Sweating buckets - FP limits

Dird

YorkshireBoy wrote: »

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?

Where are you seeing £25k? Nothing mentioned in their charges/account T&Cs other than some £5k international transfer mention. Nothing on the Faster Payments page.

What is a branch initiated transaction? The alternative is what, phone/online initiated? I'd hope the branch would be higher than the other 2.

agrinnall

I'll bet that by now you wish you'd just done what I did and pay a few quid for the peace of mind of a CHAPS payment.

Dird

agrinnall wrote: »

I'll bet that by now you wish you'd just done what I did and pay a few quid for the peace of mind of a CHAPS payment.

Not really. £30 payment, maybe I'll even get given a sweetener by TSB for their branch telling me wrong info ;o

polymaff

Dird wrote: »

Where are you seeing £25k? Nothing mentioned in their charges/account T&Cs other than some £5k international transfer mention. Nothing on the Faster Payments page.

Search for payment limits on the TSB website, then read:

"If you choose the immediate payment option, we will always attempt to make your payments via Faster Payments first. Faster Payments have an individual transaction limit of £25,000, however you can make multiple Faster Payments up to the daily limit of £25,000."

Dird wrote: »

I'd hope the branch would be higher than the other 2.

You live a high-risk lifestyle if you rely on supposition rather than research. No wonder that you sweat buckets.

YorkshireBoy

Dird wrote: »

Where are you seeing £25k?

See the search box top right of their homepage?
Type "faster payment limit" in there.
Then scroll down to the very first FAQ in the 5 shown.

You said

What is the limit for faster payments online?

Our answer

The limit for Single Immediate Payments (SIP) is £25,000.

grumbler

Dird wrote: »

Where are you seeing £25k? Nothing mentioned in their charges/account T&Cs other than some £5k international transfer mention. Nothing on the Faster Payments page.

http://www.tsb.co.uk/help/support/

Type 'faster payment' into the "Ask us a question" box.

What is a branch initiated transaction? The alternative is what, phone/online initiated?

Yes. IIRC some banks even don't do FPs in branches and insist on CHAPS.

YorkshireBoy wrote: »

See the search box top right of their homepage?
Type "faster payment limit" in there.
Then scroll down to the very first FAQ in the 5 shown.

For me the very first result (and the few next too) are for business banking, that can be confusing.

However there is a link on the right side that seems to not mention 'business': "What is the limit for faster payments online?"

Is it what you call FAQ? If so, it's the forth for me, not the first.

Their information on FPs in branches is contradicting:

How do I make a Faster Payment?
Our answer

Personal customers can make a Faster Payment in branch or using our Internet Banking and Telephone Banking services. You'll need to be registered for Telephone or Internet Banking and the bank account that you are sending the money to will need to be able to accept Faster Payments.

Is the Faster Payments Service available to me when I pay in branch?
Our answer

The Faster Payments Service is available for electronic payments which are currently made through Internet and Telephone banking, provided the payment amount is within FPS and channel limits. Only Standing Order payments can be set up or amended in the branch - the bank account that you are sending the money to will need to be able to accept Faster Payments.

Nothing about the allegedly lower limit.

Goldiegirl

agrinnall wrote: »

I'll bet that by now you wish you'd just done what I did and pay a few quid for the peace of mind of a CHAPS payment.

Exactly. I'd rather pay a few quid and not have all the stress of trying to sort out multiple faster payments.


Before anyone says 'but this is a money saving website', sometimes it's more sensible to pay a little be extra for a service, especially when it relates to the most important purchase of your life.

Dird

Goldiegirl wrote: »

sometimes it's more sensible to pay a little be extra for a service, especially when it relates to the most important purchase of your life.

2nd most*
I guess paying for a wedding ring knowing she could steal half your possessions when it all goes sour is a bigger risk than 3 faster payments

Goldiegirl

Dird wrote: »

2nd most*
I guess paying for a wedding ring knowing she could steal half your possessions when it all goes sour is a bigger risk than 3 faster payments

Perhaps you are not ready for marriage yet

jonesMUFCforever

OP first sensible post is #18

You may have saved £30 but at what cost?

How much are you paying the solicitor for his work? £30 is nothing.