Large fund transfer

[Deleted User]

Been reading a lot of threads on this forum about people's accounts being frozen or pending AML investigations, so I'm getting worried.

We have a savings bond about to mature next month, we need to move the large sum of money to current account so that we can open another savings account with another bank. Would this trigger any alarm bells and possibly have the money frozen in our current account? If that's the case, I'd rather open another 1 year fix with current bank even though it would be a lower rate.

badger09

[quote=[Deleted User];discussion/6040966]Been reading a lot of threads on this forum about people's accounts being frozen or pending AML investigations, so I'm getting worried.

We have a savings bond about to mature next month, we need to move the large sum of money to current account so that we can open another savings account with another bank. Would this trigger any alarm bells and possibly have the money frozen in our current account? If that's the case, I'd rather open another 1 year fix with current bank even though it would be a lower rate.[/QUOTE]

There are always some of these doing the rounds. Many of them are undoubtedly wind ups by troll posters:cool:

However, many of us have moved substantial sums without any problem. Occasionally a bank will hold a payment for a short time, but most clear very quickly.

How big is the sum involved? Which banks?

18cc

some banks are a lot worse than others in my experience lloyds is definitely the worst - on several occasions i have done exactly what you are doing and got blocked when i tried to move 10k to my new provider

on 2 occasions had to go in the branch with my passport

I have never had my whole account frozen but the transactions themselves were blocked

i got so fed up i switched to barclays from lloyds and haven't had a problem with barclays

[Deleted User]

My partner had this kind of problem with Santander a couple of years ago. He was moving 6K from SNT to Paragon; he received the OTP text msg which he keyed in to authorise the transfer, but his trans was still stopped. In fact cancelled. He had to do it again for it to go through.

This time, I need to transfer 50K from Vanquis to Metro and then out again to another savings bank. Unfortunately, Vanquis rates are very poor at present

Missus_Hyde

18cc wrote: »

some banks are a lot worse than others in my experience lloyds is definitely the worst - on several occasions i have done exactly what you are doing and got blocked when i tried to move 10k to my new provider

on 2 occasions had to go in the branch with my passport

I have never had my whole account frozen but the transactions themselves were blocked

i got so fed up i switched to barclays from lloyds and haven't had a problem with barclays

Lloyds do have a habit of making a song and dance over money transfers.

However, if I'm going to move a large amount I ring them beforehand and tell them that I intend to move some money, I don't need a Spanish Inquisition or the "Fraud Pep Talk" and I expect the money to go without any problem.

I'm always polite, but very firm and I don't then have any trouble from them.

colsten

I would call Metro and ask for their advice.

When you have made your transaction(s), can you please come back and let us know how it went? It would be useful to know.

ColdIron

Although it probably depends upon the organisation I'm not sure phoning them in advance makes much difference these days. The systems are automated and it will be an algorithm that triggers a delay. However it's unlikely to do any harm

badger09

[quote=[Deleted User];76199746]My partner had this kind of problem with Santander a couple of years ago. He was moving 6K from SNT to Paragon; he received the OTP text msg which he keyed in to authorise the transfer, but his trans was still stopped. In fact cancelled. He had to do it again for it to go through.

This time, I need to transfer 50K from Vanquis to Metro and then out again to another savings bank. Unfortunately, Vanquis rates are very poor at present[/QUOTE]

No experience of either of those. What method will Vanquis use?

Metro online FP limit appears to be £21k, but not sure if that's per transaction, or daily limit.

Does it have to be done within a specific time?

ColdIron

Might be of interest, do it by phone?
http://www.fasterpayments.org.uk/about-us/personal-transaction

[Deleted User]

badger09 wrote: »

No experience of either of those. What method will Vanquis use?

Metro online FP limit appears to be £21k, but not sure if that's per transaction, or daily limit.

Does it have to be done within a specific time?

I think Vanquis use BACS. They say money will arrive in nominated account the day after maturity.

Regarding your other question, I'm sure you already know the typical conditions. Some banks only allow one transfer,, and in my case it would have to be by cheque since the amount exceeds 21K (unless I ring the bank) and do it by telephone banking, other banks allow 7-14 day window in which to fund your savings account. I tend to use these type of banks.

I must admit, I never had problems with fund transfers, but after reading other posters' experience on this site, I must be getting paranoid.

[Deleted User]

ColdIron wrote: »

Although it probably depends upon the organisation I'm not sure phoning them in advance makes much difference these days. The systems are automated and it will be an algorithm that triggers a delay. However it's unlikely to do any harm

I was informed that in many cases, making multiple transfers in successive days can almost certainly trigger alarm bells!!:eek: