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TheCountOfNowhere

Halifax Limiting Withdrawls ?

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Your payment is under review

We're sorry, but we're reviewing your payment to XXXXXXXX for £10,000.00 and can't complete it at the moment.

Disgraceful

Edited by TheCountOfNowhere

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Almost certainly fraud checks. I've had this before with First Direct - the team that do the checking are Mon-Fri 9-5, so your payment will probably be stuck waiting until tomorrow morning.

Yes, on the phone to them now, it's for fraud protection.

The irony is not lost on me.

The thing is, they are making me jump through hoops. I've gone through security twice now and after an extra check

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Im now not able to put transfers in for SUBSEQUENT DAYS because i've used TODAYS limit !!!!!!

I will be closing my accounts.

Nothing says more to be "BANK IN FINANCIAL TROUBLE" than restricting access to peoples funds.

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I think all banks have to follow the same anti-money laundering checks for amounts > £10,000

so you can withdraw £9,999 every day, but above that you (and the bank) have to jump through hoops.

I don't think its about your security but about catching criminals who tend to be the people transferring large quantities of cash around.

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I don't think its about your security but about catching criminals who tend to be the people transferring large quantities of cash around.

Problem is both the law and the banks suffer from a sort of black sheep fallacy.

Just because some criminals transfer large lumps of wonga around does not at all mean that all people who transfer large lumps of wonga around are criminals.

I'm 100% behind anti-fraud protection (hell, it's *my* money). But the entire KYC, AML stuff is more about tax than it is crime. Of course, it's all wrapped in an appealing sales pitch about catching paedos, terrorists, drug barons, etc.

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I think all banks have to follow the same anti-money laundering checks for amounts > £10,000

so you can withdraw £9,999 every day, but above that you (and the bank) have to jump through hoops.

I don't think its about your security but about catching criminals who tend to be the people transferring large quantities of cash around.

Surely keeping large amounts in cash does not make you a criminal.

I have often transferred six figure sums between accounts without problem.

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Bank transfers (up to £100k via faster payments) have been 24/7 for quite a while now.

Sure but depends who youre sending it to.

If you are using Faster Payments to pay a bill you should check the recommended processing timescale with the organisation you are paying (this information can usually be found on the back of your bill or statement). This is because even though Faster Payments is available 24 hours a day, seven days a week, some organisations only process payments sent to them on weekdays.

http://www.fasterpayments.org.uk/consumers/benefits-faster-payments

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Surely keeping large amounts in cash does not make you a criminal.

I have often transferred six figure sums between accounts without problem.

But you don't have cash, until the point in time you ask them to convert your "bank credit" into physical cash.

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But you don't have cash, until the point in time you ask them to convert your "bank credit" into physical cash.

True, but most people tend to equate liquid funds with physical cash.

"Cash" ISAs are an example.

Or "cash buyers", meaning someone who doesn't need a mortgage. I wonder what an estate agent would say if a "cash buyer" arrived with ten thousand fifty pound notes.

Edited by Bruce Banner

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True, but most people tend to equate liquid funds with physical cash.

"Cash" ISAs are an example.

Or "cash buyers", meaning someone who doesn't need a mortgage. I wonder what an estate agent would say if a "cash buyer" arrived with ten thousand fifty pound notes.

Most people seem to equate nominal equity in an illiquid asset with liquid funds. Doesn't make it correct.

Try getting on a bus into town, see what the driver thinks of your liquid funds. You'll end up looking for a cash machine and catching the next bus.

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What if you are wanting to withdraw cash out from your own account at a branch where all the staff have known you for years?....would there be a problem then, as no fraud checks required. ;)

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Most people seem to equate nominal equity in an illiquid asset with liquid funds. Doesn't make it correct.

Try getting on a bus into town, see what the driver thinks of your liquid funds. You'll end up looking for a cash machine and catching the next bus.

Two lessons on the bleedin' obvious in one day, must be time for bed :rolleyes:.

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Anyone buying, selling or exchanging goods for cash (notes) above 5K are probably avoiding taxes, or avoiding recognition by HMRC..

Let me guess, you are under 30 and have no concept of personal privacy whatsoever, being part of the Xbox/Smartphone/NSA generation?

No telling when information can be used against you, "dragnet style" in a fashion it was never intended.

Edited by weaker

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Naionwide are the same. Your instant access account is only instant access as long as you don't want enough to buy a decent 3 piece suite. At which point it ceases to be instant access and becomes instant suspicion. If I was an oligarch they would fawn at my feet. As a 'hard working Brit' I'm obviously a money laundering crook. Just because most people labelled 'terrorist' are Moslem you can't assume that most Moslems are terrorists unless you are a Daily Mail lead writer.

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I had a similar thing with Halifax ages ago just after it took over my account from another BS, Leeds I think. I had several grand in my account & I wanted to withdraw a grand or so. They said, 'You need to speak to one of our advisors about this. We recommend that instead of withdrawing this money you take out a loan for the amount.' Ha! So I take out a loan and pay them interest on it when I have the money I want in my account? Pff. They can bugger off with that. Banksters!

Edited by Giordano Bruno

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Let me guess, you are under 30 and have no concept of personal privacy whatsoever, being part of the Xbox/Smartphone/NSA generation?

No telling when information can be used against you, "dragnet style" in a fashion it was never intended.

....anyway someone might live miles away from a bank or cash point, have no smartphone....might want to withdraw enough to use as spending money for a few months in cash, not as if you earn any interest on it anymore.......is that against the law now?

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