RoShamBo

iTrader: (1)

My bank (HSBC) imposes a £10k daily limit on direct money transfers (for fraud prevention reasons I am told)

Anyone know if there is a limit to written cheques or switch payments ?

I could call and ask them but dont fancy holding on for 20 mins then gettign someone who has to check........

Cheers

R.

DCI Gene Hunt

.....no no, no no no no, no no no no.... there's no limit

RoShamBo

iTrader: (1)

..........................there's no lyrics !

Cool, I do find it strange though that there is a 10k limit when phoning up or on-line transfering funds (which requires quite a lot of security to get through) but there is no limit at all on switch that just requires a pin number to authorise !

R.

OllyK

While you can write a cheque for any amount it doesn't mean your bank will honour it!

SJ_Skyline

I've never seen Chris Tarrant write one out for more than £1 million....

RoShamBo

iTrader: (1)

So I guess while no limit as such, if the bank sees a cheque or switch payment come in for a very high amount they may stop it going through & investigate, esp if the amount is out of the ordinaryly high.

So guess will have to call the bank & let them know its coming.

R.

Playsatan

iTrader: (2)

Your bank will have a limit and if the cheque is under it they will not even check it e.g. payee, date, signature etc. It would cost them too much to check every one and are willing to take that risk that one is cashed in error and they have to pay out on it.

When I worked in a bank (many years ago) the limit was £5k but I guess that there might not be as many people using cheques now.

As to the original question, no limit.

CrisPDuk

Provided money is available in a bank account, all UK banks are legally obliged to honour a cheque drawn upon that account, whatever the value.

I'm not sure about switch payments.

Frazzly

Its funny that, Ive had switch payments for just over a grand for a customer where I had to call up, jump through circles over the phone then question the customer before it being authorised. Then an hour later 4 and 5 grand shoot straight through the switch cards.... Weird

lightning101

You can write a normal cheque to pay £500,000 for a house and the bank don't phone you up to check it

baser999

iTrader: (2)

You could always send me an embarassingly large amount of money to test the theory - will accept a cheque and if it clears ring you from abroad later in the week

KiwiGTI

I once worked in a very large company doing account's reconciliation during my holidays from university - was quite common for them to transfer money between divisions by the use of cheques, many were in the region of $20-30 million.

Shark Man

If paying in a cheque of a substantial amount into a personal account, don't suprised if you see the cashier raises an eyebrow and runs off to see the manager.

I think they are all paranoid over this money laundering marlarky. Had it happen numerous times now with amounts in excess of £20K. I really can't see the point of why they do this.

The worst one was HSBC with a cheque for £14K from myself which I was paying into my mum's account....they refused without seeing some ID off me (passport etc), and wouldn't give me back the cheque or paying in book until I produced it Luckily my passport was in the car so I could nip back and fetch it, but if it wasn't I would have been very annoyed to say the least.

Also had a £50K cheque bounced by Lloyds for no reason except for the amount, despite sufficient funds and no form of contact to say it was the case (except for person short of £50K asking where is his money ). Needless to say that was embarrasing and infuriating on both side of the transaction.