Payment by Debit Card

BooJewels

When we received a critical illness settlement to pay off our mortgage there was a snaffoo in branch and we couldn't complete the process, so the mortgage department rang us to do it over the phone - and I was a tad surprised that she offered to just take the payment from my debit card. I commented that I had no idea you could make such large transactions with a card and she said that there are different limits for different types of transactions and their limit in the mortgage department was possibly the largest and she could take significantly more than I was paying.

coachman12 said:

[...]    It is one of the reasons why on earlier posts on this thread I have argued for the absolute need to have an overdraft facility. The responses I have got from the usual charm-school forum brigade  has been that I cannot manage my finances and that I am living a parasitic life style at the expense of the poor Banks.

I lived in a significant overdraft for many years and was finally able to get out of it and it has become a psychological barrier that I don't want to cross again. So my new method is to create my own pseudo overdraft - in that my new mantra is "a hundred is the new zero". I aim to leave a hundred quid in my current account as though it isn't there, to give me a buffer for the odd month-end supermarket run that adds up to more than you think or the occasional out and about emergency. This way, I can get out of trouble, but it doesn't cost me anything in charges and the hundred quid is still my money - I basically borrow off myself instead of the bank.

I've stuck with it religiously for almost 2 years now and dipped in it occasionally - but not gone a penny overdrawn in that time, nor paid a penny in bank charges.

A_Nice_Englishman

Like a previous poster, I'm with First Direct and rang them the day before I needed to make a substantial debit card payment. The transaction went through without any fuss at the point of sale and I was driving away in my new car a few minutes later.

The money was only in my account for a matter of minutes so there was no real chance of a fraud taking place.

born_again

Migster said:

born_again said:

Migster said:

born_again said:

No. If they know a banks limit is say £10K, then they will make a payment under that. Not knowing means that they will try something higher and run over the limit. Thus not getting anything.

Presumably, in most cases of fraud the limit is irrelevant as customers won't have sufficient funds in their account to hit it anyway.

Think again. When customers are purchasing new cars...

How is this relevant to "most cases of fraud"?

You will be surprised to know just how many people buy cars and pay via a card.. 
Again just think about it...
Fraudster knows banks limit. What are they going to do? 

Chino

born_again said:

Fraudster knows banks limit. What are they going to do? 

I doubt that most fraudsters are anywhere near as naive as you appear to believe. Most are going to have a very good idea of individual banks' limits for transactions and either ensure that any fraudulent transaction is for an amount reasonably less than this limit or they will have constructed their fraud such that the card holder is an unwitting participant in the fraud.

born_again

Chino said:

born_again said:

Fraudster knows banks limit. What are they going to do? 

I doubt that most fraudsters are anywhere near as naive as you appear to believe. Most are going to have a very good idea of individual banks' limits for transactions and either ensure that any fraudulent transaction is for an amount reasonably less than this limit or they will have constructed their fraud such that the card holder is an unwitting participant in the fraud.

Sadly working in a fraud team means that I have to deal with this on a day to day basis. So naive is so far off the mark it's out of this world...
Fraud to insurance companies, fraud to flight/holiday co's (we can even see their names on these) Fraud to take away co's.. Stupid springs to mind not naive.
Regularly see attempts over our daily limit. 

peachyprice

born_again said:

Yes there are. But you won't get your bank to confirm the amount. As it is a security limit.
Certain high risk retailers will have lower limits than the bank set.
Places like NS&i tend to have a lot higher limit that other retailers. Due to the number of high value transactions.

All you can do is make the transaction. If declined ring the bank and a marker can be put in place to allow it to then go through when you try again.

That isn't true for all banks.
Monzo tell you clearly, in the 'limits' section of your account.  It's £10k a day, or more if pre-arranged.