bank has told you it is cleared, not just available funds.

jonesMUFCforever

Phill_1981 wrote: »

Yesterday I went into my local branch of LloydsTSB to transfer £16,700 to my solicitor for my property purchase.

Now I went in there with my solicitors bank details expecting I could do a 3 working day transfer (BACS?) for free, but they told me my only option was to do a same day transfer (CHAPS?) for the price of £30.

Not very happy after queing for 45mins I argued it for a minute and gave in as I had to get back to work.

Is this right that I have to pay to move MY money around?
Is it right that I am not allowed to do a normal 3 day transfer?

Any info much appreciated as I have to do a further large transfer next week to complete my sale, which will cost me £60 in total!!!

:beer:

On the counter we have no access to BACS payments system.
You could have tried to do it by Internet or Phonebank but I think you would be restricted to £10k per day maximum.
You could have asked your solicitors for a paying in slip so that they could have debited your account and processed this as a Bank Giro Credit (Downside for sols is that this would just appear on their statement as a credit - no proof who it is from).
You could issue your solicitor with a cheque drawn on your account.(Or pay £20 for a bank draft)

The only other way it can be done in branch is by CHAPS - which is a same day system but the charge is £30.

You do not HAVE to pay to move your money but if your solicitors do not have the cleared funds ready for completition - £60 bank charges are going to be the least of your worries!

payless

sorry mis read the bit about not being allowed in excess £10K...

would have thought branch could do it .. I did internet and sent 40K, over 4 days at £10K a shot