Struggling to make a withdrawl from Lloyds TSB

oncebittentwiceshy_2

I have banked with Lloyds Bank since the seventies. Yesterday I tried to transfer £35,000.00 online and was unable to due to a £10,000/day limit - fair enough. So I contacted them and was told I couldn't do it over the phone either but if I went to a branch in the morning they would do it.

Today I went to the branch and yes they can do it - if I give them £30! I told them I didn't want to do a CHAPS - BACS would do. Apparently they cannot do BACS - are they for real????

I asked for cash they have told me that will take eight days!

This money was transferred into my account by a regular online bank payment from my wife with no problem - now it is trapped in Lloyds unless I pay a release fee or wait for a then to raise the cash or via multiple payments of £10,000

Needless to say I am no longer looking to do business with Lloyds!

jonesMUFCforever

Could you not have issued a cheque?
The bank cannot do BACS transfers over the counter (only CHAPS as you were advised)

Why wait for 8 days and possibly be mugged for your money- why not do £10k a day for 3 days and £5k the next?

How quick you would have been if fraudsters had got away with £35k of your money.

Please when you have closed your LTSB account tell me which bank will let you do BACS transfers over the counter because I will open an account there myself.

oncebittentwiceshy_2

Halifax do a straight forward BACS - as I said that's how the money got into the account (you must have missed that?)

Don't want BACS over the counter necessarily - only visited the bank because they said so - also took passport, id etc.

My money - my access - my choices! (or are we in living in an oppressive state???)

If you need a bank that lets you transfer your money your way I suggest Halifax - that's where I'm going.

dunstonh

I told them I didn't want to do a CHAPS - BACS would do. Apparently they cannot do BACS - are they for real????

They can use the clearing system by using any of the blank bank giro credits on display in every branch. It will take three days to get there (4 if its on old Halifax account with roll number). Halifax may also add a few days more for clearing it.

I asked for cash they have told me that will take eight days!

Whilst a large branch will not necessarily have a problem with a transaction of this size over the counter, a small branch may only have a once a week cash delivery and you may be asking for more than their typical float.

Needless to say I am no longer looking to do business with Lloyds!

As Mr J says above, no bank does electronic bacs over the counter. They will use the paper bank giro credits. That option should have been given to you although writing a cheque is surely the most simple option of all.

Also try drawing out £35k cash from any bank and see what response you get. Especially the Halifax.

AuxArmes

Your money isn't actually trapped at all, is it?

Yes, insisting on CHAPS only at the branch is a little annoying but hardly the end of the world. If you have £35000 to throw around another £30 is neither here nor there, especially as it does actually involve a member of branch staff doing some work. If anything, it's probably a pretty good reflection of the true cost of the transaction. Why should you ever get free transfers? The infrastructure to allow the transfer wasn't magicked up out of nowhere - someone had to pay to build it.

I really hope all the whingers on this site will be happy when they finally force all the banks into removing interest paying, free current accounts. My Dutch bank account charges 7 euro a month and I would be quite happy to pay the same to Lloyds TSB if it puts an end to all the freeloaders who believe they should get a service for free.

In the time between your post and now you could have set in motion the transfer of two lots of £10000.

Somerset

oncebittentwiceshy

I discovered the same thing a while ago, and it didn't make sense to me either. I needed to fund a property purchase. I transferred from 'savings' accounts into Lloyds. All the transfers were well over 10K but were done. In hindsight the transfers were to a 'linked' account so I think that's why they were ok. When I came to transfer from Lloyds - bingo I hit the 10K bacs limited.

''How quick you would have been if fraudsters had got away with £35k of your money''
This quote from jonesMUFClorever doesn't really make sense. To my mind, if you're standing in a branch with all your ID documents - they are obviously happy you are genuine and will CHAPS the payment. But generate the £30 fee. So the money goes anyway ................ it's just the method, either free which isn't allowed, or costing £30 which is allowed ???

I couldn't work out the logic either. But I'm still with Lloyds. To my mind, any bank occasionally does things that pee me off, as long as they're generally good value and reliable, the occasional blip is not the end of the world.

dunstonh

When I came to transfer from Lloyds - bingo I hit the 10K bacs limited.

The 10k limit applies to internet banking and phone banking. There is no limit on the amount you can put through manually at the branch on a bank giro credit or by writing a cheque to the other account.

We dont know how the conversations went but there seems no logic in the bank not mentioning the bank giro credit or writing a cheque unless the OP was specific in doing an electronic transfer. That would also explain why only chaps was mentioned.

System

You can make a BACS payment in any branch. Just setup a standing order to pay the amount on an annual basis, with the first that day, then cancel the mandate once the payment has gone.You'll still be limited to £10k tho.

For higher values, either use multiple BACS,CHAPS or a cheque. I guess you'd at best be able to get a couple of thousand in cash, on demand.

Bank Giro Credits can't be manually written between banks. Halifax and some others don't use BGC fully and won't have a prefilled slip, so that might not be an option They usually let you do a BACS transfer over the counter, by calling it a bill payment.

But i'm not sure what to recommend as you haven't said where your trying to send the money to.

I wish i had problems with that spare 35k :A

dunstonh

Bank Giro Credits can't be manually written between banks.

Yes they can. They have been for decades.

Halifax and some others don't use BGC fully and won't have a prefilled slip

You dont need a pre filled slip. You just need to know sort code, account number and in the case of some of the older building society accounts, a roll number.

They usually let you do a BACS transfer over the counter, by calling it a bill payment.

I am not aware of any banks that let you do a bacs transfer over the counter. This sort of electronic transfer is typically available using online systems. A cashier would typically use a bank giro credit and stick it through the clearing.

jonesMUFCforever

Sorry Dunstonh but you are wrong. Each bank nowadays only holds credit slips for its own bank and only preprinted slips (such as you get with your bills etc) can be accepted for other banks.
What you are referring to was stopped at least 10 years ago!

robertjonesuk

all banks can do bacs transfers over the counter or on any advisors desk. whether they're happy to do it depends on individual bank and their policy and inhouse regulations.
e.g. in barclays you can do bacs payments to other banks (normal funds transfer) up to £5k. everything above this account has to be done by chaps.

if you don't want to pay, write a cheque or transfer it three time on your online banking.