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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 10th Nov 14, 1:24 PM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: Customers being 'ripped off' by banks on Faster Payments limits
    • #1
    • 10th Nov 14, 1:24 PM
    MSE News: Customers being 'ripped off' by banks on Faster Payments limits 10th Nov 14 at 1:24 PM
    The limit for transferring money by Faster Payments with your bank is £100,000, yet many banks set the limit much lower...

    Read the full story:

    Customers being 'ripped off' by banks on Faster Payments limits




    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.

Page 4
    • agrinnall
    • By agrinnall 27th Jan 17, 11:02 AM
    • 20,335 Posts
    • 16,088 Thanks
    agrinnall
    Next time I purchase a house in the UK, I will probably just send the money directly from one of my overseas accounts, as it's cheaper than a CHAPS.
    Originally posted by zerog
    It might be cheaper but you'll need to spend more of your time providing evidence that's acceptable to your solicitor about the source of the funds - that's if they will accept the transfer in the first place.
    • Ballard
    • By Ballard 27th Jan 17, 11:25 AM
    • 1,853 Posts
    • 1,627 Thanks
    Ballard
    You're picking up on dead and buried comments from over 2 years ago, best to read the date on posts when an old thread is resurrected [once again, a good argument for closing any thread that hasn't been active for a long time].
    Originally posted by agrinnall
    Oops. That'll teach me for posting whilst crammed into a train on the way home.
    I got a letter from the government the other day. I opened it and read it. It said they were suckers.
    • JuicyJesus
    • By JuicyJesus 27th Jan 17, 11:26 AM
    • 3,078 Posts
    • 3,225 Thanks
    JuicyJesus
    It might be cheaper but you'll need to spend more of your time providing evidence that's acceptable to your solicitor about the source of the funds - that's if they will accept the transfer in the first place.
    Originally posted by agrinnall
    I also don't understand how going back to the branch four days on the trot or making a transfer from an overseas account is going to be cheaper or more convenient than paying £30 for a CHAPS transfer.


    If it was a choice between going to Santander and paying £30 to get it over and done with, trying to cheapskate it by traipsing down to Santander four days on the trot (which frankly is asking for trouble with security checks) and therefore taking four times as long, or making a transfer from overseas which will probably cost the £30 anyway, if not more, and may not even be acceptable, I have no idea why any sane person would choose the former. It's £30 (possibly less) compared to £400,000. That's 0.0075%. If you told me I could pay that much for a transaction or else have to go to a poxy branch four days on the trot I'd bite your hand off.


    I will never, ever understand peoples' squeamishness about paying the piddling sum for a CHAPS transfer in conjunction with something as important and complex - and bloody expensive - as a house purchase. It's like buying a sports car and complaining about the cost of the petrol. If there's one thing I wouldn't cheapskate, it's something where guaranteed movement of money is paramount.
    Last edited by JuicyJesus; 27-01-2017 at 11:28 AM.
    urs sinserly,
    ~~joosy jeezus~~
    • No_6
    • By No_6 27th Jan 17, 10:16 PM
    • 640 Posts
    • 129 Thanks
    No_6
    • eskbanker
    • By eskbanker 28th Jan 17, 12:41 AM
    • 7,441 Posts
    • 8,009 Thanks
    eskbanker
    Originally posted by No_6
    Great, thanks for clearing that up with some insightful analysis.

    Obviously not a school night then....
    • No_6
    • By No_6 28th Jan 17, 10:35 PM
    • 640 Posts
    • 129 Thanks
    No_6
    my typing was lost ?

    is this some conspiracy theory ?
    • bigadaj
    • By bigadaj 29th Jan 17, 5:51 AM
    • 10,816 Posts
    • 7,139 Thanks
    bigadaj
    my typing was lost ?

    is this some conspiracy theory ?
    Originally posted by No_6
    Had we had a little drink?
    • No_6
    • By No_6 29th Jan 17, 10:53 PM
    • 640 Posts
    • 129 Thanks
    No_6
    I still think someone deleted my text ?
    or my key board has been hacked
    • Kernel Sanders
    • By Kernel Sanders 30th Jan 17, 4:04 PM
    • 3,294 Posts
    • 1,336 Thanks
    Kernel Sanders
    I still think someone deleted my text ?
    or my key board has been hacked
    Originally posted by No_6
    A keyboard can't be 'hacked' AFAIK!
    It's not unusual for text to go missing (especially when replying) when on this forum in my experience.
    I'd link to it but unfortunately I'm too new to post links....

    http://www.fasterpayments.org.uk/about-us/transaction-limits
    Originally posted by continuity
    You joined 12 years ago!
    Last edited by Kernel Sanders; 30-01-2017 at 4:08 PM.
    #JeSuisCharlie
    • badger09
    • By badger09 30th Jan 17, 5:43 PM
    • 6,002 Posts
    • 5,357 Thanks
    badger09

    You joined 12 years ago!
    Originally posted by Kernel Sanders
    Its the number of posts, not the length of forum membership, which determines when a user can post links
    • continuity
    • By continuity 31st Jan 17, 9:06 AM
    • 13 Posts
    • 5 Thanks
    continuity
    A keyboard can't be 'hacked' AFAIK!
    It's not unusual for text to go missing (especially when replying) when on this forum in my experience.

    You joined 12 years ago!
    Originally posted by Kernel Sanders
    Theoretically you can hack a bluetooth or wireless keyboard, but yeah, that'd be a lot of effort to go to just to screw up an MSE forum post.

    And yes, 12 years but only 9 posts so I couldn't include a link. Fortunately as that was my 10th post I could then edit it to add the link in. :-)
    • No_6
    • By No_6 1st Feb 17, 10:43 PM
    • 640 Posts
    • 129 Thanks
    No_6
    so my key board may be hacked....
    just thinking about all my online bank accounts.

    22 or MORE accounts to change passwords etc




    going to be busy !!!
    • agrinnall
    • By agrinnall 2nd Feb 17, 9:01 AM
    • 20,335 Posts
    • 16,088 Thanks
    agrinnall
    so my key board may be hacked....
    just thinking about all my online bank accounts.

    22 or MORE accounts to change passwords etc




    going to be busy !!!
    Originally posted by No_6
    I'd say it's about a thousand times more likely that somebody has broken your MSE password than that your keyboard has been hacked, and a million times more likely that you posted when under the influence and don't remember what you did
    • robmar0se
    • By robmar0se 13th Mar 18, 10:35 PM
    • 1,288 Posts
    • 732 Thanks
    robmar0se
    Can anyone answer this, the Natwest limit for Faster payments is £20k per day. Is this oer account or per individual?

    As an aside the Faster payments limit should always be set at or higher than the ISA annual limit, currently £20k Yes?
    • YorkshireBoy
    • By YorkshireBoy 13th Mar 18, 11:08 PM
    • 30,157 Posts
    • 18,015 Thanks
    YorkshireBoy
    Can anyone answer this, the Natwest limit for Faster payments is £20k per day. Is this oer account or per individual?
    Originally posted by robmar0se
    Answered on their website isn't it?...

    https://supportcentre.natwest.com/Searchable/913208362/What-are-the-payment-limits.htm
    As an aside the Faster payments limit should always be set at or higher than the ISA annual limit, currently £20k Yes?
    No. Why do you think it should?
    • Ballard
    • By Ballard 13th Mar 18, 11:19 PM
    • 1,853 Posts
    • 1,627 Thanks
    Ballard
    To be fair to "Pincher" there used to be something called "special clearance" and solicitors would take cheques on that basis with faster clearance. However when it became known that all you were getting for your fee was them posting it first class back to the issuing bank rather than it going second class, and that it was still subject to the then random vagaries of the clearance system (pre 2-4-6) most firms stopped accepting cheques on that basis. Once 2-4-6 came in it became irrelevant. Prior to that it was a nightmare - you could wait a week, assume it was cleared and then get it bounced because there was no defined point at which it was "safe". Now at least the rules mean that by day 6 if it hasn't bounced it can't be.
    Originally posted by WestonDave
    Special clearance was a bit more than that. Your bank would contact the drawers bank and ask whether the drawer had sufficient funds in their account and whether the cheque was valid. They would give an answer whether or not it would clear. Itís obviously been ages since Iíve handled one but if memory serves me right once they said that it would clear then it would definitely clear. It didnít clear faster but there was a higher level of certainty.
    I got a letter from the government the other day. I opened it and read it. It said they were suckers.
    • GOOGLE1901
    • By GOOGLE1901 23rd May 18, 11:04 AM
    • 1 Posts
    • 0 Thanks
    GOOGLE1901
    I cannot believe anyone would use Faster Payments for large amounts (greater than £20,000). It's equivalent to handing over cash with little/no comeback? If you make a mistake (or hoodwinked!) then say goodbye to ....upto £100,000? I suggest we be thankful banks apply a limit ....it might help limit our loss?

    With a CHAPS payment the transaction is based on customer instruction so should provide a further level of security. And if any issue liability could be with the Bank?
    • nev.obrady
    • By nev.obrady 21st Jun 18, 1:29 PM
    • 1 Posts
    • 0 Thanks
    nev.obrady
    MSE is correct, actually
    MSE has its fact completely correct. My mother-in-law has just been told, in her TSB branch, that to transfer £90k to my TSB current account, she would have to pay £30.

    I have advised her to insist on faster payments (several if necessary as I cannot find the TSB limits anywhere).

    The banks should be advising their customers on the best and cheapest way to manage their accounts. They should not be taking advantage of elderly customers who are not familiar with all of the services available to them.
    • Zanderman
    • By Zanderman 21st Jun 18, 1:38 PM
    • 1,600 Posts
    • 4,135 Thanks
    Zanderman
    For anyone looking at this thread because of today's post, bear in mind it is 4 years old!
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