Natwest, RBS, Ulster Bank reducing their **default** daily payment limit

colsten

Their max daily payment limit will still be £20K but they are reducing the default max to £5K. Will other banks follow?

[Deleted User]

Is this for all customers? I have received no such communication. They did send me an email telling me I would basically be forced to take paperless statements at least for one month to "try it" and then I could turn on paper again if I wanted it. I do. Old fashioned I know.

Janin1992

It seems to be pointless unless they also introduce a cool off period. For example the change to increase the limit should take place after 48 hours, and you can cancel the request at any time. Otherwise it just makes it more difficult to make payments without any security benefits.

colsten

Deleted_User said:

Is this for all customers? I have received no such communication. 

I don't know for certain but as it doesn't say on their website that it only applies to selected customers, I would assume it applies to all. They have only just started notifying people. 

Janin1992 said:

It seems to be pointless unless they also introduce a cool off period. For example the change to increase the limit should take place after 48 hours, and you can cancel the request at any time. Otherwise it just makes it more difficult to make payments without any security benefits.

Not sure what the problem is. They did not have the £5k option for years, and no other bank has it [yet]. What do you want to cool off from? Why do you want to put obstacles into the way of people who have a potentially urgent need to up their limit?  Yes, you can cancel an increase by reducing the limit any time you like.

Janin1992

colsten said:

Not sure what the problem is. They did not have the £5k option for years, and no other bank has it [yet]. What do you want to cool off from? Why do you want to put obstacles into the way of people who have a potentially urgent need to up their limit?  Yes, you can cancel an increase by reducing the limit any time you like.

This feature is sold as a protection against fraudsters. "To protect you from fraudsters, you can now control your own payment limit" this is a quote from the email I received. If fraudster convinced you to increase the limit and then immediately make the transfer, this feature did not achieve its purpose. Cool off is required for this feature to work properly so you have time to think straight and do not fall for the scam.

If you need to make an urgent payment you can always visit a branch. They will spend best part of hour talking to you about various scams before authorising the payment.

kaMelo

Janin1992 said:

colsten said:

Not sure what the problem is. They did not have the £5k option for years, and no other bank has it [yet]. What do you want to cool off from? Why do you want to put obstacles into the way of people who have a potentially urgent need to up their limit?  Yes, you can cancel an increase by reducing the limit any time you like.

This feature is sold as a protection against fraudsters. "To protect you from fraudsters, you can now control your own payment limit" this is a quote from the email I received. If fraudster convinced you to increase the limit and then immediately make the transfer, this feature did not achieve its purpose. Cool off is required for this feature to work properly so you have time to think straight and do not fall for the scam.

If you need to make an urgent payment you can always visit a branch. They will spend best part of hour talking to you about various scams before authorising the payment.

It's inevitable. These are the consequences of all and sundry trying to hold banks liable for mistakes made by people who still don't know (god knows how) that banks will never ask their customer to:
   Move money to a safe account,
   As for your PIN no.
   Ask for the security codes sent to your phone
   Ask for remote access to your computer,
   Go into branch and withdraw all your cash, lying to the customer agent as to why you are doing it etc.

The costs to a bank of a fraudulent transaction could be thousands of pounds whereas the cost to a bank in blocking a payment is an irate customer, most of whom won't switch banks no matter what and maybe a slap on the wrist with small goodwill payment imposed by the ombudsman if the customer complains. For a bank it's a no brainer.

As the saying goes, be careful what you wish for as it may just come true.

Dandytf

@colsten
thanks I plan to pay dmp soon, <1k balance.
Can I setup one off rbs bill payment, or is it via some kind of Transfer.
Your thread could be useful very soon.
thanks

colsten

Janin1992 said:

colsten said:

Not sure what the problem is. They did not have the £5k option for years, and no other bank has it [yet]. What do you want to cool off from? Why do you want to put obstacles into the way of people who have a potentially urgent need to up their limit?  Yes, you can cancel an increase by reducing the limit any time you like.

This feature is sold as a protection against fraudsters. "To protect you from fraudsters, you can now control your own payment limit" this is a quote from the email I received. If fraudster convinced you to increase the limit and then immediately make the transfer, this feature did not achieve its purpose. Cool off is required for this feature to work properly so you have time to think straight and do not fall for the scam.

If you need to make an urgent payment you can always visit a branch. They will spend best part of hour talking to you about various scams before authorising the payment.

Somebody who is determined to fall for a scam despite the copious warnings can't be helped. Luckily, such people are in the minority, and there is only so much the majority can be expected to compromise on for the convenience of that minority.

Your suggestion that people should visit a Branch if they want to make an urgent payment is quite hilarious. It's 2021, for heaven's sake.

Anyway, if you are dissatisfied with the Natwest/RBS/Ulster limitations, please tell them, as they are the only who can do something about it - provided you can actually convince them that your suggestion strikes a reasonable balance for all their customers.

colsten

Dandytf said:

@colsten
thanks I plan to pay dmp soon, <1k balance.
Can I setup one off rbs bill payment, or is it via some kind of Transfer.
Your thread could be useful very soon.
thanks

Sure, you can set up one-off bill payments. Good information on https://personal.rbs.co.uk/personal/banking-with-royal-bank-of-scotland/how-to/make-payments.html

[Deleted User]

I saw a girl on the BBC the other day, someone phoned and said her account had been hacked, and Barclays had to reset her account number, and once this was was done the money from her old account had to be sent to the new one, she complied. Astonishing. I am not judging but why would the bank ask you to move funds from one account to another, surely they would do that for you! When you set up the payment, which selection do you make, RBS asks is it family etc, surely an alarm bell would ring even at this stage. They even tried to get overdraft out of the account.

Coincidently I had a call myself today reportedly from HSBC, the scammer knew my FULL name and DOB. Although to wind them up I said the DOB was wrong. They put on a very serious voice like something is terribly wrong with your account. They soon ended the call when they thought they had the wrong details. Just a month ago one of my cards was hacked. 

keiran

Just to state that when I yesterday needed to send more than £5000, I was able to simply ask for a higher limit (you can indicate the limit up to £20,000) using the card reader, and then to make the higher payment straightaway , using the card reader again