Nationwide FlexDirect £2500 deposit

Notepad_Phil

rjmachin said:

Thanks.  I was not really concerned about the Marcus to HSBC, as I have transferred money back and forth already.  It was more for the transferring of £2500 to the newly created Nationwide account.
Once it is all set up, I will set up the new payee, checking the details a few times to ensure they are correct and then transfer in one go.

I'm fairly sure that if just moving £1 to a bank account followed by a much larger amount was a common pattern used by fraudsters and hence was looked for by fraud detection algorithms then the fraudsters would have learnt this by now and would have already changed their modus operandi, so the algorithms would also have to change.

Though that's not to say that if the algorithms have already decided that there's something possibly fishy about an account then any large payments to a new account might get caught , though I'd have thought that would be regardless of whether it was in one lump or in multiples.

Even though I always triple check the bank details, my definite preference is to firstly transfer £1 to any new account before moving the rest, and touch wood I've been fine for the last umpteen years and hundreds of transfers where I've done that.

Penelopa.Pitstop

colsten said:

I wouldn’t worry if I were you. There are countless ones here, me included, who have moved several thousands a month between their own accounts, for many years now. Of course we don’t report about this regularly on here, as it’s nothing unusual, goes without a hitch, and banks and building societies know exactly why we are doing what we are doing. 

The reports of closed accounts are a totally minute number of cases, compared with the tens of thousands of current accounts that operate without issues. Also, none of the reports ever was about meeting monthly deposit requirements, or about filling a current account with a maximum savings sum.

I transer larger amounts of cash between accounts for years too, but only recenly started to see a lot of threads when there seems to be a problem with it.

RG2015

Penelopa.Pitstop said:

colsten said:

I wouldn’t worry if I were you. There are countless ones here, me included, who have moved several thousands a month between their own accounts, for many years now. Of course we don’t report about this regularly on here, as it’s nothing unusual, goes without a hitch, and banks and building societies know exactly why we are doing what we are doing. 

The reports of closed accounts are a totally minute number of cases, compared with the tens of thousands of current accounts that operate without issues. Also, none of the reports ever was about meeting monthly deposit requirements, or about filling a current account with a maximum savings sum.

I transer larger amounts of cash between accounts for years too, but only recenly started to see a lot of threads when there seems to be a problem with it.

Like other I am becoming concerned about transferring large amounts between my personal accounts with different banks.

I have a large payment from an endowment policy maturing later this year. This will automatically be credited to my Santander account. However, my Marcus account is linked to my NatWest account so I need to transfer from Santander to NatWest and then to Marcus.

I am even considering changing my Marcus linked account from NatWest to Santander to avoid the money having to go through NatWest. Is this a case of MSE paranoia?

eskbanker

RG2015 said:

I am even considering changing my Marcus linked account from NatWest to Santander to avoid the money having to go through NatWest. Is this a case of MSE paranoia?

Yes IMHO - as I've said on another thread, any recent increase in anecdotal reports on here (and elsewhere) of NatWest issues isn't anywhere approaching statistical significance, in the context of something like 8 million current accounts, and to a certain extent may be self-perpetuating with 'me too' posts.  One poster claimed a Daily Mail 'journalist' had talked of a 'surge' in such reports, when the actual word used was 'trickle' so there does seem to be some exaggeration at play....

colsten

Penelopa.Pitstop said:

I transer larger amounts of cash between accounts for years too, but only recenly started to see a lot of threads when there seems to be a problem with it.

The only report from someone who makes regular transfers between their own account I can remember was several years ago. None of the recent ones that I have seen seemed to have anything to do with sending money round the usual accounts (sending money from your grandma's Paypal account to your own bank account does not fall under this category IMO). I may have missed all the other reports about it?

RG2015 said:

I have a large payment from an endowment policy maturing later this year. This will automatically be credited to my Santander account. However, my Marcus account is linked to my NatWest account so I need to transfer from Santander to NatWest and then to Marcus.

You can split a large sum into several £10K-ish transfers, or you can simply call Santander and ask them to transfer the money for you, free of charge. They might take you through several extra layers of security to do this but this is less disruptive than getting a block removed.

I am even considering changing my Marcus linked account from NatWest to Santander to avoid the money having to go through NatWest. 

That's definitely one option, if you can live with having Satander as your linked account, or with changing things back after you received your money. Could another option be to change your endowment policy to pay into Natwest? 

Whichever way you decide to proceed, it will be effort for you.

RG2015 said:

Is this a case of MSE paranoia?

Paranoia or hysteria.

RG2015

Thanks @colsten, I had forgotten that banks impose a daily limit for online faster payments. Santander is £25k and NatWest £20k. Just another thing to think about.

colsten

Santander will do up to £100k on the phone http://www.fasterpayments.org.uk/about-us/personal-transaction

I did do a large transfer (£25k+) on the phone with Santander the other day, similar scenario as yours. They just wanted to know why I wanted to transfer the money, and then got some Security guy to call me back to reconfirm everything. Quite painless overall but it took about an hour elapsed time - mainly waiting for them to call me back.

digalumps

Lloyds bank  fraud filters seem to be particularly aggressive - I have on several occasions over the years had to go into a branch with my passport when moving a large sum because the fraud filters stopped me and i was unable to answer the stupid questions asked my that dept when i called them to verify my identity. 

molerat

Last week MrsM needed to put the £2880 into her SIPP.  The money to use was in my BOS account and it needed to be in her Tesco account to get the points.  As I already had a future payment set up from BOS to our joint 123 to fund our various monthly savers a (semi) direct route wasn't possible so it went from my BOS to my TSB to our Santander to her Tesco and debit card transaction to HL all within 20 minutes without any problems.  This sort of money moving is quite normal for me so hopefully the algorithms are modified for individual account behaviour.

Allen6061

Hi, I opened a FlexDirect account before the rate reduction and have only just had enough account details to allow me to transfer the £2500 into it. I need to pay in £1000 a month for 12 months to achieve the rate. Am I correct in thinking I can transfer in £1000 and take it back out the same day or the following day? And what monthly intervals do I need to do this? Within 1 month of opening the account and the same date every month following?

Thanks,

Allen