The Top Easy Access Savings Discussion Area

Section62

Daliah said:

Section62 said:

The CB/YB entries on the Faster Payments site say £30k for online one-off/forward dated payments, which agrees with the info on the VM link above, and what a VM CSA told me today.

Perhaps the VM info on the Faster Payments site (the £100k figure) relates to the old/legacy Virgin Money, not the CYBG incarnation?

Why would VM-branded accounts use the now defunct CB/YB limits?

We could ask why would the Faster Payments site still display defunct CB/YB limits?

Could it be that the Faster Payments site is not as accurate as we would hope?

I can only say what I gathered from the VM website and the discussion I had with a VM CSA.

Daliah

Section62 said:

Daliah said:

Section62 said:

The CB/YB entries on the Faster Payments site say £30k for online one-off/forward dated payments, which agrees with the info on the VM link above, and what a VM CSA told me today.

Perhaps the VM info on the Faster Payments site (the £100k figure) relates to the old/legacy Virgin Money, not the CYBG incarnation?

Why would VM-branded accounts use the now defunct CB/YB limits?

We could ask why would the Faster Payments site still display defunct CB/YB limits?

Could it be that the Faster Payments site is not as accurate as we would hope?

I can only say what I gathered from the VM website and the discussion I had with a VM CSA.

FP is £30K per day per person with the app, £1K online, and £100K if you (can) go into a Branch. You can also do CHAPS for £25 if needed. I think, not sure, that the app and online limits apply 7 days a week but if your payment gets held up, it will only be looked at on working days. Branch obviously only during business hours on working days.

 https://uk.virginmoney.com/current-accounts/making-payments.

Section62

Daliah said:

FP is £30K per day per person with the app, £1K online, and £100K if you (can) go into a Branch. You can also do CHAPS for £25 if needed. I think, not sure, that the app and online limits apply 7 days a week but if your payment gets held up, it will only be looked at on working days. Branch obviously only during business hours on working days.

 https://uk.virginmoney.com/current-accounts/making-payments.

Online is £30k if authenticated by security token (or app?) however.

Also, the only mention in that table of the £100k limit is for a "bank draft" with a fee of £30. (does that ever count as a FP?)

....this account is going to be confusing for people who haven't checked the limits and prepared themselves before wanting instant/easy access to their money.

orange-juice

Daliah said:

Zopa joins the 0.7x% instant access game

Opened one up yesterday, as I was rejected by atom for some strange reason. Far more user friendly than Cynergy (on Android) and deposits/withdrawals took under half an hour.

10_66

Section62 said:

Online is £30k if authenticated by security token...

How do you set up the security token?  There doesn't seem to be any information about it on Virgin website, other than on their withdrawal limit list.

Section62

10_66 said:

Section62 said:

Online is £30k if authenticated by security token...

How do you set up the security token?  There doesn't seem to be any information about it on Virgin website, other than on their withdrawal limit list.

I think you have to phone or use online chat to ask for one... they may try to persuade you to use the app instead.

I couldn't find a way of sorting it out online - in fact there was no reference to a security token at all in my online banking, despite already having one which I thought would still be valid/active.

The moment the request for a new one had been made by their CSA, a new panel appeared in my online banking asking me to activate the security token (though obviously I have to wait to physically get it before doing so).

I'll update the forum when it arrives, so other people will have an idea how long it takes.

RG2015

Re Virgin Money current account payments.

Can anyone confirm that there are no payment limits under £30k when using their app?

typistretired

The old Yorkshire Bank used the little machine which you had to input 4 numbers and you received a passcode you input on the website. If you are joining Virgin Money as a former Yorkshire Bank/Clydesdale on the website you still need to use the same system. But the app just sends you a row of numbers to your phone to input

Aidanmc

Section62 said:

10_66 said:

Section62 said:

Online is £30k if authenticated by security token...

How do you set up the security token?  There doesn't seem to be any information about it on Virgin website, other than on their withdrawal limit list.

I think you have to phone or use online chat to ask for one... they may try to persuade you to use the app instead.

I couldn't find a way of sorting it out online - in fact there was no reference to a security token at all in my online banking, despite already having one which I thought would still be valid/active.

The moment the request for a new one had been made by their CSA, a new panel appeared in my online banking asking me to activate the security token (though obviously I have to wait to physically get it before doing so).

I'll update the forum when it arrives, so other people will have an idea how long it takes.

I wonder if its possible to get a security token if i previously used the app?

I downloaded the app on a family members phone previously as part of a switch incentive, as i dont have a smart phone/device. Would prefer this token if its possible.

Daliah

RG2015 said:

Re Virgin Money current account payments.

Can anyone confirm that there are no payment limits under £30k when using their app?

No limit on the amount below £30K but they may well "review" your payment request, which can lead to a substantial delay in your payment being eventually made. The reviewers don't work weekends, and they are taking their time, anyway.