Transferring large amounts to savings accounts

Silverbullet036

Perhaps i've just been lucky then , but several hundreds of thousands have been and gone through Santander per year. All of it routed through Lloyds in and out , maybe one day I will have the issue of blocking but so far all good

Doctor_Who

Silverbullet036 said:

Perhaps i've just been lucky then , but several hundreds of thousands have been and gone through Santander per year. All of it routed through Lloyds in and out , maybe one day I will have the issue of blocking but so far all good

Same here. Inheritance and house sales meant very large sums were transferred through Santander with no issues at all. I've been a customer for well over 30 years (Abbey National before 2010), so maybe that makes a difference.

GeoffTF

Likewise. Hundreds of £K per year into and out of my Santander personal account. I have been a customer for 36 years. It was Abbey National Building Society when I joined.

Catplan

Never had a payment stopped touch wood. Santander for main account, I do multiple 4 figure transfers a month, the odd 5 figures each year. Have other accounts but Santander main one. I often get concerned when opening new accounts I usually do say a £10,transfer then say £990. Which feels to me like something a scammer / fraudster would do. I.e. small amount oh look it worked let’s try for more.

boingy

It doesn't matter how many years/decades you've been a customer or how much you have transferred in the past. The blocking thing has sprung up in the last six months or so in a heavy-handed attempt to reduce scams. I'm hoping it settles down a bit and they find a decent compromise between reducing scams and inconveniencing legitimate customers.

My record is 1 hour and six minutes on the phone and that was to unblock a payment of less than £1000 to another account in my name to which I had made many previous transfers over several years. In risk terms it was very low.

mebu60

boingy said:

It doesn't matter how many years/decades you've been a customer or how much you have transferred in the past. The blocking thing has sprung up in the last six months or so in a heavy-handed attempt to reduce scams. I'm hoping it settles down a bit and they find a decent compromise between reducing scams and inconveniencing legitimate customers.

My record is 1 hour and six minutes on the phone and that was to unblock a payment of less than £1000 to another account in my name to which I had made many previous transfers over several years. In risk terms it was very low.

My record so far is 'only' 45 minutes. But twice. And for similar scenarios in each case as yours. It gives no confidence in their algorithms when they select patently low risk transactions. 

Futuristic

I've had many issues with Santander, especially long call waiting times for them to release payment (which has gone on for years) and now exclusively use Chase for this.

As soon as you make payment and if it's flagged Chase usually call you themselves within the hour or you can call straight away, no matter what time of day/night. 

Chase app FPS limit is £50k but you can call to make larger payment, I just split over 2 days. I have moved mid 6-7 figures (in and out multiple times) past year to the various saving accounts

GeoffTF

boingy said:

It doesn't matter how many years/decades you've been a customer or how much you have transferred in the past.

Why is it that some have a lot of trouble transferring money, while others do not?

mebu60

GeoffTF said:

boingy said:

It doesn't matter how many years/decades you've been a customer or how much you have transferred in the past.

Why is it that some have a lot of trouble transferring money, while others do not?

Some also have troubles opening new accounts while others do not. 

Some also have different function offered to them within the supposedly same website (e.g. Sainsbury's close account for some, non existent for others). 

Some have issues dealing with specific institutions while others do not and they themselves don't with different institutions.

Randomness maybe? 

boingy

I think it's mostly rubbish algorithms selecting the transactions. There might even be a random element to it. But as usual there is no joined-up thinking. The Co-op introduced the system but seemingly didn't think to boost their fraud team so they are suddenly overwhelmed by calls they didn't previously get. When customers do get through they are doubly annoyed because their payment has been blocked and they've had to spend an hour in a queue to get it unblocked. Maybe that should be part of the test. Any customer who starts yelling when they get through is probably not a scammer!