Is it unreasonable to expect TSB to give me immediate access to my savings?

TSBNightmare

I try and use different banks to save my money and had around 100k with TSB. I had just bought a house at auction and I could either transfer money or pay a fee to transfer money with Chaps into my main account from my bank accounts; however, to my shock TSB doesn’t use chaps and the only way I could transfer more than the daily limit was to go to a branch in person. Only problem is the nearest branch is in Scotland and I live in Northern Ireland.

It worked out cheaper to get a bridging loan than pay to go across to Scotland miss work. But I am frustrated I had to make that choice at all. It just baffles me that if there’s not a security issue then why not let me transfer more than the daily limit and surely an exception could have been made. If I was made aware at the time of account opening that I wouldn’t be able to transfer my money out at will I’d at the very least not kept such a large amount there.

It was a very stressful time and was a very expensive problem but until I read this I didn’t make a complaint:

blog.moneysavingexpert.com/2016/11/21/how-to-fight-banks-that-keep-your-savings-prisoner-because-you-want-to-take-too-much-out/?

But TSB wouldn’t even apologise saying that they don’t offer Chaps and that’s it. I am in two minds though as I feel that I should have access to my money or at least have been made aware of the limitations, and additionally TSB were very rude to me. But then perhaps I am being unreasonable here perhaps they can’t alter their daily transfer limits and I should read their terms and conditions about chaps.

Thoughts? Should I continue to pursue this? Do I have a chance?

MDMD

I'm a bit surprised that they said they don't offer CHAPS - a 30 second check of their website would have given the person you spoke to this page which states a £30 fee for CHAPS

http://www.tsb.co.uk/help/rates-and-charges/other-service-charges/

bigadaj

Why have £100k with one bank?

Dobbibill

If you go into branch they will process a CHAPS payment. (I'm aware you said you don't live near a branch, this is the only way to process a CHAPS payment)

They cannot alter their payment limits for one person and not for another. You will either need to make the trip to a branch or make a payment by 4 x £25k on internet banking. (Admittedly this will take 4 days to complete).

Biggles

When logged into online banking, they give a phone number for help with payments in excess of the £25k limits.

GingerFurball_2

All banks use CHAPS.

PeacefulWaters

GingerFurball wrote: »

All banks use CHAPS.

Some don't offer CHAPS by phone.

anotheruser

State you want to close the account.
See what happens then.

TSBNightmare

MDMD wrote: »

I'm a bit surprised that they said they don't offer CHAPS - a 30 second check of their website would have given the person you spoke to this page which states a £30 fee for CHAPS

On the phone they explained they do offer chaps but only in branch which came as a shock!

TSBNightmare

bigadaj wrote: »

Why have £100k with one bank?

I spread my money out but I still had over £75,000 with a few financial institutions.

TSBNightmare

Dobbibill wrote: »

If you go into branch they will process a CHAPS payment. (I'm aware you said you don't live near a branch, this is the only way to process a CHAPS payment)

They cannot alter their payment limits for one person and not for another. You will either need to make the trip to a branch or make a payment by 4 x £25k on internet banking. (Admittedly this will take 4 days to complete).

I refuse to believe that there was really nothing they could have done!