Are banks being too nosey when buying cars?
Discussion
I have bought a lot of cars over the last 10 years. I'm not a dealer but have chopped and changed a lot and now buying for a family means a minimum of 2 cars being bought, owned and then sold and replaced which adds up to many transactions by itself, aside from being a car nut.
During this time I've been stopped from transferring the money to pay for the car on 3 occasions. Twice with private buyers and once to a dealer.
I've also had 2 hold-ups with buyers trying to buy cars off me, both with Santander.
First of all it's annoying that they do this. i.e. stop the payment. But when you phone them up to find out what is going on they want to know what you are buying, who you are buying it from and all that kind of guff. Most recently I was delayed by about 40 minutes attempting to buy a car with Barclays refusing the transaction in the first instance followed by Lloyds doing the same thing.
The worst of these was after taking a flight from London to Aberdeen to buy a car. It was a Sunday and Barclays said I would have to wait until office hours to have the problem resolved. So I kicked off and eventually they agreed to transfer the money... bearing in mind I had flown up in the morning intending to drive the car back they were going to cause me the time and expense of having to travel home empty handed.
I find this sort of thing extremely annoying. Does it happen to anybody else is it some reflection on the state of my finances?
During this time I've been stopped from transferring the money to pay for the car on 3 occasions. Twice with private buyers and once to a dealer.
I've also had 2 hold-ups with buyers trying to buy cars off me, both with Santander.
First of all it's annoying that they do this. i.e. stop the payment. But when you phone them up to find out what is going on they want to know what you are buying, who you are buying it from and all that kind of guff. Most recently I was delayed by about 40 minutes attempting to buy a car with Barclays refusing the transaction in the first instance followed by Lloyds doing the same thing.
The worst of these was after taking a flight from London to Aberdeen to buy a car. It was a Sunday and Barclays said I would have to wait until office hours to have the problem resolved. So I kicked off and eventually they agreed to transfer the money... bearing in mind I had flown up in the morning intending to drive the car back they were going to cause me the time and expense of having to travel home empty handed.
I find this sort of thing extremely annoying. Does it happen to anybody else is it some reflection on the state of my finances?
ingenieur said:
I have bought a lot of cars over the last 10 years. I'm not a dealer but have chopped and changed a lot and now buying for a family means a minimum of 2 cars being bought, owned and then sold and replaced which adds up to many transactions by itself, aside from being a car nut.
During this time I've been stopped from transferring the money to pay for the car on 3 occasions. Twice with private buyers and once to a dealer.
I've also had 2 hold-ups with buyers trying to buy cars off me, both with Santander.
First of all it's annoying that they do this. i.e. stop the payment. But when you phone them up to find out what is going on they want to know what you are buying, who you are buying it from and all that kind of guff. Most recently I was delayed by about 40 minutes attempting to buy a car with Barclays refusing the transaction in the first instance followed by Lloyds doing the same thing.
The worst of these was after taking a flight from London to Aberdeen to buy a car. It was a Sunday and Barclays said I would have to wait until office hours to have the problem resolved. So I kicked off and eventually they agreed to transfer the money... bearing in mind I had flown up in the morning intending to drive the car back they were going to cause me the time and expense of having to travel home empty handed.
I find this sort of thing extremely annoying. Does it happen to anybody else is it some reflection on the state of my finances?
As mentioned, money laundering regs. Have a read online as plenty in the public domain and it's not that hard to understand.During this time I've been stopped from transferring the money to pay for the car on 3 occasions. Twice with private buyers and once to a dealer.
I've also had 2 hold-ups with buyers trying to buy cars off me, both with Santander.
First of all it's annoying that they do this. i.e. stop the payment. But when you phone them up to find out what is going on they want to know what you are buying, who you are buying it from and all that kind of guff. Most recently I was delayed by about 40 minutes attempting to buy a car with Barclays refusing the transaction in the first instance followed by Lloyds doing the same thing.
The worst of these was after taking a flight from London to Aberdeen to buy a car. It was a Sunday and Barclays said I would have to wait until office hours to have the problem resolved. So I kicked off and eventually they agreed to transfer the money... bearing in mind I had flown up in the morning intending to drive the car back they were going to cause me the time and expense of having to travel home empty handed.
I find this sort of thing extremely annoying. Does it happen to anybody else is it some reflection on the state of my finances?
Rather than "kicking off", why didn't you sort things out in advance rather than turning up and expecting things to be done? Seems a little daft, no?
They shouldn't care about your time or expense if you didn't use your head.
It’s also for your protection, fraud stuffs. If the payment is out of character they will likely question it.
For example if you’ve spent the last few months buying petrol, sandwiches and shopping in London, and buying a few bits and pieces on Amazon, then suddenly go to drop £10k in Aberdeen, it’ll be questioned to make sure it’s legitimately you doing it.
There used to be a way to pre warn the bank of a large transaction. You could call them up and they’d mark it on your account to let it through, but I don’t know if that’s still a thing.
For example if you’ve spent the last few months buying petrol, sandwiches and shopping in London, and buying a few bits and pieces on Amazon, then suddenly go to drop £10k in Aberdeen, it’ll be questioned to make sure it’s legitimately you doing it.
There used to be a way to pre warn the bank of a large transaction. You could call them up and they’d mark it on your account to let it through, but I don’t know if that’s still a thing.
I think you can still warn them. But last time I did that the guy on the phone replied so quickly that everything would be fine that I didn't believe he'd done anything.
The issue with all these sensible replies above is that they're inconsistent. Sometimes no problem... then out of the blue suddenly you're not allowed to use your own money.
And if it is just simple checks to make sure people aren't laundering money why does it take 40 minutes on the phone to have the matter resolved?
Also, the question was: "Are banks being too nosey when buying cars"... so that's also a question of whether or not they're causing a nuisance with disproportionate behaviour whilst also invading privacy, with it being your money shouldn't you be allowed to buy a 2022 Range Rover for £5k off eBay?
The issue with all these sensible replies above is that they're inconsistent. Sometimes no problem... then out of the blue suddenly you're not allowed to use your own money.
And if it is just simple checks to make sure people aren't laundering money why does it take 40 minutes on the phone to have the matter resolved?
Also, the question was: "Are banks being too nosey when buying cars"... so that's also a question of whether or not they're causing a nuisance with disproportionate behaviour whilst also invading privacy, with it being your money shouldn't you be allowed to buy a 2022 Range Rover for £5k off eBay?
Yes fraud protection. However some years ago, i sold a BMW on a Saturday for cash, about 7k.
On the Monday morning I paid it in (not my branch) got on a train and travelled over 100 miles to collect a Polo from a main dealer which I’d already put a deposit on. Paid the balance on my debit card 9k. Went straight through. These days I’d expect to get a text or security code.
On the Monday morning I paid it in (not my branch) got on a train and travelled over 100 miles to collect a Polo from a main dealer which I’d already put a deposit on. Paid the balance on my debit card 9k. Went straight through. These days I’d expect to get a text or security code.
ingenieur said:
I think you can still warn them. But last time I did that the guy on the phone replied so quickly that everything would be fine that I didn't believe he'd done anything.
The issue with all these sensible replies above is that they're inconsistent. Sometimes no problem... then out of the blue suddenly you're not allowed to use your own money.
And if it is just simple checks to make sure people aren't laundering money why does it take 40 minutes on the phone to have the matter resolved?
Also, the question was: "Are banks being too nosey when buying cars"... so that's also a question of whether or not they're causing a nuisance with disproportionate behaviour whilst also invading privacy, with it being your money shouldn't you be allowed to buy a 2022 Range Rover for £5k off eBay?
Again it all goes back to money laundering checks. The issue with all these sensible replies above is that they're inconsistent. Sometimes no problem... then out of the blue suddenly you're not allowed to use your own money.
And if it is just simple checks to make sure people aren't laundering money why does it take 40 minutes on the phone to have the matter resolved?
Also, the question was: "Are banks being too nosey when buying cars"... so that's also a question of whether or not they're causing a nuisance with disproportionate behaviour whilst also invading privacy, with it being your money shouldn't you be allowed to buy a 2022 Range Rover for £5k off eBay?
SidewaysSi said:
ingenieur said:
I have bought a lot of cars over the last 10 years. I'm not a dealer but have chopped and changed a lot and now buying for a family means a minimum of 2 cars being bought, owned and then sold and replaced which adds up to many transactions by itself, aside from being a car nut.
During this time I've been stopped from transferring the money to pay for the car on 3 occasions. Twice with private buyers and once to a dealer.
I've also had 2 hold-ups with buyers trying to buy cars off me, both with Santander.
First of all it's annoying that they do this. i.e. stop the payment. But when you phone them up to find out what is going on they want to know what you are buying, who you are buying it from and all that kind of guff. Most recently I was delayed by about 40 minutes attempting to buy a car with Barclays refusing the transaction in the first instance followed by Lloyds doing the same thing.
The worst of these was after taking a flight from London to Aberdeen to buy a car. It was a Sunday and Barclays said I would have to wait until office hours to have the problem resolved. So I kicked off and eventually they agreed to transfer the money... bearing in mind I had flown up in the morning intending to drive the car back they were going to cause me the time and expense of having to travel home empty handed.
I find this sort of thing extremely annoying. Does it happen to anybody else is it some reflection on the state of my finances?
As mentioned, money laundering regs. Have a read online as plenty in the public domain and it's not that hard to understand.During this time I've been stopped from transferring the money to pay for the car on 3 occasions. Twice with private buyers and once to a dealer.
I've also had 2 hold-ups with buyers trying to buy cars off me, both with Santander.
First of all it's annoying that they do this. i.e. stop the payment. But when you phone them up to find out what is going on they want to know what you are buying, who you are buying it from and all that kind of guff. Most recently I was delayed by about 40 minutes attempting to buy a car with Barclays refusing the transaction in the first instance followed by Lloyds doing the same thing.
The worst of these was after taking a flight from London to Aberdeen to buy a car. It was a Sunday and Barclays said I would have to wait until office hours to have the problem resolved. So I kicked off and eventually they agreed to transfer the money... bearing in mind I had flown up in the morning intending to drive the car back they were going to cause me the time and expense of having to travel home empty handed.
I find this sort of thing extremely annoying. Does it happen to anybody else is it some reflection on the state of my finances?
Rather than "kicking off", why didn't you sort things out in advance rather than turning up and expecting things to be done? Seems a little daft, no
They shouldn't care about your time or expense if you didn't use your head.
It's done by the fraud and ML teams who don't talk to the front office staff, so there's no visibility, and when you phone up the customer services team know nothing.
It would help if there was a note added to your account, that the ML team look at, or that the fraud team put on the account, when they block the payment but they don't do that, they just make you jump through hoops.
It's good legislation but it's implemented by monkeys
SidewaysSi said:
Rather than "kicking off", why didn't you sort things out in advance rather than turning up and expecting things to be done? Seems a little daft, no?
Doesn't work in my experience. Hold music for 30 mins interspersed with "We are really busy right now but we assume you are not so here is some music"... explain to them you are going to buy a car, confirm Faster Payments, ask them to make a note on the account... attempt to buy car but payment blocked, hold music for 30 minutes...I had this once when buying a car in the dealership. The phone in the dealership next to the card machine rang and it was the bank asking for me by name. I confirmedd my details and the amount etc and they let thevtransaction go through.
You would think they would be expecting me to make a large purchase as a few days before they had given me the loan that I used to pay for it.
You would think they would be expecting me to make a large purchase as a few days before they had given me the loan that I used to pay for it.
I haven't had this for a good while now on a large transaction, but I did have a security check on a small purchase recently that was only $45ish in Walmart - which seems odd but its all driven by algorithms and patterns
Either way id rather have some protection and minor inconvenience than be exposed (and no-one wants to see me exposed
)
Either way id rather have some protection and minor inconvenience than be exposed (and no-one wants to see me exposed
)ecs0set said:
SidewaysSi said:
Rather than "kicking off", why didn't you sort things out in advance rather than turning up and expecting things to be done? Seems a little daft, no?
Doesn't work in my experience. Hold music for 30 mins interspersed with "We are really busy right now but we assume you are not so here is some music"... explain to them you are going to buy a car, confirm Faster Payments, ask them to make a note on the account... attempt to buy car but payment blocked, hold music for 30 minutes...Unfortunately, it's the way of the modern world - but there's some good, some bad in that. I haven't fully embraced this world yet and have just found, to my annoyance, that buying a handful of MGB spares is subject to similar scrutiny. Using the only "device" I have (a desktop p.c.), from my home address, and the usual password, and suppliers I frequently use etc. Paypal blocked me from completing a transaction for less than fifty quid until I'd satisfied their security requirements - all to be done via text... I only have a landline. Strangely, after repeated attempts, I was able to buy all but one of the spares separately... then was given a choice of security options - which rather makes a mockery of the previous failed half dozen attempts.
My bank, want me to visit the "local" branch to sort security for on line use (as I haven't used it)... my suggested branch isn't even in the same country, but down the motorway, over the bridge and across the border into Wales.
It's no wonder I still use cash as much as possible.
My bank, want me to visit the "local" branch to sort security for on line use (as I haven't used it)... my suggested branch isn't even in the same country, but down the motorway, over the bridge and across the border into Wales.
It's no wonder I still use cash as much as possible.
sherman said:
I had this once when buying a car in the dealership. The phone in the dealership next to the card machine rang and it was the bank asking for me by name. I confirmedd my details and the amount etc and they let thevtransaction go through.
You would think they would be expecting me to make a large purchase as a few days before they had given me the loan that I used to pay for it.
Yeah, it's this kind of thing. They asked for the reg number of the car I was buying. Did I think it was in good condition, happy with it ect... You would think they would be expecting me to make a large purchase as a few days before they had given me the loan that I used to pay for it.
spoodler said:
It's no wonder I still use cash as much as possible.
Even that's getting tough. Sold a motorbike for cash on the Sunday and was due to pick up and pay for the new one on Monday so no time to go to the bank.Arrived at the dealership with £6k in cash the rest to go on a card. They wouldn't take the cash. Knew full amount on card wouldn't clear so they gave me a lift to the bank to pay in the cash and had to sit around until the cash showed up in my account and could therefore pay on card in full.
I've had it both ways recently one selling a car to a friend, his address in the same village as mine about 1/2 mile away at most and they wouldn't release the funds no matter how much he insisted he knew me so in the end he cancelled it and paid me from another bank and it went straight through.
I've had it twice recently on my santander business account the last time they locked the account and the card for 8 days after i tried to make a payment with zero access possible. it was a genuine payment and the money arrived with the recipient within a day no way of calling it back but they wouldn't let me use my account until after an investigation!
I use Nationwide now for any private purchases and not had an issue on anything going straight through. pain having a 10k limit but multiple transactions are easy enough once the payee is set up.
I've had it twice recently on my santander business account the last time they locked the account and the card for 8 days after i tried to make a payment with zero access possible. it was a genuine payment and the money arrived with the recipient within a day no way of calling it back but they wouldn't let me use my account until after an investigation!
I use Nationwide now for any private purchases and not had an issue on anything going straight through. pain having a 10k limit but multiple transactions are easy enough once the payee is set up.
sociopath said:
... and when you phone up the customer services team know nothing.
If it's for money laundering rules, they're not allowed to tell you because of "tipping off" rules.Besides, you should worry; Barclays blocked/lost a £350K transaction to my brother-in-law, presumably for anti money laundering, and wouldn't talk to us about it. That was a long weekend.
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