Mastercard Debit Card Transfer Declined

AmazingViews

Ourselves (and our daughter) took advantage of the NS&I's Income Growth Bond (as recommended here). NS&I wanted the transactions via debit card. When we tried to do this via Mastercard (different people with different banks) the transfers were all declined (bearing in mind that it was to a government owned organisation). Nobody contacted us from security. I contacted my banks helpline and was told incorrect info and to visit branch. Branch couldn't tell me the limit and I told me I would have to find a different way to pay. Contacted NS&I to post out form. Visited branch to get a cheque raised for a large sum of money and sent off by post. Was informed in branch that security (from bank was probably stopping transaction and should have phoned me).
Complained to bank, got an apology and small compensation but was informed:
"The transaction limit are set by Mastercard and is not known by the bank. Transactions larger than £50K are OFTEN declined by them"
As I may wish to invest quickly in the future, did anybody else have this issue with Mastercard and how did they overcome it?
Thank you
AmazingViews

eskbanker

Which bank(s) are you referring to?  Their 'explanation' about Mastercard being involved in day-to-day transaction limits sounds like nonsense to me!

grumbler

So, was your transaction larger than £50K?
Why can't you pay by a bank transfer instead?

wmb194

AmazingViews said:

Ourselves (and our daughter) took advantage of the NS&I's Income Growth Bond (as recommended here). NS&I wanted the transactions via debit card. When we tried to do this via Mastercard (different people with different banks) the transfers were all declined (bearing in mind that it was to a government owned organisation). Nobody contacted us from security. I contacted my banks helpline and was told incorrect info and to visit branch. Branch couldn't tell me the limit and I told me I would have to find a different way to pay. Contacted NS&I to post out form. Visited branch to get a cheque raised for a large sum of money and sent off by post. Was informed in branch that security (from bank was probably stopping transaction and should have phoned me).
Complained to bank, got an apology and small compensation but was informed:
"The transaction limit are set by Mastercard and is not known by the bank. Transactions larger than £50K are OFTEN declined by them"
As I may wish to invest quickly in the future, did anybody else have this issue with Mastercard and how did they overcome it?
Thank you
AmazingViews

Why didn't you try smaller amounts and open multiple bonds?

mebu60

grumbler said:

So, was your transaction larger than £50K?
Why can't you pay by a bank transfer instead?

Bank transfer was not an option for these recent (NLA) bonds, was debit card or internal NS&I transfer only at the time of application.

As wmb194 says, AV could've opened multiple bonds at smaller amounts. I did £20k and £10k using Mastercard debit card.

Or AV could've opened an NS&I Direct Saver, funded that by bank transfer then used that to fund a single bond.

AmazingViews

Yes the amount was above £50K. As I had the funds in my account I didn't see why the transfer didn't go through. This was the same with our daughter who is with a different bank which leads me to believe that the issue is with Mastercard. If Mastercard are the ones declining the transfer then surely they should contact ourselves or our bank to give a reason but this hasn't happened. My bank has just said that transfers over £50k are often declined.

mebu60

Mastercard Cards limits - GBP - Payhawk Spend Management & Corporate Cards | Payhawk

GeoffTF

mebu60 said:

Mastercard Cards limits - GBP - Payhawk Spend Management & Corporate Cards | Payhawk

That concurs with what I was told by Santander. The daily limit for MasterCard is £50K. I made a £46K payment a few weeks ago with no problems.

AmazingViews

Hi mebu60, I am with Santander and they said that Mastercard don't tell them a limit (in branch and after a phone complaint and subsequent investigation). After trying my original amount a couple of times I tried smaller amount (£25k) with no luck. 

Mbday

Just had same problem. Couldn’t transfer over £50k (having done 2 separate tranches of £25k) Told it was Mastercard limit (though this can vary depending on transaction).  I don’t see how a third party (Mastercard) which knows nothing about my finances, can block these transactions, when  Santander (which does know my financial situation) allows a daily transfer of up to £100k.  

Albermarle

Mbday said:

Just had same problem. Couldn’t transfer over £50k (having done 2 separate tranches of £25k) Told it was Mastercard limit (though this can vary depending on transaction).  I don’t see how a third party (Mastercard) which knows nothing about my finances, can block these transactions, when  Santander (which does know my financial situation) allows a daily transfer of up to £100k.  

As a private company offering a service, they can do what they want, as long as it is within the law.