One Account transaction limit reduced

eskbanker

For those who have the (RBS) One Account and who haven't encountered this the hard way yet, there is now a new transaction limit of £1,000 for faster payments initiated via online banking.

I tried making a payment above this (as I've done many times before) recently and encountered an error message, so spoke to a customer service agent, who advised that the daily limit is still £10K, so just split anything over £1K into multiple transactions! Seems completely pointless to me to introduce a new limit and then offer unprompted advice on how to circumvent it....

I was told that the new limit came in on Wednesday 2 November but the CS rep was unable to advise if it's a temporary or permanent restriction as they're not told such things - I asked about how this was communicated to customers and was advised that they consider the error message to be adequate and that they weren't planning on publicising this "in case the information gets into the wrong hands"! So, if I suddenly become a non-person for posting this, you'll know what's happened to me....

molerat

Make 5 x £1000 transfers and it will probably get flagged as suspicious activity.

jonesMUFCforever

I wonder then if they too have had a Tesco style attack but have not gone public and have managed to contain it?

pinkdalek

I blame Brexit

bigadaj

pinkdalek wrote: »

I blame Brexit

That should be trump now, but maybe a combination is allowed.

wanman

There seem to be some serious issues with this account now.

I also found the new £1000 limit when I tried to make a payment, again there is no notification to account holders. I called the telephone service and they told me they could not override the limit, even for transactions that I had made many times before. Their advice was to split the transaction to multiple £1000 payments (as stated above likely to trigger suspicions) or use a standing order.

My immediate requirement was a transfer to another bank account, and I already have a standing order so I modified the order to increase the amount and bring forward the date.

Today I checked and the standing order has not been paid. CS on the phone tells me it has been rejected but cannot tell me more. I held on the line for 30 minutes while he tried to reach the appropriate team. I am now waiting for them to call me back.

I am progressing application for another new account and will close this one but it is extremely annoying that I cannot properly access my significant positive balance in the One Account.

I have found that there is no restriction on debit card payments - my wife was able to make a large premium bond purchase - the only limit is for payments initiated inside the One Account. Are there any bank accounts where I could make a 'deposit' by debit card? Santander could not do this for me.

jonesMUFCforever

No - no high street bank will let you credit an account via a debit card.
It would have to be by cash, cheque BACS or faster payment.

PeacefulWaters

jonesMUFCforever wrote: »

No - no high street bank will let you credit an account via a debit card.
It would have to be by cash, cheque BACS or faster payment.

Halifax did online for a few months last year. I assume the fraudsters beat them.

System

The Virgin One Account never had proper dual factor authentication.

Given that it is a closed product, I doubt they've added it now and I assume that's the reason for the cap.

eskbanker

Heng_Leng wrote: »

The Virgin One Account never had proper dual factor authentication.

Given that it is a closed product, I doubt they've added it now and I assume that's the reason for the cap.

They certainly haven't introduced any additional authentication (for me at least) but I'm still struggling with the concept that ten immediately consecutive £1K transactions are somehow deemed more secure than one £10K one!

System

Each transaction is more likely to trigger anti-fraud procedures and checks.

It's either a risk based approach (after Tesco) or someone has been on nocturnal web activities and caught a trojan.

eskbanker wrote: »

They certainly haven't introduced any additional authentication (for me at least) but I'm still struggling with the concept that ten immediately consecutive £1K transactions are somehow deemed more secure than one £10K one!