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TheCountOfNowhere

Tesco Bank....

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"Sorry, your request has failed because you have reached your limit for transfers."

Tryng to empty the account account due to terrible rate but not only is it restricting me to 10K a day withdrawal, it also limits me to making 4 requests for subsequent withdrawals.

I'd steer clear of this lot in future.

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"Sorry, your request has failed because you have reached your limit for transfers."

Tryng to empty the account account due to terrible rate but not only is it restricting me to 10K a day withdrawal, it also limits me to making 4 requests for subsequent withdrawals.

I'd steer clear of this lot in future.

Opened an account recently, closed it literally 2 weeks later, getting through security was like getting logged on to Obama`s personal lap top, they send out little codes for everything and ask about 15 security questions every time you want to fart.

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Probably a £10K limit as a security measure? So you don't get cleaned out in 1 day if account compromised?

Just want to make people aware you should always ensure the payee Sort Code and Account Number is correct, with online banking. I'm probably going to insist on seeing paperwork if I ever have to make a payment to someone in the future via online banking.

I had a few days of concern a few weeks ago (£800 paid via internet banking), with a relative making a mistake with a digit of her sort-code when she gave it to me. Fortunately there was no account in existence, and it bounced back after a few days. If there had been an account associated with that sort-code, it could have been very difficult, or even impossible to get the monies back.

http://ask.barclays.co.uk/premier/online_banking/paid_wrong_account

http://www.theguardian.com/money/2013/may/20/wrong-sort-code-strangers-account

http://www.theguardian.com/money/2005/nov/15/consumernews.consumeraffairs

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Probably a £10K limit as a security measure? So you don't get cleaned out in 1 day if account compromised?

Just want to make people aware you should always ensure the payee Sort Code and Account Number is correct, with online banking. I'm probably going to insist on seeing paperwork if I ever have to make a payment to someone in the future via online banking.

I had a few days of concern a few weeks ago (£800 paid via internet banking), with a relative making a mistake with a digit of her sort-code when she gave it to me. Fortunately there was no account in existence, and it bounced back after a few days. If there had been an account associated with that sort-code, it could have been very difficult, or even impossible to get the monies back.

http://ask.barclays.co.uk/premier/online_banking/paid_wrong_account

http://www.theguardian.com/money/2013/may/20/wrong-sort-code-strangers-account

http://www.theguardian.com/money/2005/nov/15/consumernews.consumeraffairs

Yes, we always get something in writing before bank transfers are made to a new payee for the first time at work. I would say the odds of getting it returned with incorrect details to a bank, that isn't your own, is much worse than 50/50. Administrative staff that supplied the incorrect details have lost their jobs where large sums were involved. There is always a risk they may be operating a scam as well.

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Yes, we always get something in writing before bank transfers are made to a new payee for the first time at work. I would say the odds of getting it returned with incorrect details to a bank, that isn't your own, is much worse than 50/50. Administrative staff that supplied the incorrect details have lost their jobs where large sums were involved. There is always a risk they may be operating a scam as well.

I always transfer a £1 first to make sure it works properly with a new payee.

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I always transfer a £1 first to make sure it works properly with a new payee.

Good idea. I'll remember that one. Thanks. :)

Edited by Frank8

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Probably a £10K limit as a security measure? So you don't get cleaned out in 1 day if account compromised?

Just want to make people aware you should always ensure the payee Sort Code and Account Number is correct, with online banking. I'm probably going to insist on seeing paperwork if I ever have to make a payment to someone in the future via online banking.

I had a few days of concern a few weeks ago (£800 paid via internet banking), with a relative making a mistake with a digit of her sort-code when she gave it to me. Fortunately there was no account in existence, and it bounced back after a few days. If there had been an account associated with that sort-code, it could have been very difficult, or even impossible to get the monies back.

http://ask.barclays....d_wrong_account

http://www.theguardi...rangers-account

http://www.theguardi...consumeraffairs

with my on lie accounts the payee is confirmed by the Bank before I authorise the payment finally.

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Probably a £10K limit as a security measure? So you don't get cleaned out in 1 day if account compromised?

The £10k limit is a supposed 'anti money laundering' measure. If you want to transfer more than that in one go, you have to speak with the bank and tell them for what purpose you are moving your own 'money' (well, bank credit that is). The bank then notes it to be provided to the authorities in the event that they want to know in the future, don't know if they can refuse you if they deem it suspicious at the time.

If you are using online banking, you can't do this so it's effectively a hard limit. Branch/telephone it can be done, then it's 'just' an invasion of what little privacy the average person still has.

Something to consider in the event of a bank run - if you have more than 10k in an account then getting it all out in a timely manner via online banking may be very tricky indeed.

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The £10k limit is a supposed 'anti money laundering' measure. If you want to transfer more than that in one go, you have to speak with the bank and tell them for what purpose you are moving your own 'money' (well, bank credit that is). The bank then notes it to be provided to the authorities in the event that they want to know in the future, don't know if they can refuse you if they deem it suspicious at the time.

If you are using online banking, you can't do this so it's effectively a hard limit. Branch/telephone it can be done, then it's 'just' an invasion of what little privacy the average person still has.

Something to consider in the event of a bank run - if you have more than 10k in an account then getting it all out in a timely manner via online banking may be very tricky indeed.

They were quite happy to accept the money all in one chunk, they were quit happy to set up the "linked" account and accept my British government documentation to say I am who I am, I'v gon through the security process, they've even text me a special code....but they wont give me back my money when I need it.

Tesco bank....I wont use it again.

Edited by TheCountOfNowhere

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It restricting me to 10K a day withdrawal, it also limits me to making 4 requests for subsequent withdrawals.

Aye, been through that, you just have to schedule up 4 transfers on different days and then come back and do it again 4 days later. Pain in the **** indeed. And now the rate is 0.75%, they're not trying to be competitive. Birmingham Midshires is not a bad place to go.

Tesco Mobile is another of Tesco service which isn't all it could have been, the online management stuff is too broken. I just switched to giffgaff, which seems marvelous.

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Probably a £10K limit as a security measure? So you don't get cleaned out in 1 day if account compromised?

Just want to make people aware you should always ensure the payee Sort Code and Account Number is correct, with online banking. I'm probably going to insist on seeing paperwork if I ever have to make a payment to someone in the future via online banking.

I had a few days of concern a few weeks ago (£800 paid via internet banking), with a relative making a mistake with a digit of her sort-code when she gave it to me. Fortunately there was no account in existence, and it bounced back after a few days. If there had been an account associated with that sort-code, it could have been very difficult, or even impossible to get the monies back.

http://ask.barclays.co.uk/premier/online_banking/paid_wrong_account

http://www.theguardian.com/money/2013/may/20/wrong-sort-code-strangers-account

http://www.theguardian.com/money/2005/nov/15/consumernews.consumeraffairs

I had a similar problem - made an online transfer to a friend's account to pay my share of a holiday - only it didn't end up in his account - it went to an entirely different sort code and account number (no similarity to the account number or sort code I typed in) which happened to be "an internal use only account" at NatWest (was trying to pay someone with a Co-op account). As far as I am aware to this day NatWest have never refunded the money and refused to do so - my own bank gave me a "Goodwill" refund of the full amount because they could see that something really fishy had happened. This was all a few days before the big NatWest computer fiasco last year :ph34r::ph34r::ph34r:

Make of that what you will.................

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They were quite happy to accept the money all in one chunk, they were quit happy to set up the "linked" account and accept my British government documentation to say I am who I am, I'v gon through the security process, they've even text me a special code....but they wont give me back my money when I need it.

Tesco bank....I wont use it again.

Check they paid you enough interest.

I had an account there and the interest was way short so I queried it. They admitted they hadn't paid enough and said it was due to staff errors keying in monthly bonuses.

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Probably a £10K limit as a security measure? So you don't get cleaned out in 1 day if account compromised?

Just want to make people aware you should always ensure the payee Sort Code and Account Number is correct, with online banking. I'm probably going to insist on seeing paperwork if I ever have to make a payment to someone in the future via online banking.

I had a few days of concern a few weeks ago (£800 paid via internet banking), with a relative making a mistake with a digit of her sort-code when she gave it to me. Fortunately there was no account in existence, and it bounced back after a few days. If there had been an account associated with that sort-code, it could have been very difficult, or even impossible to get the monies back.

http://ask.barclays.co.uk/premier/online_banking/paid_wrong_account

http://www.theguardian.com/money/2013/may/20/wrong-sort-code-strangers-account

http://www.theguardian.com/money/2005/nov/15/consumernews.consumeraffairs

i thought that bank accounts had self correcting codes to 2 or 3 digits at least. im no maths geek but no 2 bank account numbers can have only 1 digit that is different. they may appear random but they are not, they are in code as far as Im aware

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They were quite happy to accept the money all in one chunk, they were quit happy to set up the "linked" account and accept my British government documentation to say I am who I am, I'v gon through the security process, they've even text me a special code....but they wont give me back my money when I need it.

Tesco bank....I wont use it again.

Well my own bank was the same - no problem with deposits >10k but I was unable to electronically transfer more than 10k at a time out, plus when I went to the branch on another occasion to transfer a >10k sum by CHAPS I was asked what it was for.

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The £10k limit is a supposed 'anti money laundering' measure. If you want to transfer more than that in one go, you have to speak with the bank and tell them for what purpose you are moving your own 'money' (well, bank credit that is). The bank then notes it to be provided to the authorities in the event that they want to know in the future, don't know if they can refuse you if they deem it suspicious at the time.

If you are using online banking, you can't do this so it's effectively a hard limit. Branch/telephone it can be done, then it's 'just' an invasion of what little privacy the average person still has.

Something to consider in the event of a bank run - if you have more than 10k in an account then getting it all out in a timely manner via online banking may be very tricky indeed.

Doubt it Nat West allow me to move £20,000 in one go.

In true HPC fashion any bank requests for info on what the money is to be used for would be met with the stock reply....

Beer, kebabs and hookers.

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They were quite happy to accept the money all in one chunk, they were quit happy to set up the "linked" account and accept my British government documentation to say I am who I am, I'v gon through the security process, they've even text me a special code....but they wont give me back my money when I need it.

Tesco bank....I wont use it again.

On the one hand, given how utterly terrible the general public tend to be with things like passwords (my mum keeps a diary in her handbag with all of her usernames and passwords, despite my many speeches) I can actually sort of agree with it*.

On the other hand, I doubt most people in that situation keep their money in anything other than a non-interest-paying current account, nor would they have more than £10k that they would want to move around.

* I understand Tesco pretty much want prior warning of when they are going to lose control of £10k+ but their excuse to the withdrawer would be "security"

i thought that bank accounts had self correcting codes to 2 or 3 digits at least. im no maths geek but no 2 bank account numbers can have only 1 digit that is different. they may appear random but they are not, they are in code as far as Im aware

Sort of

http://en.wikipedia.org/wiki/Check_digit

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Guest eight

i thought that bank accounts had self correcting codes to 2 or 3 digits at least. im no maths geek but no 2 bank account numbers can have only 1 digit that is different. they may appear random but they are not, they are in code as far as Im aware

Edit - scratch that. I really should read all the posts before I reply.

Edited by eight

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"Sorry, your request has failed because you have reached your limit for transfers."

Tryng to empty the account account due to terrible rate but not only is it restricting me to 10K a day withdrawal, it also limits me to making 4 requests for subsequent withdrawals.

I'd steer clear of this lot in future.

The 10k limit is a standard AML thing. It's the same for all my online accounts with various different providers.

If you're trying to empty your account the simplest thing is to just close it. Then they'll transfer the job lot into another account.

As an aside tesco rate doesn't look too bad to me. 1.5% instant access is better than most these days....

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Doubt it Nat West allow me to move £20,000 in one go.

In true HPC fashion any bank requests for info on what the money is to be used for would be met with the stock reply....

Beer, kebabs and hookers.

A shotgun and a hacksaw?

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Doubt it Nat West allow me to move £20,000 in one go.

In true HPC fashion any bank requests for info on what the money is to be used for would be met with the stock reply....

Beer, kebabs and hookers.

...and the rest i will waste investing in property :P

Edited by TheCountOfNowhere

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I do not know if this is relevant, but I will post it here as I have not found a better thread...

I have started salting money away into PMs, withdrawing in stages from my bank account (Citi). I know that if I make a transfer at 4 pm, it will be through a midday in the next place by midday the next day but one.

But today, when I made the transfer at 3 pm, I was told that "sorry, this transaction will only be made tomorrow, do you still want to go ahead?" (I said "yes").

Also, for the first time as far as I can see, a note has appeared on the screen about limitations on the sizes that can be sent at one go. I fit into that size, but only because I have Citigold status.

I have noted the rumours about Chase Morgan limiting movements, talk of EU banks imposing a "wealth tax". I do not think there is anything necessarily impending right this month, but I think it pays to think ahead, should controls be introduced - as I think they must be eventually be... :unsure:

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I do not know if this is relevant, but I will post it here as I have not found a better thread...

I have started salting money away into PMs, withdrawing in stages from my bank account (Citi). I know that if I make a transfer at 4 pm, it will be through a midday in the next place by midday the next day but one.

But today, when I made the transfer at 3 pm, I was told that "sorry, this transaction will only be made tomorrow, do you still want to go ahead?" (I said "yes").

Also, for the first time as far as I can see, a note has appeared on the screen about limitations on the sizes that can be sent at one go. I fit into that size, but only because I have Citigold status.

I have noted the rumours about Chase Morgan limiting movements, talk of EU banks imposing a "wealth tax". I do not think there is anything necessarily impending right this month, but I think it pays to think ahead, should controls be introduced - as I think they must be eventually be... :unsure:

The "wealth tax" in the UK is ongoing. current around 3-5 % p.a.

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