Bank limiting access to current account funds
Discussion
Looking for a best course of action from the PH massive please.
Intend to purchase a car tomorrow (cash). I have phoned and given them (Abbey National) 24hrs notice of my intention to take £6000 from my account. They have told me that they are unable to do that for me. The maximum amount of money I am able to withdraw from my account is £500. (5% of the total balance).
I've told them its unacceptable. They have told me that I will have to phone around local banks to see if they have cash that can be sent to my local branch. (surely thats their job?)
The best they are able to offer is a same day transfer into another Abbey account (not an option as vendor does not use Abbey) or a CHAPs payment which will cost me £25 (but still no guarentee that it will be same day)
Explained that I have been customer for 15 years with a balance always, without fail, in credit and that I am fully prepared to close the account and move to another bank, but this seemed to go over their heads like a Harrier in Afghanistan.
I'll be paying the branch a visit in the morning. Any tips on how to resolve would be gratefully recieved.
Intend to purchase a car tomorrow (cash). I have phoned and given them (Abbey National) 24hrs notice of my intention to take £6000 from my account. They have told me that they are unable to do that for me. The maximum amount of money I am able to withdraw from my account is £500. (5% of the total balance).
I've told them its unacceptable. They have told me that I will have to phone around local banks to see if they have cash that can be sent to my local branch. (surely thats their job?)
The best they are able to offer is a same day transfer into another Abbey account (not an option as vendor does not use Abbey) or a CHAPs payment which will cost me £25 (but still no guarentee that it will be same day)
Explained that I have been customer for 15 years with a balance always, without fail, in credit and that I am fully prepared to close the account and move to another bank, but this seemed to go over their heads like a Harrier in Afghanistan.
I'll be paying the branch a visit in the morning. Any tips on how to resolve would be gratefully recieved.
That's pretty ridiculous. Abbey have been fine for me, I've taken a few grand out without having to wait.
Barclays I've taken 20k out with notice the day before and they were fine about it, just asked to see another form of ID, which I guess is understandable.
As rightly pointed out, it's your money and not theirs, switch banks
Barclays I've taken 20k out with notice the day before and they were fine about it, just asked to see another form of ID, which I guess is understandable.
As rightly pointed out, it's your money and not theirs, switch banks
Get a bankers draft instead?
The problem is that Abbey National is a Building Society, not a Bank. They are not setup in quite the same way to handle large volumes of cash like a Bank would. If you regularly need this much cash then the likes of Lloyds TSB, HSBC, Natwest, Barclays etc etc will be a better choice for you.
The problem is that Abbey National is a Building Society, not a Bank. They are not setup in quite the same way to handle large volumes of cash like a Bank would. If you regularly need this much cash then the likes of Lloyds TSB, HSBC, Natwest, Barclays etc etc will be a better choice for you.
mrmr96 said:
The problem is that Abbey National is a Building Society, not a Bank. They are not setup in quite the same way to handle large volumes of cash like a Bank would. If you regularly need this much cash then the likes of Lloyds TSB, HSBC, Natwest, Barclays etc etc will be a better choice for you.
Abbey National hasn't been a building society since 1989!That's no excuse anyway, I'd phone them back and tell them you want to close your accoutn and they'd better find 10k in cash instead!
Edited by stefd on Tuesday 22 December 18:10
stefd said:
mrmr96 said:
The problem is that Abbey National is a Building Society, not a Bank. They are not setup in quite the same way to handle large volumes of cash like a Bank would. If you regularly need this much cash then the likes of Lloyds TSB, HSBC, Natwest, Barclays etc etc will be a better choice for you.
Abbey National hasn't been a building society since 1989!Cheers all for the advice.
Good thoughts about taking everything you need to open an account at a competitor. I'll certainly be doing that. And yes Stefd I will be asking for the full amount tomorrow morning!
Good thoughts about taking everything you need to open an account at a competitor. I'll certainly be doing that. And yes Stefd I will be asking for the full amount tomorrow morning!
Mojooo said:
You should be happy they are holding it for you, now STFU..
Yes very good. Sound advice there. Thanks for your valuable input.omgus said:
Any news?
Intrigued to see if they cracked and gave you your own money? The money that they are just supposed to be looking after.
No joy. Intrigued to see if they cracked and gave you your own money? The money that they are just supposed to be looking after.
I absolutely could not believe the attitude of the manager I saw today. I waited 20mins to see him and his opening words were 'I told you your options yesterday and you will have to wait until the 29th Dec' Clutching some documents from his competitors and my passport etc I told him that other banks/bs on the same high street were able to offer me £30k with just a courtesy call 24hrs in advance. His response to that quite frankly astonished me. 'I suggest then you may need to bank with them then'. Thats what I intend to do I said (thinking I was calling his bluff) to which the response was 'ok, I will draw up a closing balance cheque'.
I just wanted to lean across the desk and put one on his chin but had to say that I still needed access over the Xmas period and to leave the money in the account otherwise I'd be waiting even longer for the money to clear at another bank. At that point I was biting my lip and realising I was not getting anywhere left without so much as an apology. (oh and I got him to print a copy of T&Cs and told him to show me the part where it said I couldn't withdraw the money but he couldn't find it)
Went to another branch and they were much more helpful and although I still have no hard cash from them, they are able to help me tomorrow morning. They also felt that the manager I had previously spoken to was pretty harsh.
I guess its now time to pen a letter of complaint to Abbey National and look at other bank accounts...
Cheers all anyhow. Hopefully this time tomorrow I'll have an Audi S4 sat on the drive as an early Xmas pressie to myself.
Abbey did the same to me in 2001. I wanted to get out the cash in my savings account to use for a house deposit. They told me I couldn't have the money in one lump, and even suggested that I use the cash machine.
(I admit that it would have been funny taking a briefcase containing £90,000 to the estate agents and saying "I want that house!", but SWMBO didn't like the idea much, and there wasn't time at £500 a day - we needed the house to complete quickly so we could move in before christmas.)
I closed the account that day - it was the only way to get my money in the time I needed it. The branch manager couldn't argue with my logic, but still tried to put up a fight...
(I admit that it would have been funny taking a briefcase containing £90,000 to the estate agents and saying "I want that house!", but SWMBO didn't like the idea much, and there wasn't time at £500 a day - we needed the house to complete quickly so we could move in before christmas.)
I closed the account that day - it was the only way to get my money in the time I needed it. The branch manager couldn't argue with my logic, but still tried to put up a fight...
Ricepilot said:
I just wanted to lean across the desk and put one on his chin but had to say that I still needed access over the Xmas period and to leave the money in the account otherwise I'd be waiting even longer for the money to clear at another bank.
I was thinking, could you have taken the cashier's cheque to another branch, open the account (with ID etc) then immediately withdraw the cash? I'm not sure whether they have waiting periods for cashier's cheques, maybe the "special presentation" service to clear it same-day?Obviously not something you can/want to try but I'm thinking through the various options... or perhaps open an account, CHAPS it in and then go back and take it out.
By law Banks ahve to put measures in to combat fraud and money laundering etc.
but the OP is being reasonable and has given notice.
Private, expensive car purchases always seem a problem, the only secure way seems to be both go to the same bank withdraw cash and pay it in to the other account (perhaps it doesnt need to come over the counter??)
or
Internet transfer in front of both parties, but this can take a couple of hours for large amounts.
it also amazes me that you can such a different experiance from different branches of the same bank only a mile or 2 apart!
conclusion.
change to banks to some one that wants your money
Custard
but the OP is being reasonable and has given notice.
Private, expensive car purchases always seem a problem, the only secure way seems to be both go to the same bank withdraw cash and pay it in to the other account (perhaps it doesnt need to come over the counter??)
or
Internet transfer in front of both parties, but this can take a couple of hours for large amounts.
it also amazes me that you can such a different experiance from different branches of the same bank only a mile or 2 apart!
conclusion.
change to banks to some one that wants your money
Custard
russ_a said:
I had the same problem with halifax over 4k. threatened to close the account and the lady said ok I will write you a cheque for the balance 
Same with me. Until I said a cheque wouldnt do as after closing the account I would not have one to pay it into. They gave me cash (6k).Unbelievebly, I sold a car for £23k and the guy paid in cash.
They moaned when I went to pay it in, saying I should have given them notice and made an appointment as it takes times to count
bull996 said:
russ_a said:
I had the same problem with halifax over 4k. threatened to close the account and the lady said ok I will write you a cheque for the balance
Same with me. Until I said a cheque wouldnt do as after closing the account I would not have one to pay it into. They gave me cash (6k).Unbelievebly, I sold a car for £23k and the guy paid in cash.
They moaned when I went to pay it in, saying I should have given them notice and made an appointment as it takes times to count
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