Is there a bank which doesn't hold outgoing payments 'for review'?

grumbler

TheBanker said:

Politicians and regulators are pushing for banks to take on the liability for any scam payments their customers willingly make.

I thought it was consumer organisations in the first place, including M.L.

grumbler

gsmh said:

Is there a bank which doesn't hold outgoing payments 'for review'?

In our dreams and in Hollywood films.

TheBanker

grumbler said:

TheBanker said:

Politicians and regulators are pushing for banks to take on the liability for any scam payments their customers willingly make.

I thought it was consumer organisations in the first place, including M.L.

Probably, it goes back to a Which? 'Super Complaint' - https://www.psr.org.uk/how-we-regulate/complaints-and-disputes/which-super-complaint-on-payment-scams/

Futuristic

No but I would recommend Chase if you transfer frequently although you cannot use some providers that require open banking. Zopa for example will accept statement copy and add the account manually for you.

Purely because they have 24x7 team who are able to release payments and calls are answered within minutes. 

pridehappy

All banks and reputable financial institutions hold withdrawals and deposits for review from time to time. It’s just a case of cooperating with them and being patient. The money is, of course, still yours. 

Made quite a few large transfers recently. In my name, £3000 from first direct to Virgin Money. Went through no worries and instantly. Someone else attempted to send us £10,000 for the sale of an item from Lloyds Bank and they we’re pretty awkward as normal, Nationwide accepted it no problem. Santander completely blocked us from the deposit.

Believe me, the banks are much better. NS&I are dreadful, £10 withdrawal and they are putting security locks on my account and recalling funds!

Shakin_Steve

People who are stupid/have their head in the clouds/ negligent/whatever, allow themselves to be talked out of their money, and the rest of us have to be inconvenienced, and indirectly charged, for their stupidity.
Sounds reasonable......no?

born_again

Band7 said:

All banks will make random checks, and we should expect these to increase as more stringent regulations will be put on firms.

They are never "Random"

God forbid any rep that mentions that word on any security check. They have to spend some serious time back in training. As to exactly why the checks are there & the reasons whey they are in place.

Band7

born_again said:

Band7 said:

All banks will make random checks, and we should expect these to increase as more stringent regulations will be put on firms.

They are never "Random"

God forbid any rep that mentions that word on any security check. They have to spend some serious time back in training. As to exactly why the checks are there & the reasons whey they are in place.

I was talking about the checks that hold up payments for investigation by a human. Of course these kinds of checks are random. If they weren’t, the fraudsters would soon find and exploit the pattern.

TheBanker

Band7 said:

born_again said:

Band7 said:

All banks will make random checks, and we should expect these to increase as more stringent regulations will be put on firms.

They are never "Random"

God forbid any rep that mentions that word on any security check. They have to spend some serious time back in training. As to exactly why the checks are there & the reasons whey they are in place.

I was talking about the checks that hold up payments for investigation by a human. Of course these kinds of checks are random. If they weren’t, the fraudsters would soon find and exploit the pattern.

They aren't random. There are many factors the bank's algorithm will use, mainly learned from the characteristics of previous payments that have been reported as fraud. Some are obvious- large payments to new payees for example. Some are much less obvious!

Band7

TheBanker said:

Band7 said:

born_again said:

Band7 said:

All banks will make random checks, and we should expect these to increase as more stringent regulations will be put on firms.

They are never "Random"

God forbid any rep that mentions that word on any security check. They have to spend some serious time back in training. As to exactly why the checks are there & the reasons whey they are in place.

I was talking about the checks that hold up payments for investigation by a human. Of course these kinds of checks are random. If they weren’t, the fraudsters would soon find and exploit the pattern.

They aren't random. There are many factors the bank's algorithm will use, mainly learned from the characteristics of previous payments that have been reported as fraud. Some are obvious- large payments to new payees for example. Some are much less obvious!

They might not be random for you but they most certainly are for me at Santander. I make dozens of payments every month, and a very small number, even to existing payees, get held up and my account gets locked. There is absolutely no pattern to those checks, and neither should there be, for the reasons already mentioned.

It is of course totally ok by me if you believe the checks on your accounts are not random.