Silly limit when transferring money between accounts using Natwest

PeterNem

PeterNem

PeterNem

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Anyone have any idea why they would limit the amount you can transfer online to £99,999.99?

Mum just tried transferring 100k from her current account to e-savings and got told she couldnt (so she just did 1 p less instead and it was fine).

Obviously a set limit, I wonder why?
 
hmmmm whats the account number again? and the password :p

ill transfer the money to your other account... I promise! :)
 
PeterNem said:
Anyone have any idea why they would limit the amount you can transfer online to £99,999.99?

Mum just tried transferring 100k from her current account to e-savings and got told she couldnt (so she just did 1 p less instead and it was fine).

Obviously a set limit, I wonder why?
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100K!!!!! :eek:
does your mum own a big business or somthing???
 
Sounds like you're more interested in letting everyone know your mum just moved 100k between accounts then genuinely wanting to know why! As with most big transfers - banks are cautious before giving the go ahead!
 
It's probably a set feature for personal accounts. I'm sure if your mom was to have a business account then she would have the ability to transfer that amount of money.
 
PeterNem said:
Anyone have any idea why they would limit the amount you can transfer online to £99,999.99?

Mum just tried transferring 100k from her current account to e-savings and got told she couldnt (so she just did 1 p less instead and it was fine).

Obviously a set limit, I wonder why?
Click to expand...

If she needs to move that amount of money around in one go, talk to your bank. They'll get you onto an account that has prestige features.

No offence, but I can see a lot of people seeing this as a "my family is rich lol" thread.
 
Stab in the dark guess, it could be something to do with the money laundering regulations brought in a while back?
 
ElRazur said:
I think she runs a massage palour and a couple of escort agency... :D :eek:


**Runs off**
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lol, she works in a school office managing their finances (but I can assure you it's not related to that!).

And yes, I can see this coming across as a bragging thread but tha wasnt the intention, I have a genuine interest why this is.

100k is still a pretty high ammount to set a limit at, and if it is for fraud prevention reasons (rather than a technical limitation) I'd have thought they would have actually implmented a lower limit.
 
All bank accounts will likely have a maximum transfer figure attached to them before additional identification or instruction is required from the account holder. In the event of a fraudulent transaction being carried out, the bank will seek to limit their loss, hence the limit.

The limit will be set different on each account type, it's naturally high for a deposit account but much lower for a current account. A current account will tend to have lots of low(er) value transactions, therefore it would look suspicious if suddenly a high-value transaction was to appear without the bank expecting it.

Money laundering detection can sometimes work in this way, the bank will look at the account usage and any suspicious activity will be clarified with the account holder or investigated further by the bank.
 
I believe that the money laundering notification actually kicks in at 10k for most banks. At this point they will investigate and, if required, notify the authorities.

As far as I'm aware the 1p short of 100k thing is feature, as opposed to a bug, because of lazy programming. It was certainly a system restriction rather than policy at Abbey National when i was there.
 
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Talking about the 10k thing...had to verify my paypal data again as my paypal had passed the 10k mark total transferred and they had to check into it to comply with laundering laundering legislation.
 
I managed to transfer £30,000 into a nigerian bank account (for a nigerian prince in return for £50,000) from my natwest and that did it fine. Maybe its just your account.
 
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