Transferring a huge sum - where s the trust?
Discussion
I m certain I m going to appear a ninny to many on here but bear with me.
Background. Married couple. Low earners. Home owners. Financially very conservative. Quiet, introverted types. Circa 50.
Our fixed rate mortgage is coming to an end and the likely rate will go up four or five fold. We are one of the few on an historic IO deal. After twenty odd years of scrimping we have the funds to pay it all off. We want to. Never having leased a car or been on a proper holiday or such like we ve never been involved in what we see as big financial purchases or transactions so are (what I consider to be reasonably) worried about moving literally all our life savings away from a bank we trust into our mortgage lender s account, honest.
I know it sounds silly but I need someone to hold my hand to say it will all be fine.
We ve received letters from our mortgage lender (Santander) to say the fixed rate deal is coming to an end and how we should remortgage with them. I have telephoned the contact number a couple of times (the first call was outside their imposed 28 days from termination period) and both times have spoken to someone whose English was pretty terrible. It s entirely possible they re British and they re based in the UK but their English was with a very strong sub-continental accent, the call was poor quality and it was clear they weren t particularly knowledgeable (which I thought wasn t a great look. This is very basic stuff after all). They ve sent me an email within which I am obliged to click a link to a webpage and then enter my full name and full address along with other personal details. Which is all just a bit scammy looking. But how would ne er do wells know my exact outstanding balance, for example? I am then given the termination details including the account and sort code I am expected to send a couple of hundred grand.
I ve googled sort code/account number checker websites and they say the account belongs to Santander.
Am I just being a dick?
A quick look on my bank app and mortgage app and I cannot see the sort code and account number for the monthly interest payments. It is simply recorded as Santander or similar. So I can t easily see if those payments are to the sam3 account as above.
I could walk into a physical high street branch for a chat.
I ll hand in my Red Bull can on my way out.
Background. Married couple. Low earners. Home owners. Financially very conservative. Quiet, introverted types. Circa 50.
Our fixed rate mortgage is coming to an end and the likely rate will go up four or five fold. We are one of the few on an historic IO deal. After twenty odd years of scrimping we have the funds to pay it all off. We want to. Never having leased a car or been on a proper holiday or such like we ve never been involved in what we see as big financial purchases or transactions so are (what I consider to be reasonably) worried about moving literally all our life savings away from a bank we trust into our mortgage lender s account, honest.
I know it sounds silly but I need someone to hold my hand to say it will all be fine.
We ve received letters from our mortgage lender (Santander) to say the fixed rate deal is coming to an end and how we should remortgage with them. I have telephoned the contact number a couple of times (the first call was outside their imposed 28 days from termination period) and both times have spoken to someone whose English was pretty terrible. It s entirely possible they re British and they re based in the UK but their English was with a very strong sub-continental accent, the call was poor quality and it was clear they weren t particularly knowledgeable (which I thought wasn t a great look. This is very basic stuff after all). They ve sent me an email within which I am obliged to click a link to a webpage and then enter my full name and full address along with other personal details. Which is all just a bit scammy looking. But how would ne er do wells know my exact outstanding balance, for example? I am then given the termination details including the account and sort code I am expected to send a couple of hundred grand.
I ve googled sort code/account number checker websites and they say the account belongs to Santander.
Am I just being a dick?
A quick look on my bank app and mortgage app and I cannot see the sort code and account number for the monthly interest payments. It is simply recorded as Santander or similar. So I can t easily see if those payments are to the sam3 account as above.
I could walk into a physical high street branch for a chat.
I ll hand in my Red Bull can on my way out.
There used to be a thing (I"m sure it still happens) where smaller mortgage brokers/estate agents and similar companies would have their email accounts hacked and they (the bad guys) would modify/send emails to clients with "new bank details".
You know the communications chain here and from everything you've said it sounds legit and like - respectfully - you're being a bit on the cautious side which I get as it's a shedload of money.
Funnily enough from how you've explained it I'd probably be more cautious about how the hell they know the payment is from you than I probably am whether the details you've been given are legit.
If I was in any doubt I'd either visit my own bank or Santander's branch in person and seek their re-assurance.
You know the communications chain here and from everything you've said it sounds legit and like - respectfully - you're being a bit on the cautious side which I get as it's a shedload of money.
Funnily enough from how you've explained it I'd probably be more cautious about how the hell they know the payment is from you than I probably am whether the details you've been given are legit.
If I was in any doubt I'd either visit my own bank or Santander's branch in person and seek their re-assurance.
It's completely understandable to feel that way, given we're bombarded with stories of scams and warnings constantly, go into a branch and talk to someone and work out a way that gives you surety and confidence.
Can you not break the transactions down into bite sized pieces, 10 x £20k (or whatever)
OP well done for being cautious. Fraud is rare but is still happening. Please find a branch of your own bank and call in. They are set up for these scenarios. I suggest you take all your mortgage account docs with you.
Unfortunately your lack of experience in such matters plays directly into the hands of fraudsters.
Unfortunately your lack of experience in such matters plays directly into the hands of fraudsters.
Sheepshanks said:
I don't think you'll be able to simply transfer that amount anyway.
That too.Worth remembering banks are getting better at verifying recipients details before they'll let you send money.
I've literally had to back to different people/trades several times recently patiently explaining that I need to know the exact name the account is in.
There's no need for any worry at all but if you really are worried do it through a solicitor.
The reason there's no need to worry is you can send them a test payment of, say, £100 and then make contact with the bank to ensure it was safely received before sending larger amounts. Depending on the size of the mortgage you need to pay off you may find your bank limits payments from your account to £10k or £20k a day. In that case you'll simply need to make payments over several days and can, if you wish, check safe receipt of them as you go.
The reason there's no need to worry is you can send them a test payment of, say, £100 and then make contact with the bank to ensure it was safely received before sending larger amounts. Depending on the size of the mortgage you need to pay off you may find your bank limits payments from your account to £10k or £20k a day. In that case you'll simply need to make payments over several days and can, if you wish, check safe receipt of them as you go.
Thanks chaps. I ll put on my walking shoes and brace myself for a visit to a High Street.
Fwiw half the funds are sitting in Santander easy access accounts and half in easy access HSBC accounts (our day to day bank). I intend to phone HSBC about their policy on large sum transfers. I have 20 something days to go on the current mortgage deal.
I am permitted 10% overpayments annually so the option to transfer a tester grand into that sort code/account is an option.
We haven t had need for a solicitor for several decades. Obviously I understand the element of security instructing a solicitor may provide but it would be nice to avoid an x hundred pound charge if possible (and my work exposes me to conveyancing solicitors and there are enough screw ups and scams there for me not to be overwhelmed by the additional assurance they bring! Call me jaded/delusional).
Fwiw half the funds are sitting in Santander easy access accounts and half in easy access HSBC accounts (our day to day bank). I intend to phone HSBC about their policy on large sum transfers. I have 20 something days to go on the current mortgage deal.
I am permitted 10% overpayments annually so the option to transfer a tester grand into that sort code/account is an option.
We haven t had need for a solicitor for several decades. Obviously I understand the element of security instructing a solicitor may provide but it would be nice to avoid an x hundred pound charge if possible (and my work exposes me to conveyancing solicitors and there are enough screw ups and scams there for me not to be overwhelmed by the additional assurance they bring! Call me jaded/delusional).
Fair play for asking, it’s likely to be a larger transaction than most folk will ever do.
If in branch gives you comfort - that’s a good idea, they’ll likely be able to give you written instructions you can either use or take to your paying bank to set up for you.
As others have said - putting in a smaller test payment gives s bit of comfort - I did that recently when shifting 50k into premium bonds for an older relative as it just seemed to easy!!!
If in branch gives you comfort - that’s a good idea, they’ll likely be able to give you written instructions you can either use or take to your paying bank to set up for you.
As others have said - putting in a smaller test payment gives s bit of comfort - I did that recently when shifting 50k into premium bonds for an older relative as it just seemed to easy!!!
scenario8 said:
We haven t had need for a solicitor for several decades. Obviously I understand the element of security instructing a solicitor may provide but it would be nice to avoid an x hundred pound charge if possible (and my work exposes me to conveyancing solicitors and there are enough screw ups and scams there for me not to be overwhelmed by the additional assurance they bring! Call me jaded/delusional).
I agree with this why pay a solicitor a couple of hundred quid to do a bank transfer for you. I'm not sure a solicitor would even want the work. Plus as you say they screw up too. When purchasing our house the sellers solicitors gave ours the wrong bank details and so all our money was lost until HSBC could trace it the following day. As we hadn't paid they also wouldn't give us the keys to the house even though it was their cock up.
Here's what I'd do: move the money from HSBC to your own account at Santander. If you speak to HSBC they will almost certainly be able to do it for you over the phone/in branch, even if there is a small charge.
Then validate the Santander settlement instructions - contact them using a phone number from a mortgage statement - and pay from your Stantander account (again arranging it over the phone/in branch if your prefer).
Always use contact details you control/trust: the number on the back of your card, taken from inside the banking portal, or routine mortgage statement.
If a bank wants to communicate with you electronically they will never do more via email than tell you to log in to the portal to see a message.
The chances of getting scammed are very low, and all this talk of "test payments" is nonsense. If you *are* talking to a scammer "yeah, we got that, send the rest".
Then validate the Santander settlement instructions - contact them using a phone number from a mortgage statement - and pay from your Stantander account (again arranging it over the phone/in branch if your prefer).
Always use contact details you control/trust: the number on the back of your card, taken from inside the banking portal, or routine mortgage statement.
If a bank wants to communicate with you electronically they will never do more via email than tell you to log in to the portal to see a message.
The chances of getting scammed are very low, and all this talk of "test payments" is nonsense. If you *are* talking to a scammer "yeah, we got that, send the rest".
We made a large payment recently and had to go into the branch, with quite a lot of information regarding the payment, how the funds had been saved etc. They called the receiving bank and checked the account details, which essentially meant we were insured for the payment, then made the payment. 30 mins, no stress. I'd nip into the branch where you hold the savings and have a chat.
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