Maximum amounts set by banks which I can withdraw per day

Richard1212

For reasons I won't bore you with, I need about £100,000 of my total savings continually in Easy Access Accounts-----and obviously with such a scenario I need to switch money around from time to time as originally good interest rates become obsolete as better deals evolve from other saving accounts ( though I don't rush madly around making transfers with every new higher interest rates :  I make it about 6 times a year ). I have two "gripes" about how my Bank deals with my transfers of this type. 

First, I make all such payments through my Number 3 Current Account and I am not allowed to switch more than £20,000 per day----which is a real pain in the neck , taking more than a working week to make the transfer in its entirety. I believe that I should be able to have a dispensation from them, a personal agreement, as to what I am doing and be able to transfer as much as I want ( the payments are all to legitimate financial institutions), mainly one of a list of 10 which I keep which have historically good savings' records such as Marcus, RCI, Shawbrook. But my Bank will not budge in spite of my longstanding relationship with them and the business I bring them. I don't want to switch Banks for the the purpose of dealing with my Easy Access transactions. Any ideas on how I can get my Bank to make a dispensation please ?

Second, transfers of a maximum of £20,000 per day are made without fuss to any of the usual suspects on my list ( savings' accounts I've used before) but if I dare to transfer my daily allocated £20,000 to an institution I have not used before ( recently it was Al Rayan Bank)......all hell breaks loose as my Bank shuts down my account , stops my credit and debit cards and start to phone me every 5 minutes !! I have , as with 1 above, tried to get a special arrangement with them but once again they will not budge, no matter how much pressure on them. Banks such as Marcus and RCI allow me to move £100,000 quickly in one transaction to my own Bank or other accounts I have-----but not my own Bank which knows me and my financial "habits" far better than savings' banks such as Marcus or RCI. Once again, forumites, I wonder if there are any helpful suggestions.  TIA.

km1500

Not sure if it helps but the upper limit on chaps is much higher than FP so.pay them the £35 or whatever and use chaps.

Alternatively there is no such limit on a cheque if the receiving savings account accepts them

Lloyds let you send 250k by FP if you visit the branch, and NWide say you can send as many 10k payments by FP one after the other as you want

eskbanker

Richard1212 said:

I believe that I should be able to have a dispensation from them, a personal agreement, as to what I am doing and be able to transfer as much as I want

[...]

Any ideas on how I can get my Bank to make a dispensation please ?

What was it that led you to believe that a business working in a highly regulated industry has the leeway to override its security protocols and do what you're hoping for?

Richard1212

eskbanker said:

Richard1212 said:

I believe that I should be able to have a dispensation from them, a personal agreement, as to what I am doing and be able to transfer as much as I want

[...]

Any ideas on how I can get my Bank to make a dispensation please ?

What was it that led you to believe that a business working in a highly regulated industry has the leeway to override its security protocols and do what you're hoping for?

Common sense; keeping a very good customer happy; showing flexibility; admitting that I have a right to my own money; trying to get away from the reputation that Banks have which is on a par with used car dealers ????????????

eskbanker

Richard1212 said:

eskbanker said:

Richard1212 said:

I believe that I should be able to have a dispensation from them, a personal agreement, as to what I am doing and be able to transfer as much as I want

[...]

Any ideas on how I can get my Bank to make a dispensation please ?

What was it that led you to believe that a business working in a highly regulated industry has the leeway to override its security protocols and do what you're hoping for?

Common sense; keeping a very good customer happy; showing flexibility; admitting that I have a right to my own money; trying to et away from the reputation that Banks have which is on a par with used car dealers ????????????

Ah right, I thought you meant that you were under the impression that they had some sort of obligation to do this for you, but if you're just hoping they'll bend the rules for you, don't hold your breath!

Richard1212

So Coutts wouldn't make a dispensation for a member of the Royal Family when they have installed an ATM at Buck House ??????????

Band7

If you are asking whether there are banks which allow up to £100k online payments a day from personal current accounts without charge, the answer is yes. Starling and Santander do, and there might be others.  Do expect extra security checks.

As has already been mentioned, you can also make payment of £100k in some bank branches, plus some allow it on the phone. https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/.

You can also pay for CHAPS payments at all banks. CHAPS limit is your balance.

molerat

Richard1212 said:

So Coutts wouldn't make a dispensation for a member of the Royal Family when they have installed an ATM at Buck House ??????????

Coutts in general would not but their personal banker with whom they have a 1 to 1 relationship would likely do that

Band7

Richard1212 said:

So Coutts wouldn't make a dispensation for a member of the Royal Family when they have installed an ATM at Buck House ??????????

Coutts would no doubt install an ATM in your house if you were one of their most profitable customers.

theoretica

Some banks do have separate private banking accounts for particular customers (especially those who meet their deposit criteria). I imagine this makes much more sense to them than giving special treatment to any customers with ordinary accounts.

Marcon

Why does it have to be a current account with so much cash sloshing around? Try one of the investment houses and with a suitable account (i.e. one which trades/settles regularly instead of settlement being T+n) you'll have no difficulty doing what you want to do. 

Richard1212 said:

But my Bank will not budge in spite of my longstanding relationship with them and the business I bring them. I don't want to switch Banks for the the purpose of dealing with my Easy Access transactions. Any ideas on how I can get my Bank to make a dispensation please ?

You aren't valuable enough for them to override the huge pile of red tape with which they have to contend.

The problem with what you describe as a 'dispensation' almost certainly wouldn't hold water if something went wrong and you then brought a claim against them. If they start bleating that 'ooh, the customer brings us lots of business so we wanted to keep them sweet...' I can't see any of the regulatory authorities nodding understandingly and finding in their favour! You can't override statutory protections whatever agreement you might enter into with your bank, and they will be well aware of that - so a change of stance isn't likely.

You might not want to change bank, but yours clearly isn't going to budge, so you need to decide which matters more: staying put, or going to another player where you can move larger amounts of cash at short notice.