Bank repeatedly cancelling money transfer to a different bank

Vortigern

masonic said:

Vortigern said:

Is Strong Customer Authentication the issue here?

Whenever I set up a new payment into a Virgin (former Yorkshire) account the SCA is unable to check that my name matches the sort code/account number. My bank allows me to proceed, with warnings etc.  Perhaps Barclays does it differently?

Supplementary question. Why does Virgin not respond to SCA queries?

Do you mean Confirmation of Payee? That is the system whereby the account name can be checked when setting up a new payee. Strong Customer Authentication is for establishing it is you making a card payment or logging in to your account, and involves receiving a one time code or push notification. All providers must now use SCA.

Only a small number of participants were included in the initial roll-out of CoP, the main banks and a small number of others. Those offering primarily savings accounts were generally not included. They should be brought on board eventually, but clearly only those savings providers who issue each account with a unique 6-digit sort code and 8 digit account number can use the system. Even then, some providers (who use a separate clearing account) will be left out.

Yes, I was thinking of COP. I just came back to make the correction after reading another thread, but you beat me to it.  Thanks for the information on CoP.

Perhaps there are too many TLAs in OLB?

Peggy0628

Thanks for all replies.
Update - my neighbour couldn't get anywhere with Barclays so after several failed attempts/being locked out of online banking, the only practical way to get the money to the other bank was to make several smaller payments. It took several days but it's now done. My neighbour is very relieved, it was a real pain in the neck. No explanation from Barclays why they made it so difficult though.

cymruchris

Peggy0628 said:

Thanks for all replies.
Update - my neighbour couldn't get anywhere with Barclays so after several failed attempts/being locked out of online banking, the only practical way to get the money to the other bank was to make several smaller payments. It took several days but it's now done. My neighbour is very relieved, it was a real pain in the neck. No explanation from Barclays why they made it so difficult though.

That's good that she's managed to achieve her goal - had you noticed that in the best savings account section of MSE's front page there's now an instant access savings account that offers 1.5 percent? You might want to take a look at it, and then mention it to your friend. I think many of us that have been transferring to this new account this week have suffered similar initial circumstances, but not a repetitive cycle as Barclays have demonstrated. Hopefully it's a one-off and your friend won't experience it again on any future moves. (Although they might get it on their initial transfer)

Peggy0628

Yes, I've noticed there's a new account, I might mention it to her but I don't think she's in a mood to deal with more banks at the moment. Plus, there's a chance other banks will still change their rates so it might be better to wait for the situation to settle. At least she's now getting decent interest rate (not the highest possible but better than the 0.01% she was getting before). Who knows, the interest rate on the account she's got now might go up...

BrockStoker

I'm also having problems with my bank and trying to pay for a car I'm buying by bank transfer. The payment was a little under £24K, and I was contacted by the fraud team soon after making the transfer who gave me the third degree. I lost track of how many times I said the payment is to "an authorized Ford dealer, who we visited in person at their showroom, and it's not a scam" before he agreed to let the transfer go through.

But wait, eight hours later, a text comes through saying transactions (multiple) have been reversed, and I'm now locked out of my account after hours so there's no one to even call about it!

The irony is my wife and I went into town (she's disabled and we're currently without a working car), to the bank, and made the transfer on the bank's own terminal under the supervision of a HSBC employee. I will be making a formal complaint, and consider moving my account, as well as my wife's, to another bank.

Peggy0628

Can't the Ford dealer take a card payment? Not sure if there's a limit on how much you can pay on a card...

GeoffTF

Peggy0628 said:

Can't the Ford dealer take a card payment? Not sure if there's a limit on how much you can pay on a card...

Yes, there is a limit on card payments. Santander has told me that Visa has a daily limit, which varies from day to day. You could hit problems with a £23K payment.

EdSwippet

BrockStoker said:

... The irony is my wife and I went into town (she's disabled and we're currently without a working car), to the bank, and made the transfer on the bank's own terminal under the supervision of a HSBC employee. I will be making a formal complaint, and consider moving my account, as well as my wife's, to another bank.

Just last week I had First Direct cancel a payment I had made (and re-made) two days in a row, yet with no call or any other communication from them. The only indication was that on the following day my account balance had reverted back to its pre-payment level.

Complaint filed, and £50 compensation gained, although with zero explanation from First Direct (despite my pushing a bit). Overall though, this is the third occasion on which I've had this problem with them. Been there since the start in the early 90's, so plenty of inertia, but this silliness is pushing me into serious consideration of changing bank. Not to HSBC of course, and I guess I can now also cross Barclays off the list.

kaMelo

No point changing banks as they are all following the same rules. These are the consequences of making banks liable for everything. Due to a minority who take no responsibility everyones banking is now more onerous and time consuming.

Albermarle

kaMelo said:

No point changing banks as they are all following the same rules. These are the consequences of making banks liable for everything. Due to a minority who take no responsibility everyones banking is now more onerous and time consuming.

 First Direct do seem to be particularly sensitive and not just recently . Although other banks seem to be 'catching up'