Transferring Funds from one bank to a new provider

beeky2

I have just had the most appalling service from my current bank Lloyds. As a result of going through the rates shown in Martin's web site I decided to invest in OakNorth for a year. It became almost impossible to to get Lloyds to transfer the funds. I tried on two separate days and each time my attempts were blocked by the bank. Has anyone else had this problem with Lloyds as I am assuming that OakNorth is a safe investment protected by the FSA up to £85k? Whatever else happen I shall be closing my account with lloyds.

masonic

Lloyds may well hold the payment and request that you speak to the fraud team. They should not refuse to send the payment if you cooperate with them and show that you've taken reasonable precautions to ensure you are dealing with the legitimate savings provider and not a fraudster.

I've experienced this once with Lloyds (and several times with other banks), and at worst I've had to listen to them read a script and answer a few questions about where the money is going, then it got released.

Albermarle

Banks nowadays have to often compensate customers who have transferred funds to a scammer. So they have become more quick to block transactions, especially to a new payee and if the amounts are significant. 
It seems many bank staff are unfamiliar with the names of some of the smaller banks, so it gets flagged up.

beeky2

Yes I understand what you're saying but the lady I had the problem with on the second occasion really didn't seem to know what she was doing. All that said I understand that the banks need to be careful and also protect their clients but surely there are limits and at least have a better system than we have at present. The problem nowadays is that it is almost impossible to talk with anyone on a face to face basis.

[Deleted User]

Hi,

if you were trying to transfer £85k at once, a larger amount than normal, then that would be flagged.

Google tells me there is a daily transfer limit of £25,000, so you could spread it over a few days, or contact bank and arrange transfer for larger amount.

Qyburn

I've had this with Lloyds transferring to Zopa. Not the first transfer but one of the subsequent ones. Easily sorted out on the phone.

BooJewels

I had it a few days ago too - was making a transfer from within the app, got a big red exclamation mark to ring the fraud team and a timescale in which to do it or the account would be frozen and my on-line access stopped.  They were really lovely about it, I went through what it was for - pointed to earlier relevant transactions in the process and it was all sorted in a few minutes.

Whilst it gave me a bit of a fright I could have done without at 07:30am, I'd rather go through that than have lost the money to a fraudster.   I'm astonished that it's the first time it's happened to me - I fully expect it to happen again at some point.

Bigwheels1111

First Direct are the same.

Blocked a few of mine.

But paid up for my losses and a good will gesture.

£100 for time on the phone etc, 81k for 4 days Friday - Monday @ 5 % =£44.38

And for the other savings they blocked.

£286.53 in total.

beeky2

Thanks to all who have commented oaths and given their own experiences. Bigwheels1111 seems to have done well out of it but I doubt if Lloyds is that sort of organisation. As an aside has anyone actually used OakNorth and what have been their experiences. Their return for 12 months fixed at 5.72% seems very competitive. 

kitkat68

I’m impressed with Oaknorth, opened a 12month fixed rate ISA and funded it and the rate subsequently increased - I messaged them and asked if I could transfer to the new rate - was advised yes, funds returned once I’d opened the 2nd account and I funded that - all done in 5 days - 2 of which were the weekend.
all done via email too so very easy.

Bazooka_joe

I am also with Lloyds and their interest rates are appalling. I transferred a significant amount of money to one of my building society account as they were paying a lot more interest on savings and it was difficult to do so because I could only transfer so much, and when I did that, I was stopped and had to contact the fraud department to verify who I was within 60 minutes otherwise my online banking would have been frozen. I couldn’t get through on time so I went into my local Lloyds branch and they sorted it out. I can now transfer the funds without being challenged.