ATM withdrawal limit £300 (no-longer £500)

ED

Abbey is dropping to £300 per day (instead of £500) the maximum daily amount customers can withdraw via cash machine from the bank's account. This takes effect on December 1st. The reason for reducing the amount is said to be because fraudsters target cash machines, according to a leaflet received with the latest Abbey bank statement.

In addition, customers will be able to withdraw up to £500 in cash over the counter in any Abbey branch.

Sums larger than £500 can be withdrawn in cash over the counter if the customer telephones Abbey at least 24 hours prior to withdrawal. The customer will need to show his or her Abbey card + passport or driving licence at the counter.

Anyone here found other banks or bdg societies dropping the maximum daily limit for cash withdrawal?

I greatly appreciate Abbey making it possible to obtain £800 cash per day (£300 via cash machine(s) + £500 at the counter). But outside banking hours (or wishing to avoid queuing at the counter) there may be occasions when more than £300 would be wanted from an ATM (perhaps with further £'s to be withdrawn next day to deposit a total of £1,000 cash into an Alliance + Leicester 'Premier Plus' current a/c (paying 5.37% gross :-)).

Milarky

ED,

Just to update on my experience of suggesting recently use of an Egg cashcard account to move money out of and back into an A&L account on the same day [with a day's delay for the withdrawal to appear at A&L end]...

This works - sort of. Except that the Egg site says that the funds internally transferred to a cashcard account are not availaibe for one day. So, you can T/F from A&L and internally T/F this amount to the cashcard immediately, but cannot withdraw this amount [apparently] until the next day and then pay this into the A&L. I say 'apparently' because the Egg site's statement for the cashcard account hasn't yet shown the cash being withdrawn two days later.... [glee!..] However the ATM does show the 'available'/'account balances' correctly as far as I can see, so I expect the Egg site statement will update shortly.

Meanwhile, whether the ATM would have stopped me withdrawing the funds transferred on the same day or not I have yet to confirm.. Otherwise you would get the bonus of the added day's interest.

ED

Thanks, Milarky. I'll follow with interest an update from you, later on.

Milarky

ED,

I've just checked the Egg site and the cashcard withdrawals (two of them) now appear - but with yesterday's date (actually made on Friday and Saturday)

So it looks like these withdrawals act a bit like cheques written on an account - and the 'credit' to the bank account (immediate) benefits from this. The last thing to check is that point about the time it takes for internally transferred funds to be withdrawalable - I'll do a test transfer & withdrawal today..

Rafter

For 15p interest a day (or even 45p for 3 days), I'd rather save my time and do the transfer than walk to a cash machine, queue in a branch etc, with all the risk of being mugged.

My time is worth a lot more (even if that isn't a purist moneysaving attitude!)

R

ED

I know what you mean, Rafter! Our family usually have other reasons to be queuing in banks or bdg soc's, so we coincide these with indoor in-branch ATM withdrawals (safer than in-street!) from an external a/c and over-the-counter depositing. Like you, though, often online transfers are done in preference.

Milarky – we wait with baited breath for results of your test transfer + withdrawal. :-)

Meanwhile, Alliance + Leicester have received £1,000 cash for this month, to meet the minimum monthly deposit requirement for the 5.37% gross interest rate. Instead of 4 separate ATM withdrawals of £250 max daily limit, £1,000 went out as a Standing Order to earn 5.85% gross in Derbyshire BS's regular, monthly savings a/c.

Calling other newcomers with the Alliance + Leicester 'Premier Plus Current' a/c…

….Only 0.10% interest if the balance is above £2,500. If you're lucky enough to be close to that max, beware your monthly interest payment may take you over. I've today written to A+L for clarification of whether the whole balance earns only 0.10% in the event of the holding being at or above £2,500. Alternatively, perhaps the 1st £2,500 earns 5.37% gross, and any extra funds earn only £0.10%. I didn't find the Terms + Conditions clear. Perhaps it's a trick…?

Even MoneySupermarket give conflicting info on their Details page for the a/c :

At the top of that page, MoneySupermarket states :

"Balance…AER….Gross
£1………..5.5%….5.37%
£2500……0.1%….0.1%"

Later on the page, MoneySupermarket states :

"5.5% AER credit interest on balances £1.00 to £2,500 guaranteed until 31st December 2005 for customers who apply this year."

MoneySupermarket haven't bothered to respond to my msg alerting them last to this anomaly. Although their site is useful, perhaps they have something to learn about MoneySaving before they become Experts! ;-)

Milarky

Update on Egg cashcard account:

Second withdrawal, made from an ATM on 28th remained on Egg a/c balance until 30th September - confirming previous instance...

So with this account, it appears that..

1) It immediately credits from an external a/c Debit card

2) The balance on the external a/c is unreduced for ONE Banking day

3) The balance on the Cashcard a/c is unreduced for TWO Banking days

4) And, the message about 'internal transfers being unavailable through ATMs for one day seems to be erroneous

ED

Egg-cellent, Milarky!

James

Martin highlighted the effects of having a PIN with a credit card. Access to easy money at a cash point and a possible tool that may aid the ever increasing debt levels.

Various banks have lowered the amount one can draw at their cash machines. None hower have lowered the maximum amount that can be spent in a Chip & Pin retailers.

Think about it, credit cards never used to be issued with PINs (unless you requested one). We now have cards in place that make it even more attractive for crooks to get hold of. They can use C&P cards with PINs at cash machines or in shops without ever being challenged.

Lots more on this on the Chip n PIN string;
http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Questions;action=display;num=1082327540

James