Mortgage transfer headache
Discussion
I have my money with bank A and my mortgage with bank B, B want to take the money via bank transfer, and asked me to clear it with the A bank to allow larger than normal transfers, normal thing apparently.
But bank A say thats not possible, they don't want to send the money unles I pay a chaps fee, or slowly drip feed the money.
Is there any easier way to do this? I’m trying to do this over the phone or internet as I’m not anywhere near a bank for a while, both banks have proved to be a serious pain to deal with and one is definitely on my never do business with them again list.
But bank A say thats not possible, they don't want to send the money unles I pay a chaps fee, or slowly drip feed the money.
Is there any easier way to do this? I’m trying to do this over the phone or internet as I’m not anywhere near a bank for a while, both banks have proved to be a serious pain to deal with and one is definitely on my never do business with them again list.
I’m going to try the cheque when i get home, being away from home and not remotely close to a bank is just making it spectacularly anoying, interest isn't an issue but the fact both banks are being dicks, claiming that the other will do this or that and neither doing that or this and being so unhelpful is just convinced me to be a dick too and not pay for any extra fees
The issue you’ll have on telephone or internet banking is they’ll use a bacs style transfer (or faster payment), these are recallable and are often subject to fraud. So the sending (and receiving bank) will have pre defined floor limits. Say 5k.
This covers acceptable losses to the bank (in the event that someone hacks your tele/ internet banking) and would not be an unreasonable amount as a one off payment to trigger additional know your customer and or money laundering checks.
I would suggest you have a look at the t&c on the mortgage documents to see how they prefer payment, however I would imagine that cheque would be preferred.
If the receiving bank is a clearing bank, you should be able to walk in and deposit the cheque as they should have a pre populated credit slip go which you would add the mortgage sub account number. You may even be able to to get one of these sent to you in advance.
Ideally if the amount you wish to send is greater than 5k, and you wish to send electronically a chaps is the only safe way to do it for you and the receiving bank. As they would have identified you, source of funds and any know your customer type stuff.
Also I would suggest you have copies of bank statements (where funds are being held) up to date ID passport etc and any supporting documention (if large amount) of proof of funds such as pension drawdown, isa cash in etc... as when cheque gets presented this will trigger security checks.
Once completed make a full complaint, in regards to distress and inconvenience and additional interest occurred, list every phone call to the half hour, and include any correspondence. The complaints team ( both if applicable) should see you right.
Best!
This covers acceptable losses to the bank (in the event that someone hacks your tele/ internet banking) and would not be an unreasonable amount as a one off payment to trigger additional know your customer and or money laundering checks.
I would suggest you have a look at the t&c on the mortgage documents to see how they prefer payment, however I would imagine that cheque would be preferred.
If the receiving bank is a clearing bank, you should be able to walk in and deposit the cheque as they should have a pre populated credit slip go which you would add the mortgage sub account number. You may even be able to to get one of these sent to you in advance.
Ideally if the amount you wish to send is greater than 5k, and you wish to send electronically a chaps is the only safe way to do it for you and the receiving bank. As they would have identified you, source of funds and any know your customer type stuff.
Also I would suggest you have copies of bank statements (where funds are being held) up to date ID passport etc and any supporting documention (if large amount) of proof of funds such as pension drawdown, isa cash in etc... as when cheque gets presented this will trigger security checks.
Once completed make a full complaint, in regards to distress and inconvenience and additional interest occurred, list every phone call to the half hour, and include any correspondence. The complaints team ( both if applicable) should see you right.
Best!
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