Ulster Bank Loyalty Account - how do I withdraw money?

35har1old

PloughmansLunch said:

GreenWiz said:

I've had a bad experience with them and very much regret opening an account with them.
Their application system was a nightmare accepting only certain ID for POA that I did not have as just moved. It took a week to get set up.
I then discovered that larger deposit can only be made by CHAPS at one of their branches...in Northen Ireland!...I was incorrectly advised that I could do this at a Natwest or RBS bank in England. I went to a local Natwest who informed me that this not possible and they coujd not even see my account on their system, the link between the two being in name only. 
Then I also found out in the more detailed T&C once the account opened that I can only withdraw £5k daily. THEN I discover this also not true and I limited to £1k daily. I will be removing this as fast as I can. Not recommended.

I've just paid in quite a bit today so this worried me, but after checking it seems £5k is the default across all channels and can be tweaked to £20k in Payment Settings as per RBS and Natwest. I can't seem to find anything saying the limit is £1k?

There is a £1000 limit in the app if your have not setup biometrics 

GreenWiz

PloughmansLunch said:

GreenWiz said:

I've had a bad experience with them and very much regret opening an account with them.
Their application system was a nightmare accepting only certain ID for POA that I did not have as just moved. It took a week to get set up.
I then discovered that larger deposit can only be made by CHAPS at one of their branches...in Northen Ireland!...I was incorrectly advised that I could do this at a Natwest or RBS bank in England. I went to a local Natwest who informed me that this not possible and they coujd not even see my account on their system, the link between the two being in name only. 
Then I also found out in the more detailed T&C once the account opened that I can only withdraw £5k daily. THEN I discover this also not true and I limited to £1k daily. I will be removing this as fast as I can. Not recommended.

I've just paid in quite a bit today so this worried me, but after checking it seems £5k is the default across all channels and can be tweaked to £20k in Payment Settings as per RBS and Natwest. I can't seem to find anything saying the limit is £1k?

The £1k may just be if using the app on one's phone rather than a laptop? When I tried to pay myself some of MY money to another account I have with another bank the phone app said "Limit Applies. As this payee has not been paid before in Anytime Internet Banking a daily limit of £1000.00 applies for such payments. Please use Anytime Internet Banking to make a payment of a higher amount". 

GreenWiz

I suppose I can set myself up as payee on all other accounts I have and so make multiple £1k payments to myself daily until got all my money back.

friolento

GreenWiz said:

I suppose I can set myself up as payee on all other accounts I have and so make multiple £1k payments to myself daily until got all my money back.

You can send up to £20k per day through online banking, and also through the app once you have implemented facial recognition  in the app

They also offer an option for withdrawing more than £20k in one go though I have not tried this https://www.ulsterbank.co.uk/help-and-support/xfheader1.html

PloughmansLunch

friolento said:

GreenWiz said:

I suppose I can set myself up as payee on all other accounts I have and so make multiple £1k payments to myself daily until got all my money back.

You can send up to £20k per day through online banking, and also through the app once you have implemented facial recognition  in the app

They also offer an option for withdrawing more than £20k in one go though I have not tried this https://www.ulsterbank.co.uk/help-and-support/xfheader1.html

Send a fax!?! Crikey. I wouldn’t know where to even find a machine still in use. 

The daily limit resets at 6:30pm and lasts for 24 hours, so you can make 2 x maximum transfers in a single day in the late afternoon / early evening - I tested this yesterday. 

It seems if you qualify for Ulster Premier (unusually, proof of £100k savings with another institution) you can send £50k a pop, but the account has no benefits except a fancy card and presumably being put on a suckers list for overpriced in-house products.