Sorry if it’s in the forum somewhere (I can’t find it if it is).
I want to transfer a large sum of money from one legacy bank to another that’s pays higher interest.
My question is what is the best way to do this without having my bank thinking there’s fraud or theft going on and having phone calls, texts etc and having to prove it’s me moving money legitimately?
I can’t remember the scenario, but I did something with a smaller amount of money (hundreds) and my bank stopped the payment, called me up and I had to jump through hoops walking through Tesco trying to remember my security to get my account unblocked.
If it’s a legacy bank then I presume they will have branches. You could walk into a branch with you ID and ask them to make transfer there.
Suppose so, I can’t remember the last time I needed to visit a branch!
Really don’t like the fact that I have to go in and explain myself for moving my money
I thought there must be an easier way with both banks having apps/websites etc
Or someone might know the limits of money to move without all the hassle each time
I don’t think you can say with absolute certainty limits involved and what triggers what.
For example l regularly transfer lots of amounts to my partners bank account via a Lloyds Bank account and often they will stop payments. From the conversations with their fraud Ops people their algorithms take into account a massive range of data points. One time it seemef that their algorithm took exception to the fact l made one transfer from an app, then a few moments later from my works laptop which they worked out had remote monitoring software on it (of course it’s a work machine). They never confirm that is the case, just my assumption.
I have had many conversations with Lloyds fraud teams, they get very long but fascinating (for the data geek in me) the range of points that are validated against each transaction.
As previous poster said if you are concerned go to branch with ID etc if the account gives you access to a branch network.
Thanks very much. I think that’s the safest bet then.
Why don’t you just ask the bank in question? Call them. Using the telephone.
“I’m afraid all transactions are monitored for fraud prevention purposes, and it’s impossible to know if your transfer would require further checks.”
Which is absolutely right.