Daily Limit Exceeded. 31 January at 7:44AM edited 31 January at 7:44AM in Budgeting & bank accounts 10 replies 382 views

Catsacor

For those that deposit cash, weekly, have you experienced a refusal when you try to transact ?
Twice now i've had the 'you've exceeded your daily limit' message.

I contacted the bank the first time, was told i couldn't deposit more than 2,995.00 per calendar month (which isn't a large sum in the grander scheme) , okay, that's fine, i quite understand why - but - i'm not near that, currently, and the transaction was declined yesterday.

I'll contact them again and ask if a larger limit could be applied - I have more than one bank and work around the situation - was just musing, that's all.

wmb194

Catsacor said:

For those that deposit cash, weekly, have you experienced a refusal when you try to transact ?
Twice now i've had the 'you've exceeded your daily limit' message.

I contacted the bank the first time, was told i couldn't deposit more than 2,995.00 per calendar month (which isn't a large sum in the grander scheme) , okay, that's fine, i quite understand why - but - i'm not near that, currently, and the transaction was declined yesterday.

I'll contact them again and ask if a larger limit could be applied - I have more than one bank and work around the situation - was just musing, that's all.

Which bank and how are you depositing the cash? IIRC there are restrictions via the Post Office for many vs. no restrictions by bank branch. £3k+ in cash would be considered a lot for an individual these days, or are you talking about business takings?

redux

Example

https://www.lloydsbank.com/banking-with-us/banking-at-the-post-office.html

This mentions £2995 a month, using card and PIN a a post office, or £1000 a day using a pre printed paying in slip

Maybe similar applies with other banks

DullGreyGuy

Large sums of cash require questions to be asked, particularly if you are depositing it into a personal account.  Can imagine some banks would rather not have the hassle, especially given the size of fines banks have had for not looking into things well enough.

For business accounts its naturally different, some businesses are still heavily cash driven.  Banks have different products aimed at different types of businesses... there are some offering SME "e-accounts" which have limited cash  options and high fees for them but they also offer other accounts for more traditional businesses who have higher limits. Barclay's standard mixed payment account allows up to £4k to deposited by ATM per day... over £5k and you can use Barclays Collect for free.

flaneurs_lobster

Had to wait to use the ATM inside a bank branch yesterday, guy in front was feeding notes into the machine repeatedly because of errors (I wasn't shoulder surfing, his loud swearing made it plain he was having problems). 

Looked like a lot of cash to me, piled up on the little shelf in front of the machine. Why would you not walk 20 metres and get a cashier to count it for you?

wmb194

flaneurs_lobster said:

Had to wait to use the ATM inside a bank branch yesterday, guy in front was feeding notes into the machine repeatedly because of errors (I wasn't shoulder surfing, his loud swearing made it plain he was having problems). 

Looked like a lot of cash to me, piled up on the little shelf in front of the machine. Why would you not walk 20 metres and get a cashier to count it for you?

Because you don't want someone to ask you questions.

Band7

wmb194 said:

flaneurs_lobster said:

Had to wait to use the ATM inside a bank branch yesterday, guy in front was feeding notes into the machine repeatedly because of errors (I wasn't shoulder surfing, his loud swearing made it plain he was having problems). 

Looked like a lot of cash to me, piled up on the little shelf in front of the machine. Why would you not walk 20 metres and get a cashier to count it for you?

Because you don't want someone to ask you questions.

Or because the cashier, or the concierge/gatekeeper directs you to the machine.

flaneurs_lobster

wmb194 said:

flaneurs_lobster said:

Had to wait to use the ATM inside a bank branch yesterday, guy in front was feeding notes into the machine repeatedly because of errors (I wasn't shoulder surfing, his loud swearing made it plain he was having problems). 

Looked like a lot of cash to me, piled up on the little shelf in front of the machine. Why would you not walk 20 metres and get a cashier to count it for you?

Because you don't want someone to ask you questions.

Teller : "Hello Mr Customer, did you come by this pile of used notes legally"?
Customer : "Yes"
Teller : "OK then"

born_again

flaneurs_lobster said:

wmb194 said:

flaneurs_lobster said:

Had to wait to use the ATM inside a bank branch yesterday, guy in front was feeding notes into the machine repeatedly because of errors (I wasn't shoulder surfing, his loud swearing made it plain he was having problems). 

Looked like a lot of cash to me, piled up on the little shelf in front of the machine. Why would you not walk 20 metres and get a cashier to count it for you?

Because you don't want someone to ask you questions.

Teller : "Hello Mr Customer, did you come by this pile of used notes legally"?
Customer : "Yes"
Teller : "OK then"

Except that would not cut it. Teller would get a serious kick up the backside when system throws up a query & they have not put a valid reason why.

Even putting that cash in the machine is going to prompt some questions down the line & a possible frozen bank account while it is sorted. So better to talk to teller give the honest answer & save the trouble of a frozen account.

Catsacor

It's a Lloyds business account, and 3k is not a lot in the grand scheme.

The bank itself also imposes the limit - as do all other banks - as advised by Lloyds when i first contacted them about this issue.

The other bank accounts i hold either don't have a branch in my town or part-time opening hours kept.

The PO is my preferred method so i work around it.


Something that interests me on Lloyds online statements is the deposits show as ......
'Transaction Type' 
'Cash Withdrawal'  
The 'Money In' field shows it, correctly, as a credit ....  
Could confuse some !

Band7

If you have a business turning over > £3,000 a day, can’t you take a lot of it by contactless card?