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pecunianonolet

masonic said:

allegro120 said:

masonic said:

It seems I am on the naughty step with Family BS. They have taken exception to me using their debit card funding option to fulfil the criteria for my Halifax Reward accounts. A shame really as it was a pain waiting for the funds to clear at NS&I. I now need to provide them with an explanation for regulatory compliance. I expect they will tell me not to do it again.

Thank you for this warning. I've done it twice, no repercussions so far.  I didn't withdraw on the same day though, did it the next day instead (just in case).

flaneurs_lobster said:

masonic said:

It seems I am on the naughty step with Family BS. They have taken exception to me using their debit card funding option to fulfil the criteria for my Halifax Reward accounts. A shame really as it was a pain waiting for the funds to clear at NS&I. I now need to provide them with an explanation for regulatory compliance. I expect they will tell me not to do it again.

Why do they say the explanation is needed for "regulatory compliance"? It's got nothing to do with the regulator(s).
They just don't want you rinsing cash through their savings accounts.
Just use Revolut, they're used to having large amounts of cash sloshing around their accounts.

Excerpt from the letter:

"As part of our regular checks and monitoring, we undertake reviews of our customers' transactional patterns for activity that may not fit expected behaviour for a savings account. We have identified you have made multiple deposits using different cards for each transaction before withdrawing the funds, this activity has been repeated. Accordingly we need to ask you for some information to enable us to comply with our regulatory obligations."

And then goes on to request I fill out a form (which just contains a big box for me to write in my explanation. I expect it is a bit of both. Could conceivably trip poorly set money laundering flags.

FWIW I only did it twice too, on one occasion withdrew on the same day, on the other a few days later.

Received the same letter today as well. Paid in with my 3 Halifax cards 500 each and withdrew straight away. Opened the account in March so that were the only transactions in the last 3 months and keeping 100 in the account as minimum balance.

Very handy feature not having 1500 somewhere in limbo or having to wait for ages for transactions to clear with NS&I. 

Not decided yet how and if I respond or if I just close the account.

soulsaver

Bridlington1 said:

soulsaver said:

Has this been reported?
Barclays Rainy Day Saver  4.61 (06/05)) £5k maxFR -> 4.36% wef 04/08

I'm afraid it has:
https://forums.moneysavingexpert.com/discussion/comment/81446684#Comment_81446684

Thought it was familiar, it was in the trail but must have missed in ToTP listing.

pfpf

masonic said:

allegro120 said:

masonic said:

It seems I am on the naughty step with Family BS. They have taken exception to me using their debit card funding option to fulfil the criteria for my Halifax Reward accounts. A shame really as it was a pain waiting for the funds to clear at NS&I. I now need to provide them with an explanation for regulatory compliance. I expect they will tell me not to do it again.

Thank you for this warning. I've done it twice, no repercussions so far.  I didn't withdraw on the same day though, did it the next day instead (just in case).

flaneurs_lobster said:

masonic said:

It seems I am on the naughty step with Family BS. They have taken exception to me using their debit card funding option to fulfil the criteria for my Halifax Reward accounts. A shame really as it was a pain waiting for the funds to clear at NS&I. I now need to provide them with an explanation for regulatory compliance. I expect they will tell me not to do it again.

Why do they say the explanation is needed for "regulatory compliance"? It's got nothing to do with the regulator(s).
They just don't want you rinsing cash through their savings accounts.
Just use Revolut, they're used to having large amounts of cash sloshing around their accounts.

Excerpt from the letter:

"As part of our regular checks and monitoring, we undertake reviews of our customers' transactional patterns for activity that may not fit expected behaviour for a savings account. We have identified you have made multiple deposits using different cards for each transaction before withdrawing the funds, this activity has been repeated. Accordingly we need to ask you for some information to enable us to comply with our regulatory obligations."

And then goes on to request I fill out a form (which just contains a big box for me to write in my explanation. I expect it is a bit of both. Could conceivably trip poorly set money laundering flags.

FWIW I only did it twice too, on one occasion withdrew on the same day, on the other a few days later.

have they restricted the account in any way while this is ongoing? are you leaving a balance in the account or is it all in then all out?

janusdesign

Paragon Triple Access Issue 15 (NLA) dropping from 4.00% to 3.75% AER on 30th May - Issue 16 is already at the 3.75% rate.

masonic

pfpf said:

masonic said:

allegro120 said:

masonic said:

It seems I am on the naughty step with Family BS. They have taken exception to me using their debit card funding option to fulfil the criteria for my Halifax Reward accounts. A shame really as it was a pain waiting for the funds to clear at NS&I. I now need to provide them with an explanation for regulatory compliance. I expect they will tell me not to do it again.

Thank you for this warning. I've done it twice, no repercussions so far.  I didn't withdraw on the same day though, did it the next day instead (just in case).

flaneurs_lobster said:

masonic said:

It seems I am on the naughty step with Family BS. They have taken exception to me using their debit card funding option to fulfil the criteria for my Halifax Reward accounts. A shame really as it was a pain waiting for the funds to clear at NS&I. I now need to provide them with an explanation for regulatory compliance. I expect they will tell me not to do it again.

Why do they say the explanation is needed for "regulatory compliance"? It's got nothing to do with the regulator(s).
They just don't want you rinsing cash through their savings accounts.
Just use Revolut, they're used to having large amounts of cash sloshing around their accounts.

Excerpt from the letter:

"As part of our regular checks and monitoring, we undertake reviews of our customers' transactional patterns for activity that may not fit expected behaviour for a savings account. We have identified you have made multiple deposits using different cards for each transaction before withdrawing the funds, this activity has been repeated. Accordingly we need to ask you for some information to enable us to comply with our regulatory obligations."

And then goes on to request I fill out a form (which just contains a big box for me to write in my explanation. I expect it is a bit of both. Could conceivably trip poorly set money laundering flags.

FWIW I only did it twice too, on one occasion withdrew on the same day, on the other a few days later.

have they restricted the account in any way while this is ongoing? are you leaving a balance in the account or is it all in then all out?

I've no reason to think they have restricted the account. I've held a balance in the account for a time, but during April I withdrew down to the minimum balance in order to fund a new ISA.

FishInGlass

allegro120 said:

masonic said:

It seems I am on the naughty step with Family BS. They have taken exception to me using their debit card funding option to fulfil the criteria for my Halifax Reward accounts. A shame really as it was a pain waiting for the funds to clear at NS&I. I now need to provide them with an explanation for regulatory compliance. I expect they will tell me not to do it again.

Thank you for this warning. I've done it twice, no repercussions so far.  I didn't withdraw on the same day though, did it the next day instead (just in case).

I've been paying in £500 monthly from Halifax to Family since June '23. Typically I've left the money there for a week or so before withdrawing and no problem so far.

granta

FishInGlass said:

allegro120 said:

masonic said:

It seems I am on the naughty step with Family BS. They have taken exception to me using their debit card funding option to fulfil the criteria for my Halifax Reward accounts. A shame really as it was a pain waiting for the funds to clear at NS&I. I now need to provide them with an explanation for regulatory compliance. I expect they will tell me not to do it again.

Thank you for this warning. I've done it twice, no repercussions so far.  I didn't withdraw on the same day though, did it the next day instead (just in case).

I've been paying in £500 monthly from Halifax to Family since June '23. Typically I've left the money there for a week or so before withdrawing and no problem so far.

I've been doing the same though have been trying to leave the funds there for nearly a month before withdrawing as funding/withdrawing same day from a savings account has resulted in account closure elsewhere. I also try to not use them every month and I funded a small Cash ISA with Family last tax year and have left the funds there. So hopefully they don't see it as so black and white with the debit card patterns

ThePirates

I swap each month between basic Yorkshire and Skipton BS savings accounts and take out a couple of days later, never had a problem.

crumpet_man

How much extra do you think you are earning by withdrawing the cash and moving to another account?

allegro120

crumpet_man said:

How much extra do you think you are earning by withdrawing the cash and moving to another account?

It depends on the difference of interest rates between the accounts in question, the sum you are moving and the length of time and consistency of this practice. I've never attempted to calculate how much I gained by moving funds, probably a few thousands in this millennium.  All I know is if I move money from lower paying account to a higher paying account I earn more.