Bacs over £20k

Author
Discussion

Dixy

Original Poster:

2,921 posts

205 months

Tuesday 10th November 2015
quotequote all
Why are the banks so dam unhelpful, yet they still manage to loose gazilions to fraudsters.
Changing Mrs Dixys car, dealership I have dealt with for years, salesman said can I bacs it, sory 20k limit, so even if I do it in chunks would take several days. Can use a debit card but if it does not get chucked out I would be far from impressed so thaught I would give them a heads up. "No you can't do that sir". For fks sake how the hell am I meant to take my money and give it to them.

22

2,303 posts

137 months

Tuesday 10th November 2015
quotequote all
CHAPS

williaa68

1,528 posts

166 months

Tuesday 10th November 2015
quotequote all
As above - you can send same day by CHAPS. The bank will charge you - between £20 and £35 depending on bank.

GT03ROB

13,263 posts

221 months

Tuesday 10th November 2015
quotequote all
Dixy said:
Why are the banks so dam unhelpful, yet they still manage to loose gazilions to fraudsters.
Changing Mrs Dixys car, dealership I have dealt with for years, salesman said can I bacs it, sory 20k limit, so even if I do it in chunks would take several days. Can use a debit card but if it does not get chucked out I would be far from impressed so thaught I would give them a heads up. "No you can't do that sir". For fks sake how the hell am I meant to take my money and give it to them.
Any reason your bank gave for not being able to use debit card??

schmunk

4,399 posts

125 months

Tuesday 10th November 2015
quotequote all
williaa68 said:
As above - you can send same day by CHAPS. The bank will charge you - between £20 and £35 depending on bank.
Or for a similar price:


*Fletch*

289 posts

183 months

Wednesday 11th November 2015
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Sounds like you need a better bank. Many allow you to do a 100k faster payment BACS transfer online nowadays

forest07

669 posts

205 months

Wednesday 11th November 2015
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GT03ROB said:
Dixy said:
Why are the banks so dam unhelpful, yet they still manage to loose gazilions to fraudsters.
Changing Mrs Dixys car, dealership I have dealt with for years, salesman said can I bacs it, sory 20k limit, so even if I do it in chunks would take several days. Can use a debit card but if it does not get chucked out I would be far from impressed so thaught I would give them a heads up. "No you can't do that sir". For fks sake how the hell am I meant to take my money and give it to them.
Any reason your bank gave for not being able to use debit card??
+1 I've always used a debit card for dealer transactions and multiple BACs each upto 10k when purchasing a private sale.
I don't like paying bank charges.

counterofbeans

1,061 posts

139 months

Wednesday 11th November 2015
quotequote all
forest07 said:
I don't like paying bank charges.
Why do people expect to get their banking done for nothing?

throt

3,055 posts

170 months

Wednesday 11th November 2015
quotequote all
Paid for my 991GT3 using bacs. Ran through it with Santander Customer Service on the phone, no charge at all.

GT03ROB

13,263 posts

221 months

Wednesday 11th November 2015
quotequote all
forest07 said:
GT03ROB said:
Dixy said:
Why are the banks so dam unhelpful, yet they still manage to loose gazilions to fraudsters.
Changing Mrs Dixys car, dealership I have dealt with for years, salesman said can I bacs it, sory 20k limit, so even if I do it in chunks would take several days. Can use a debit card but if it does not get chucked out I would be far from impressed so thaught I would give them a heads up. "No you can't do that sir". For fks sake how the hell am I meant to take my money and give it to them.
Any reason your bank gave for not being able to use debit card??
+1 I've always used a debit card for dealer transactions and multiple BACs each upto 10k when purchasing a private sale.
I don't like paying bank charges.
I still don't get why the OP couldn't use a debit card. I've done it in dealers before no problem with substantial sums.

Dixy

Original Poster:

2,921 posts

205 months

Wednesday 11th November 2015
quotequote all
It is possible I can use a debit card but I would expect an amount of this size to be challenged, what I do not understand is why I can not pre arrange it.

Countdown

39,892 posts

196 months

Wednesday 11th November 2015
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Strange bank to have a £20k limit. How do their clients pay for stuff such as deposits on house purchases?

Large firms make hundreds of payments over £20k each year via BACS, some of the payments will be in millions.

GT03ROB

13,263 posts

221 months

Thursday 12th November 2015
quotequote all
Dixy said:
It is possible I can use a debit card but I would expect an amount of this size to be challenged, what I do not understand is why I can not pre arrange it.
OK with you. Any significant amount I've told the bank & they have said they would note it, but that could not guarantee that there would not be queries. Putting through amounts of up to 10k has never caused a query. I did 45k without notifying & that didn't cause a query either, just straight through. At 60k again without notifying it took about 20mins on the phone to the bank basically verifying I was the account owner, through various questions. The dealer didn't have a problem, said it was not unusual. So my experience is they won't refuse the amount but will take security steps to verify the transaction. this is with NatWest by the way.

JiggyJaggy

1,451 posts

140 months

Thursday 12th November 2015
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Can you not increase your limit? We increased our business limit for daily BACS and it was no hassle with HSBC.

forest07

669 posts

205 months

Thursday 12th November 2015
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counterofbeans said:
forest07 said:
I don't like paying bank charges.
Why do people expect to get their banking done for nothing?
No problem with my bank First Direct and their charges. I just don't pay for things I don't need to!

OP if you wish to pay by debit card it would be worth just advising your bank. When the transaction is made you normally have to answer a few security questions. One question is normally how long have you held the account.

Zoon

6,706 posts

121 months

Thursday 12th November 2015
quotequote all
counterofbeans said:
Why do people expect to get their banking done for nothing?
Maybe because the banks lend our money out at 100 times the interest rate they give us?

megapixels83

823 posts

151 months

Thursday 12th November 2015
quotequote all
What banks are we talking about here. Bacs upper limit is £100k and then each bank will have their own internal limits. I have sent £90k by bacs before. Most if not all high street banks can do same day faster payment now as well.

My parents bought a new car recently, £19k on a debit card and what was very weird my dad did not have to chip and pin it or sign anything from the pdq!

I bought a car earlier this year with my debit card and no issues

Stig

11,817 posts

284 months

Thursday 12th November 2015
quotequote all
Why not use faster payments? Depending on your bank/circumstance you can certainly do so for £20k if not more.

Dave_ST220

10,294 posts

205 months

Friday 13th November 2015
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Countdown said:
Strange bank to have a £20k limit. How do their clients pay for stuff such as deposits on house purchases?
Personal banking, CHAPS. I had no problem buying my car on debit card, I've still got the slip smile


Edited by Dave_ST220 on Friday 13th November 11:30