Virgin Money M Plus transfer query

ConsistentlyLost

Hi Folks!

I decided to move my money out of the virgin linked saver now the rate is easily beaten. I opened the rainy day saver with Barclays yesterday and proceeded to transfer £5000 from my virgin linked saver to the current account, sent a £1 test and then the remaining £4999 after a successful test before transferring to barclays. However I was told the payment failed and the virgin team are looking in to it or something like that. The transfer is still pending today, does anyone know how long it takes? I thought maybe as it's a weekend I may find out on Monday but I think I've had this with virgin before however the funds were released the following day. Thanks!

masonic

Most likely it's being held for fraud checks.

littlemissbossy

I’ve had this, I had to wait for them to call me on Monday. 

subjecttocontract

It might be that £5000 exceeds the daily limit on the account.

wiseonesomeofthetime

subjecttocontract said:

It might be that £5000 exceeds the daily limit on the account.

It certainly doesn't, as I have moved more from Virgin than that this year, however, I did have to go through the rigmarole of a fraud check phone call as I was transferring my money to a new payee.

Virgin are not the only bank to do this now.

jaypers

Moved £5k out yesterday from savings to M Plus and then to Barclays for my Rainy Day Saver. Was instant. 

ConsistentlyLost

littlemissbossy said:

I’ve had this, I had to wait for them to call me on Monday. 

I missed a call from them today! I didn't expect to get one on a Sunday but called them back only to be told they're only open weekdays and on Saturday.

ConsistentlyLost

subjecttocontract said:

It might be that £5000 exceeds the daily limit on the account.

The daft thing is that on the same day, after the transfer was being held I (with my debit card) bought more than £5000 worth of premium bonds with little issue (just a verification via the app).

ConsistentlyLost

jaypers said:

Moved £5k out yesterday from savings to M Plus and then to Barclays for my Rainy Day Saver. Was instant. 

Maybe I'm just unlucky lol.

masonic

ConsistentlyLost said:

subjecttocontract said:

It might be that £5000 exceeds the daily limit on the account.

The daft thing is that on the same day, after the transfer was being held I (with my debit card) bought more than £5000 worth of premium bonds with little issue (just a verification via the app).

Banks take a risk-based approach when deciding whether to hold transactions. Paying for premium bonds with a debit card is pretty low risk given it would be more than a week before the money becomes available to withdraw.