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longtomsilver2

Whose Money Is It Anyway?

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Happy new year everyone.

As we have maxed out our pension contributions for the financial year I thought I'd take advantage of this years (2014) 10% overpayment facility on the mortgage plus a little more that's built up in my current account. A small six figure sum.

The payment was declined by my bank (mortgage company different) so I called them as advised and they basically told me I have a maximum daily withdrawal allowance. I asked what that limit was and they refused to tell me ostensibly for security reasons. I said that's OK as I have passed telephone security with them and it is my money after all can I now make the payment with the mortgage company and they told me quite firmly NO, I asked about making a smaller payment and again NO and then asked about making the payment tomorrow instead and again NO further driving up my blood pressure by the bank repeating the line This is for your security.

A maximum daily withdrawal limit is news to me.

No chance of a bank run then.

Rant over!

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Happy new year everyone.

As we have maxed out our pension contributions for the financial year I thought I'd take advantage of this years (2014) 10% overpayment facility on the mortgage plus a little more that's built up in my current account. A small six figure sum.

The payment was declined by my bank (mortgage company different) so I called them as advised and they basically told me I have a maximum daily withdrawal allowance. I asked what that limit was and they refused to tell me ostensibly for security reasons. I said that's OK as I have passed telephone security with them and it is my money after all can I now make the payment with the mortgage company and they told me quite firmly NO, I asked about making a smaller payment and again NO and then asked about making the payment tomorrow instead and again NO further driving up my blood pressure by the bank repeating the line This is for your security.

A maximum daily withdrawal limit is news to me.

No chance of a bank run then.

Rant over!

I would have told them that I wished to close the account. After telling them what useless f***wits they were! Luckily, I've never had a major problem like this.

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I would have told them that I wished to close the account. After telling them what useless f***wits they were! Luckily, I've never had a major problem like this.

I felt completely powerless and was for me unusually silent, spiffingly so. I have another bank account with another provider and will quietly shift my business to there.

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A lot of accounts are instant access until you try and draw a few hundred pound out. I wanted £3k to buy a 2nd hand car during the Northern Rock times. Nationwide said no the limit is £500.

If you want to pay down the mortgage write a cheque to yourself and present it to the mortgage company. I paid mine off just before Xmas and basically just wrote a cheque to my mortgage account for the amount outstanding.

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You tried to shift £100k in an everyday banking payment?

Sounds like their anti money laundering policies have been brought into play

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What you could do is write a covering letter to your bank manager expressing your intentions and tabulating sufficient financial detail to show that you are operating above board and not either dodging tax illegally, laundering money or committing some other kind of fraud

Then they may let the transaction go through if you ask them nicely at the end of the letter

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