Lloyds security

dosh37

Santander are reducing the interest rate on their easy access saver 3 from 5.2% to 4.2%.

Hence I am in the process of transferring savings to a different organisation.

The new savings account requires that the money is transferred in from a linked account so I decided to use my Lloyds current account.

Lloyds allow a maximum of £25K per day for faster payments.

I decided to repeat what I have done in the past and transfer the money in £20K chunks over a few days.

I set up a new payee and made the initial transfer yesterday.

This triggered a security check which meant calling Lloyds fraud dept.

After about 30 minutes on the phone I eventually managed to authorise the transfer.

Today I attempted the seond transfer.

This also triggered a security check and another 30 minute phone call.

In the past it was only the initial transfer after setting up a new payee that triggered the check.

Now it looks like I will have to repeat the lengthy phone call for every transaction.

I will probably need 6 transactions in total (i.e 3 hours on the phone).

This is becoming really annoying.

Does anyone know if there a way to avoid this? eg. reduce the payment amount or increase the delay between transfers?

The person I spoke to on the phone did not know what security trigger conditions are in place.

They told me they were unable to put a flag on the account to allow the anticipated future transactions to the same destination account to pass through.

wmb194

dosh37 said:

Santander are reducing the interest rate on their easy access saver 3 from 5.2% to 4.2%.

Hence I am in the process of transferring savings to a different organisation.

The new savings account requires that the money is transferred in from a linked account so I decided to use my Lloyds current account.

Lloyds allow a maximum of £25K per day for faster payments.

I decided to repeat what I have done in the past and transfer the money in £20K chunks over a few days.

I set up a new payee and made the initial transfer yesterday.

This triggered a security check which meant calling Lloyds fraud dept.

After about 30 minutes on the phone I eventually managed to authorise the transfer.

Today I attempted the seond transfer.

This also triggered a security check and another 30 minute phone call.

In the past it was only the initial transfer after setting up a new payee that triggered the check.

Now it looks like I will have to repeat the lengthy phone call for every transaction.

I will probably need 6 transactions in total (i.e 3 hours on the phone).

This is becoming really annoying.

Does anyone know if there a way to avoid this? eg. reduce the payment amount or increase the delay between transfers?

The person I spoke to on the phone did not know what security trigger conditions are in place.

They told me they were unable to put a flag on the account to allow the anticipated future transactions to the same destination account to pass through.

They won't tell you the triggers.

Can you get to a branch with ID? "If you want to send up to £250,000 in a day, you can do this by Faster Payments in branch."

https://www.lloydsbank.com/online-banking/payments-and-transfers/payment-limits.html

https://www.lloydsbank.com/online-banking/payments-and-transfers/pay-by-chaps.html

Does the linked savings account allow for deposits by cheque? If the savings account accepts them, another option would be a Chaps payment but Lloyds will charge £25 (with Barclays they are free).

poseidon1

wmb194 said:

dosh37 said:

Santander are reducing the interest rate on their easy access saver 3 from 5.2% to 4.2%.

Hence I am in the process of transferring savings to a different organisation.

The new savings account requires that the money is transferred in from a linked account so I decided to use my Lloyds current account.

Lloyds allow a maximum of £25K per day for faster payments.

I decided to repeat what I have done in the past and transfer the money in £20K chunks over a few days.

I set up a new payee and made the initial transfer yesterday.

This triggered a security check which meant calling Lloyds fraud dept.

After about 30 minutes on the phone I eventually managed to authorise the transfer.

Today I attempted the seond transfer.

This also triggered a security check and another 30 minute phone call.

In the past it was only the initial transfer after setting up a new payee that triggered the check.

Now it looks like I will have to repeat the lengthy phone call for every transaction.

I will probably need 6 transactions in total (i.e 3 hours on the phone).

This is becoming really annoying.

Does anyone know if there a way to avoid this? eg. reduce the payment amount or increase the delay between transfers?

The person I spoke to on the phone did not know what security trigger conditions are in place.

They told me they were unable to put a flag on the account to allow the anticipated future transactions to the same destination account to pass through.

They won't tell you the triggers.

Can you get to a branch with ID? "If you want to send up to £250,000 in a day, you can do this by Faster Payments in branch."

https://www.lloydsbank.com/online-banking/payments-and-transfers/payment-limits.html

https://www.lloydsbank.com/online-banking/payments-and-transfers/pay-by-chaps.html

Does the linked savings account allow for deposits by cheque? If the savings account accepts them, another option would be a Chaps payment but Lloyds will charge £25 (with Barclays they are free).

Agree, visiting branch for a large £200k faster payment less hassle than a series of daily online smaller transfers that might be intercepted by fraud dept. Its what I will be doing with the Santander migration exercise.

dunstonh

Does anyone know if there a way to avoid this? eg. reduce the payment amount or increase the delay between transfers?

Send a cheque.  Or go to the branch.

fwor

IIRC I got two security triggers the first time I did similar transfers. Never had one since. So you may be OK - if it suits you better than cheque/branch I'd stick with it.

Catplan

If using the app I’ve found settling it up in advance seems less likely to get stopped. So rather that doing it “today” I setup for a specific date. No idea if that has anything to do with it but I don’t seem to hit these checks others do, that’s Lloyds, Santander, Nat west. Of course I sometimes transfer 100’s straight away but the majority of transactions over 3k are usually set up to happen at least next day or longer.

dosh37

Catplan said:

If using the app I’ve found settling it up in advance seems less likely to get stopped. So rather that doing it “today” I setup for a specific date. No idea if that has anything to do with it but I don’t seem to hit these checks others do, that’s Lloyds, Santander, Nat west. Of course I sometimes transfer 100’s straight away but the majority of transactions over 3k are usually set up to happen at least next day or longer.

Good idea. I will give it a try.

I might also try transferring each £20K chunk in 20 x £1K batches. That will be quicker than spending 30 min on the phone answering a bunch of stupid security questions.

I thought technology was supposed to make peoples lives easier.

Phoenix72

dosh37 said:

Catplan said:

If using the app I’ve found settling it up in advance seems less likely to get stopped. So rather that doing it “today” I setup for a specific date. No idea if that has anything to do with it but I don’t seem to hit these checks others do, that’s Lloyds, Santander, Nat west. Of course I sometimes transfer 100’s straight away but the majority of transactions over 3k are usually set up to happen at least next day or longer.

Good idea. I will give it a try.

I might also try transferring each £20K chunk in 20 x £1K batches. That will be quicker than spending 30 min on the phone answering a bunch of stupid security questions.

I thought technology was supposed to make peoples lives easier.

I would say that is more likely to trigger their algorithms than 1 x £20k

I'm sure you wouldn't find the process 'stupid' if you had been hacked or scammed.

Bridlington1

How much are you wanting to send to this new account? Some banks have higher faster payment limits than Lloyds without the need to visit a branch, Santander for example lets you send up to £100k over the phone, Metro lets you send up to £250k over the phone. See:
https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/

One option would be to change your nominated account to one with a higher faster payment limit and then make a larger deposit from there.

Wheres_My_Cashback

Put in a complaint with Lloyds, not about the security aspect as I think that's acceptable, but about the time it takes them to deal with these checks ie answering the phone !
They openly admitted to me a while back that they don't have enough staff to deal with payment checks. Outline your charge per hour, inconvenience, stress and call costs, all of which will be reimbursed. 
At the last count my 'goodwill' had amounted to over £300.

dosh37

Phoenix72 said:

dosh37 said:

Catplan said:

If using the app I’ve found settling it up in advance seems less likely to get stopped. So rather that doing it “today” I setup for a specific date. No idea if that has anything to do with it but I don’t seem to hit these checks others do, that’s Lloyds, Santander, Nat west. Of course I sometimes transfer 100’s straight away but the majority of transactions over 3k are usually set up to happen at least next day or longer.

Good idea. I will give it a try.

I might also try transferring each £20K chunk in 20 x £1K batches. That will be quicker than spending 30 min on the phone answering a bunch of stupid security questions.

I thought technology was supposed to make peoples lives easier.

I would say that is more likely to trigger their algorithms than 1 x £20k

I'm sure you wouldn't find the process 'stupid' if you had been hacked or scammed.

The idea is to make succesive transfers of £1K each until it reaches £20K or hits the security trigger threshold.

Then for future transfers I will simply limit the daily amount to just below the trigger point.