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How to fight banks that keep your savings prisoner because you want to take ‘too...

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How to fight banks that keep your savings prisoner because you want to take ‘too...

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MSE_LukeMSE_Luke MSE Staff
295 posts
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This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.
Read Martin's "How to fight banks that keep your savings prisoner because you want to take ‘too much’ out…" Blog.

Please click 'post reply' to discuss below.

Replies

  • Over what period do these internal limits apply?

    I've not had the problem closing an account before, but unless the period was £10k in a week or something it strikes me it would be less hassle to just transfer £10k today, £10k tomorrow, etc and then close the empty account. Or £10k to one account, £10k to another, £10k to a third if that was permissable.

    Either way comes to mind before ringing the bank as it would seem to take the same week (assuming the full £75k as was for FSCS cover) to get the money across, but without the hassle of explaining things to several people and being passed from pillar to post, having to chase calls or deal with them communicating with you at their choice of time.

    I do see the principal in it with regards "easy access", but they're never going to drop the security limit even if it varies over time, and any process of not going into a branch (if you've signed up online there might not even be a branch within 100 miles) is going to take time to process paperwork due to the way the post works.

    With the lost interest again I see it should be covered, but equally look at how much extra time you're spending going through the ringing up etc and see what it's worth as an hourly rate (it'll be a lot lower if you're transferring money during the process as well), and what you're not doing because you're spending time ringing the bank.
  • FlydriveFlydrive Forumite
    15 posts
    10 Posts
    Hi

    My bank (nationwide) have a £10000 limit for withdrawals but you seem to be able to make as many as you like in a day, online? I just make multiple withdrawals, each has to go through the same 'security' which is a bit of a pain, but works fine.
  • It seems like something that ought to have been in the t&cs. If a bank(?) is going to take deposits greater than its' withdrawal limit, then it should at least say how to withdraw them and how long it will take.

    You did read the t&cs, didn't you Martin?
  • C_MababejiveC_Mababejive Forumite
    11.4K posts
    Tenth Anniversary 10,000 Posts Combo Breaker
    ✭✭✭✭✭
    This is how the state will finally take your money,as they did in Cyprus
    Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
  • I've had no problem making multiple transfers of £10,000 in one day from Nationwide to nominated savings accounts. Wonder if it will be the same when I have to pay a ridiculously high tax bill in January?
  • mattytunmattytun Forumite
    13.9K posts
    Rampant Recycler Xmas Saver! Savvy Shopper! Energy Saving Champion
    Hi, I've got a lump sum of money in my Halifax current account that I want to transfer into my Cyprus UK bank is the daily limit still 25k daily.
    Can't sleep, quit counting sheep and talk directly to the shepherd :cool:
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