Sweating buckets - FP limits

Dird

Just ended up rushing around like a headless chicken to sort out my house deposit (as I didn't want to pay CHAPS). I'm sure I read Lloyds had a £25k limit before but someone on here linked to some page saying they had £99,999 so I didn't worry about it -_-"

Walk in Today & Lloyds £25k limit. Transfer remaining £7k to TSB thinking it should be fine...different town & a lot of walking (annoying pay & displays) but OK.

TSB Faster Payment limit is £5,000! What a joke -_-" then had to transfer the rest back to Lloyds then from Lloyds to HSBC (at the same time phoning my sister to bring my HSBC card) do cover the remaining £2k.

MSE should have a list of Faster Payments limits that gets updated~ I found this but it doesn't even list TSB as it's an old article: http://www.moneysavingexpert.com/news/mortgages/2014/11/customers-being-ripped-off-by-banks-on-faster-payments-limits

tl;dr: Lloyds is OK, don't use TSB for any external transfers

gt94sss2

Dird wrote: »

MSE should have a list of Faster Payments limits that gets updated

http://www.fasterpayments.org.uk/about-us/transaction-limits

Regards
Sunil

YorkshireBoy

gt94sss2 wrote: »

http://www.fasterpayments.org.uk/about-us/transaction-limits

Regards
Sunil

No info for TSB on there.


Fortunately, there is info for TSB - unsurprisingly - on the TSB website. Hint: It's not £5K.


OP, the Lloyds £99,999 figure you mention refers to SOs, so next time you want to make such large payments, and in addition to doing some research first , set up a SO for >£25K and then cancel it after the first push.


NB, even with a £25K limit, the chances of a first payment to a new payee getting held up for additional checks are quite high.

Dird

The Lloyds transfer isn't a first payment so should be OK. Hopefully £2/5k ones shouldn't have issue either as I provided ID in branch

polymaff

YorkshireBoy wrote: »

NB, even with a £25K limit, the chances of a first payment to a new payee getting held up for additional checks are quite high.

Quite. In similar circumstances I have moved £100 a few days in advance of the big one to validate the transaction path.

It is also worth finding out if the limit you are looking at is per customer or per account, and whether it is a transactional or daily limit. I recently FPSed £40k out of Natwest by first moving £20k to my wife's account, via a joint account. At about the same time I FPSed £108k out of a single Nationwide account by making 11 sequential transactions, none of which exceeded their £10k limit.

Dird

polymaff wrote: »

It is also worth finding out if the limit you are looking at is per customer or per account

It's per account. That's how I managed to move the £7k to my TSB after then got bummed. If I had known the TSB/HSBC limits I would have just transferred to them as they're both in the same town with 2 hours free parking unlike the one I went to to TSB =/

polymaff

Dird wrote: »

polymaff wrote: »

It is also worth finding out if the limit you are looking at is per customer or per account,

It's per account. ...

Isn't it obvious that I'm giving general advice, Dird?

System

An annual standing order to the requested payee?
Gives you about 365 days to cancel once initial payment sent.

YorkshireBoy

Heng_Leng wrote: »

An annual standing order to the requested payee?
Gives you about 365 days to cancel once initial payment sent.

I'd still want to verify the conduit first with a quid! Not always practical/possible though with a solicitor's collection account?

YorkshireBoy

Dird wrote: »

If I had known the TSB...limit

It's on their website (and is £25K). Did you not think to look there? Maybe the £5K figure you were given in branch was for branch initiated transactions?

grumbler

Heng_Leng wrote: »

An annual standing order to the requested payee?
Gives you about 365 days to cancel once initial payment sent.

I have not tried this, but I believe a SO can be set for one-off payment from the very start - by setting the cut-off date or number of payments accordingly.