What's new
By:
Pinball info

Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Bank Account ********.....

johnwhitfield

johnwhitfield

Site Supporter
10 Years
Joined
Jul 21, 2011
Messages
4,453
Location
new cross
I've had my current account with Virgin One for well over 20 years and not really had any problems. Then last week a message popped up on their website saying that they would no longer authorise payments of over £1000. WTF:eek:

It looks like I can still pay by direct debits etc for larger amount but can no longer make payments for over a grand. I talked to them on the phone and they've confirmed that they've restricted all payments and if I want to pay over a grand I have to do it in multiple payments.:mad:

Given almost all pins are now over the 1k mark this has ****ed me off. I really don't want to make 4+ payments if I'm lucky enough to find a pin I want to buy and I'm certain no seller is really going to want to be paid in instalments over a couple of days.

Has anyone else experienced this? It's like dealing with the limit on cashpoint withdrawals.

I'm now shifting my bank account which is a real PITA but don't want to end up with another bank who might also impose a payment cap.

Someone once told me that HSBC ask why you want to take money out everytime you make a large withdrawal. Is this true? I really don't think they would appreciate my stock return of "To spend on hookers and cocaine"

I think the thing that really annoyed me is they tried saying the restrictions were for my benefit - grrrr.
 
HSBC used to, but don't anymore. I asked them about it last time I withdrew some pin cash but they're not fussed for infrequent withdrawals below 10k anymore.

I gather it's branch managers discretion so ymmv.

Nosey bastards I say...!!
 
i can do 30k a day and thats not been enough in the last week! 1k, wtf!
 
It's pretty easy to move bank accounts these days. Pretty sure all your direct debits follow the move.
 
Glad it's not just me that thinks this sucks. I'm not too worried about moving my account. Hopefully the direct debits will get automatically switched. I'm more ****d off that I'll need to change all the payments going into the account. There's lot of tiny amounts from old royalty streams that get paid in at very irregular times, so I'll have to contact all of these people and get them to change their payment details. Ideally I'd leave my existing current account open but I think with the switching service it then automatically gets it shut down.

I'm also going to have fun with Scottish Widows. I can't make payments into my SW account, I need to contact them and authorise them to draw the money out of my account. Honestly, it's like going back to the 70s, they are even closed at weekend and early one weekday. I shudder to think of how they will cope with a change of bank account.
 
Whilst we are having a Rant about Banks and cards etc.....

Some companies really **** me off. Ordered an item in the USA whilst my parents are there.... For shipping to them to bring back... Payment Made.... All Authorised from my end no problems.... However they refuse to accept it because THEIR stupid system wont allow me to put the Billing address as UNITED KINGDOM. The fact that i spoke with my card issuer and they have AUTHORISED payment, and that the card company is aware doesnt matter.

Whilst we have worldwide payment no problems, Some companies really need to update their POLICIES..!!!

I'm now off to Rant some more. Thanks for listening!
 
johnwhitfield said:
Someone once told me that HSBC ask why you want to take money out everytime you make a large withdrawal. Is this true?
Click to expand...

Not quite true. I'm with HSBC. Last year I bought a NIB, a massive payment compared to my usually small transactions.

HSBC refused payment until they had contacted me. But they didn't want to know what the payment was for, they just wanted me to authorise it.

And I'm glad they do this. Money moves quick and when it's gone, it's gone. I want a bank that, when they see an unusually large payment, check with me that it's OK.
 
JWG9999 said:
Not quite true. I'm with HSBC. Last year I bought a NIB, a massive payment compared to my usually small transactions.

HSBC refused payment until they had contacted me. But they didn't want to know what the payment was for, they just wanted me to authorise it.

And I'm glad they do this. Money moves quick and when it's gone, it's gone. I want a bank that, when they see an unusually large payment, check with me that it's OK.
Click to expand...
My credit card company (Capital One) do this. I always buy expensive items on the card for the extra cover even if I don't need to. When I bought my TV last year they rang me before I had left the shop. Good stuff.
 
No problems with TSB. They always ask what it's for (in a conversational way) when making a large cash withdrawal but suspect they're trained to do so to highlight potential money laundering. @stoptap has the best response anyway !

Just move banks, £1K is a joke. Think some give you £100 in your account when you switch too.
 
Last time I had an issue was trying to pay for pin out of my ISA - which has a very low amount before they stop the transaction (similiar, 1K or so). I was told though my current account I can move up to 250k out of it in one go before they will put a stop on that, this is Barclays fyi.

Shall I call up my men in Zurich and have them move my money around? :rofl:
 
I've never had a problem with Natwest. Able to make payments whenever I want without issue.
They did flag up that there was unusual payments while I was on holiday in The Gambia and wanted my authorisation, but they didn't actually stop the payments. You can now go online and put in dates you will be on holiday and in what country to basically pre-authorise payments in a foreign country.

Would certainly recommend Natwest. As for swapping over Direct Debits, Standing Orders etc. I believe they sort all of that out for you - in a similar way that a new phone provider sorts everything out as well. Simples
 
As Steve said its not your money at the end of the day. Its the banks.
 
This is a red flag to get your money out.

Means that even they are terrified about their (lack of) capitalisation.

I highly recommend Svenska Handelsbanken.
 
Been with the NatWest since I was a young lad :rolleyes:
Had no problem until the last few years when thay said I needed a card reader, but all good Know:clap:
 
Still haven't got my **** in gear:oops: I know I need to move but Christmas is a PITA to start changing work payments round. Guess I won't be buying any new games until Jan now. Been with the bank for 20 years. Don't mind having a occasional payment put on hold if it looks dodgy but 1k is taking the ****.
 
You must log in or register to reply here.
Back
Top Bottom