Cash withdrawal restricted...but it's my money!
Discussion
Yesterday I was trying to get some cash out, first I tried the ATM, now I used to be able to withdraw £500 per day......that it seems has been changed to £300 per day...without any notice by my bank the Nationwide.
Along I went to the branch to withdraw cash directly from the teller..... 'I'd like to withdraw £X please says I' ...sorry sir the maximum you can withdraw in a single day is £500. 'Since when' says I, oh we've bought this in recently came the reply.
I then had a conversation with the teller along these lines.....i) it's my money, there is several times the amount I wanted to withdraw in the account so why can't I have access to it? ii) No one ever told me as a customer that this rule was being implemented why not? The teller had no satisfactory answer to either.
Now this came as quite a shock to me, I cannot get access to my own money from the Nationwide in cash form other than by going along each day and withdrawing £500 per day over a period of time, even if I go along with ID to the branch.
Why? Is this a government initiative to restrict the amount of cash in the monetary system as cash cannot be traced once the banks have handed it over?
Along I went to the branch to withdraw cash directly from the teller..... 'I'd like to withdraw £X please says I' ...sorry sir the maximum you can withdraw in a single day is £500. 'Since when' says I, oh we've bought this in recently came the reply.
I then had a conversation with the teller along these lines.....i) it's my money, there is several times the amount I wanted to withdraw in the account so why can't I have access to it? ii) No one ever told me as a customer that this rule was being implemented why not? The teller had no satisfactory answer to either.
Now this came as quite a shock to me, I cannot get access to my own money from the Nationwide in cash form other than by going along each day and withdrawing £500 per day over a period of time, even if I go along with ID to the branch.
Why? Is this a government initiative to restrict the amount of cash in the monetary system as cash cannot be traced once the banks have handed it over?
timmy30 said:
Why? Is this a government initiative to restrict the amount of cash in the monetary system as cash cannot be traced once the banks have handed it over?
But don't forget it is also for your own protection should your card and details have been stolen.
>> Edited by Rude-boy on Friday 26th August 10:37
It must just be your bank. I believe they have to notify HM Gov't if you take out more than £10K. With my bank it just takes a phone call and 24 hours notice and you can have as much as you like. When I asked about withdrawing a large amount to buy a new car they told me they don't have that much cash on the premises and have to order it in 
Rude-boy said:
Why? Is this a government initiative to restrict the amount of cash in the monetary system as cash cannot be traced once the banks have handed it over?
But don't forget it is also for your own protection should your card and details have been stolen.
>> Edited by Rude-boy on Friday 26th August 10:37
A scamster is very unlikely to go into a branch covered in cctv cameras though, also I provided driving liscense as evidence and my signature, if they had asked I would happily have answered security questions such as naming a DD setup on my account, my OD limit etc.
This is not what they said, just that there is a blanket limit on cash withdrawals,I could have had it as a draft, or an electronic transfer, but not cash, if I want to withdraw £5000 of my own money in cash, surely that's my business? Btw it was alot less than £5k I wanted, btu still why shouldn't I?
And before anyone says I would quite happily have agreed to come back the day after to pick up the cash had they said they needed to arrange for it.
A bank can change its T&C's if it wishes, as long as it informs the customer. In some cases this may be small print on the back of a statement, although I seem to recall they can actually do it via poster or advertising.
As said before, the case withdrawal limit on the ATM is there to help combat fraud. As someone who had their card cloned, I wish mine had only had a £300 limit - would have saved me a lot of grief. (and bear in mind both my parents workin gin the banking industry, so I am pretty astute to how it all works, but my details were copied manually to another card).
The bank will allow you to withdraw as much as you wish - although they may insist on certain amounts of ID to help prove who you are. Just because you have the card and cheque book doesn't mean you are the owner - consider it from their perspective.
Reading your post, it occurs to me that you got a bit agressive with the cashier... assuming you did, I'm not surprised they didn't want to help...
As said before, the case withdrawal limit on the ATM is there to help combat fraud. As someone who had their card cloned, I wish mine had only had a £300 limit - would have saved me a lot of grief. (and bear in mind both my parents workin gin the banking industry, so I am pretty astute to how it all works, but my details were copied manually to another card).
The bank will allow you to withdraw as much as you wish - although they may insist on certain amounts of ID to help prove who you are. Just because you have the card and cheque book doesn't mean you are the owner - consider it from their perspective.
Reading your post, it occurs to me that you got a bit agressive with the cashier... assuming you did, I'm not surprised they didn't want to help...
Podie said:
A bank can change its T&C's if it wishes, as long as it informs the customer. In some cases this may be small print on the back of a statement, although I seem to recall they can actually do it via poster or advertising.
As said before, the case withdrawal limit on the ATM is there to help combat fraud. As someone who had their card cloned, I wish mine had only had a £300 limit - would have saved me a lot of grief. (and bear in mind both my parents workin gin the banking industry, so I am pretty astute to how it all works, but my details were copied manually to another card).
The bank will allow you to withdraw as much as you wish - although they may insist on certain amounts of ID to help prove who you are. Just because you have the card and cheque book doesn't mean you are the owner - consider it from their perspective.
Reading your post, it occurs to me that you got a bit agressive with the cashier... assuming you did, I'm not surprised they didn't want to help...
Ive been the vivtim of id theft over the last couple of years and the problems it has caused me has been unbelievable.. I now have to provide passport and DL just to take a cr4p, which is nice
Hey, it can get even more difficult to pay money in!
I went to one branch of a well known "building bank" with my daughters savings (lots of coins, but all bagged up correctly) to pay it into her savings account and was subjected to a tirade from the cashier on how I was only allowed to pay in three bags of change a day, after which she stuffed a piece of paper through her window detailing their new terms and conditions.
No doubt I am in the wrong here, but after careful consideration of the aforementioned document I felt the need the draw the cashier's attention to the small print that detailed the exceptions of their new policy, particularly the one relating to childrens savings account and then cordially invited her to "DO HER F
G JOB! As I hardly look like my forenames are Luci and Alice" 
I went to one branch of a well known "building bank" with my daughters savings (lots of coins, but all bagged up correctly) to pay it into her savings account and was subjected to a tirade from the cashier on how I was only allowed to pay in three bags of change a day, after which she stuffed a piece of paper through her window detailing their new terms and conditions.
No doubt I am in the wrong here, but after careful consideration of the aforementioned document I felt the need the draw the cashier's attention to the small print that detailed the exceptions of their new policy, particularly the one relating to childrens savings account and then cordially invited her to "DO HER F
G JOB! As I hardly look like my forenames are Luci and Alice" Liszt said:
I'd have closed the account there and then and go open one with a bank that will be more forthcoming.
Yup
that's what I'm doing..... although I'll keep the account open incase they demtualise I'm going to move to Citibank. Where I can have a £/$/Eur account. And no silly sodding questions. 
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