Problems with Nationwide's new Faster Payments limits

GeoffTF

boingy said:

GeoffTF said:

If I had to jump ship, First Direct should be a safe bet. 

Don't be too sure. Today FD blocked one of my transfers. It's slightly annoying that they do so but it's REALLY annoying that it took so long on the phone to unblock it. I got through to a human straight away, we were through security with a minute or so but then they had to run through a whole script of silly questions about whether anyone had asked me to transfer the money or was forcing me to do so etc. Over 15 minutes of being treated like an idiot when all they had to do was verify my ID and then ask if the transaction is really what I want. The transaction was to an account in my name and to which I have previously transferred money. Their approach just lacked a bit of common sense. It should not take 15 minutes.

Mind you, there are worse out there. One of the Co-op's questions in the same scenario was "and are you feeling any more anxious than usual today" and I thought "Of course I am and my bank is causing it!"

Santander sometimes takes much longer than that. First you talk to customer services. If you are lucky, the transaction goes straight through. If you are unlucky, you are put through to security. If you are lucky, they ask a few sensible questions. If you are not, they read from a half hour long script of not very relevant questions. Then they ring you back. You have to go through ID again and finally the transaction goes through. Much better than having to go into a branch though, or having to use CHAPS with the added delays that incurs.

GeoffTF

Barkin said:

GeoffTF said:

wmb194 said:

GeoffTF said:

wmb194 said:

GeoffTF said:

Santander allows up to £100K faster Payments over the telephone. Starling sets the limit at £1 million, but says that account limits apply, and they do not say what those limits are. First Direct says £50K. CHAPS is free for Barclays, and with Santander for their Edge accounts, but that is not instant and I expect that you have to go into a branch. Do you need an appointment? I do not know. I am using Santander and do not see a better option. Santander also allows £50K MasterCard payments.

With Barclays you can setup Chaps payments online.

"You can do this in a branch or you can do it online, if you’re registered for Online Banking and you have a PINsentry."

https://www.barclays.co.uk/help/payments/payment-information/chaps-payments/

"Sometimes payments are held for security reasons – these won’t be sent until we’ve finished our review." That looks rather open ended to me. With Santander, the payment usually goes through immediately, or after being put through to security. There is often an immediate call back too. The same comment applies to Starling. An on the spot decision is what is required here.

Why wouldn't you expect Barclays to hedge? People complain that Santander doesn't always release payments even after you've spoken to its fraud department.

I spoke to a lady who had just done a big payment with Lloyds a few weeks ago. She had to go into a branch and fill in lots of forms.

Hyperbole surely?

She said she was put in an empty room and had to fill in a pile of forms. I did not question her too closely, but I think it was the money to buy a house. She said it was going to a firm of solicitors.

Did your payment fail Confirmation of Payee?

Barkin

GeoffTF said:

Barkin said:

GeoffTF said:

wmb194 said:

GeoffTF said:

wmb194 said:

GeoffTF said:

Santander allows up to £100K faster Payments over the telephone. Starling sets the limit at £1 million, but says that account limits apply, and they do not say what those limits are. First Direct says £50K. CHAPS is free for Barclays, and with Santander for their Edge accounts, but that is not instant and I expect that you have to go into a branch. Do you need an appointment? I do not know. I am using Santander and do not see a better option. Santander also allows £50K MasterCard payments.

With Barclays you can setup Chaps payments online.

"You can do this in a branch or you can do it online, if you’re registered for Online Banking and you have a PINsentry."

https://www.barclays.co.uk/help/payments/payment-information/chaps-payments/

"Sometimes payments are held for security reasons – these won’t be sent until we’ve finished our review." That looks rather open ended to me. With Santander, the payment usually goes through immediately, or after being put through to security. There is often an immediate call back too. The same comment applies to Starling. An on the spot decision is what is required here.

Why wouldn't you expect Barclays to hedge? People complain that Santander doesn't always release payments even after you've spoken to its fraud department.

I spoke to a lady who had just done a big payment with Lloyds a few weeks ago. She had to go into a branch and fill in lots of forms.

Hyperbole surely?

Did your payment fail Confirmation of Payee?

I've no idea!  I didn't even attempt the transfer myself, as it was over the £25k online limit.
The nice lady at the counter did it all on her terminal. All I did was open my phone app, check the details and approve it.

GeoffTF

A problem with Lloyds and Barclays is that they both use Visa, which has a £25K daily limit vs MasterCard's £50K. (I have a Barclaycard Rewards card for reliance, but that is another matter.)

Barkin

GeoffTF said:

A problem with Lloyds and Barclays is that they both use Visa, which has a £25K daily limit vs MasterCard's £50K. (I have a Barclaycard Rewards card for reliance, but that is another matter.)

Lloyds & Barclays use Faster Payments, which has a limit of £1M I think. The limits of £25k (Lloyds) and £50k (Barclays) are only for online payments. Both allow up to £250k in branch.

I don't think there are limits as such imposed by Visa/Mastercard - only those put in place by the individual banks. 

GeoffTF

Barkin said:

GeoffTF said:

A problem with Lloyds and Barclays is that they both use Visa, which has a £25K daily limit vs MasterCard's £50K. (I have a Barclaycard Rewards card for reliance, but that is another matter.)

Lloyds & Barclays use Faster Payments, which has a limit of £1M I think. The limits of £25k (Lloyds) and £50k (Barclays) are only for online payments. Both allow up to £250k in branch.

I don't think there are limits as such imposed by Visa/Mastercard - only those put in place by the individual banks. 

Yes there are:

https://payhawk.com/mastercard-terms/card-limits-gbp
https://payhawk.com/visa-terms/card-limits-gbp

Banks may impose additional limits, but I recently made a £46K online payment with Santander MasterCard.

Barkin

GeoffTF said:

Barkin said:

GeoffTF said:

A problem with Lloyds and Barclays is that they both use Visa, which has a £25K daily limit vs MasterCard's £50K. (I have a Barclaycard Rewards card for reliance, but that is another matter.)

Lloyds & Barclays use Faster Payments, which has a limit of £1M I think. The limits of £25k (Lloyds) and £50k (Barclays) are only for online payments. Both allow up to £250k in branch.

I don't think there are limits as such imposed by Visa/Mastercard - only those put in place by the individual banks. 

Yes there are:

https://payhawk.com/mastercard-terms/card-limits-gbp
https://payhawk.com/visa-terms/card-limits-gbp

Those are limits for Payhawk - not Mastercard/Visa. 

They do though demonstrate that there is no £25k Visa-imposed limit, as you stated previously. 

I'm done. 

GeoffTF

Barkin said:

GeoffTF said:

Barkin said:

GeoffTF said:

A problem with Lloyds and Barclays is that they both use Visa, which has a £25K daily limit vs MasterCard's £50K. (I have a Barclaycard Rewards card for reliance, but that is another matter.)

Lloyds & Barclays use Faster Payments, which has a limit of £1M I think. The limits of £25k (Lloyds) and £50k (Barclays) are only for online payments. Both allow up to £250k in branch.

I don't think there are limits as such imposed by Visa/Mastercard - only those put in place by the individual banks. 

Yes there are:

https://payhawk.com/mastercard-terms/card-limits-gbp
https://payhawk.com/visa-terms/card-limits-gbp

Those are limits for Payhawk - not Mastercard/Visa. 

They do though demonstrate that there is no £25k Visa-imposed limit, as you stated previously. 

I'm done. 

I cannot find a better link. Can you provide a link saying that Visa does not impose a daily limit? Santander has told me that MasterCard sets a daily limit of £50K. When Santander used Visa, they always told me that Visa set a daily limit and that it varied from day to day. Has anyone recently made a Visa payment of more than £25K?