Bank limits

Where I’d he read it?

This - not true.

Fake news.

Full Fact:

fullfact.org/economy/cash-withdrawal-limits-over-65-fake/

The Financial Conduct Authority (FCA) confirmed that no such policy has been introduced.

It’s true. It’s to prevent us poor addle brained oldies from being defrauded. The amount you can have each day will vary from bank to bank but probably circa £500 with maximum of £3,000 per week, but apparently you can make advance arrangements for more.

Reassuring to hear it's not been introduced. I guess the question is "Would they, in the future, introduce it?"

Could it be kite-flying - to see if they would get away with it?

I can follow the logic of dementia is rather more likely in an older agegroup. But, on the other hand, maybe the Government would steer clear of the idea - because of those of us who defo do not have dementia and would regard it as age discrimination.?

I thought I heard it on the radio. Happy if it isn’t true

I had the most terrible trouble when I tried to send my son £5,000 via online banking . I had not sent money to this account before and the bank just would not believe this was not some sort of fraud. I eventually went balistic as my son and his dad have the same name so all they had to do was look at the account holders. I used to work for the self same bank but this made no difference. Eventually I got so upset they allowed the transaction to go through .

Floradora9

I had the most terrible trouble when I tried to send my son £5,000 via online banking . I had not sent money to this account before and the bank just would not believe this was not some sort of fraud. I eventually went balistic as my son and his dad have the same name so all they had to do was look at the account holders. I used to work for the self same bank but this made no difference. Eventually I got so upset they allowed the transaction to go through .

I had a problem years ago when I wanted to transfer a large sum to an overseas bank account (DD's) for her wedding Floradora9.
The bank clerk said I could be money laundering. Yes, DD had the same surname as me and the bank clerk had been at school with her brother.
She stood over me, watching while I filled in the forms.

Roolz is roolz!

Is this withdrawing in cash or bank transfers? If the latter, I'd have had problems paying for the new kitchen.
What do you do if you do need to pay a large bill? Eg buy a car?

Fake news, yes, but it is becoming more difficult to pay bills to new payees online.

The problem is that so many people - particularly elderly ones - are being tricked into withdrawing large amounts of cash as part of a scam. I think banks are becoming more aware of it, and asking a lot of questions about the reason for the withdrawal, but some people have lost an awful lot of money,

I checked my daily limit yesterday it was £13,000. That should cover my groceries!
Fake news.

The main issue is that older people often have large balances in their bank account, those with mortgages and children often don’t. If you havn’t done large transfers or overseas before you can “expect” questions to be asked.
My bank has quite often questioned large payments, with so many scams we all need to be ultra aware of crooks wh want our money

It’s always been so, in a way, I remember getting the real third degree when I tried to get Dad some money out of his branch even though I had a letter from him signed etc it took more than one visit

My bank questions any unusual cc payments, I don`t mind, they have a duty of care and a scam was prevented only a few weeks ago

My bank cash transfers have a daily limit of 20k, which also helps the bank to remain stable. I don`t keep much in my bank and pay everything with cc.

It is fake news

I feel quite reassured when my bank questions payments for anything unusual, better than not I'd have thought!

Yes, it is reassuring, of course.

Watching Scam Interceptors makes you realise how easily some people get scammed.

I’ve made two LARGE transactions, I rang the bank each time to explain why/who and that I hadn’t been coerced into it.
They did the transaction for me both times - no trouble at all!

Someone told me this last week, I just thought they had misunderstood, hopefully they have.
I tried to pay a bill to a company on my bank payee list who I use often for odd jobs. Had in fact made a similar payment around a month ago without problem but I had the full security phone call which lasted around 20 mins. Even wanted to know if I would be making another payment to the same company in the near future. They did not seem to understand that I din't know the answer to that it depended on whether anything else in the house went wrong or broke etc.

After my mum died my brother handled the probate etc, despite us both being named as executors, as he was local and had had poa when she was alive. When it came to transferring my share of the inheritance he did it online and was limited to £10,000 a day so a few separate transactions, but this applied to all customers and pobably still does. I no longer have enough money to transfer that I'd be affected but I'm sure there are no special rules for over 65s. Banks do often make extra checks if unusual transactions are attempted and that is obviously good in reducing scams.

My father in law who’s 84 went to draw out some money, the bank refused and he had a visit from the police the next day. We have now closed that account and gone elsewhere.

Deedaa

The problem is that so many people - particularly elderly ones - are being tricked into withdrawing large amounts of cash as part of a scam. I think banks are becoming more aware of it, and asking a lot of questions about the reason for the withdrawal, but some people have lost an awful lot of money,

I think we under-estimate the number of people not yet of pensionable age who are getting caught by these scams, but not admitting to it.

From the publicity given to older people being scammed you would think that we were significantly more at risk, but the sad-eyed pensioner holding an empty wallet and telling their tale pulls the heart strings and draws in readers. A 30 year old male teacher who has been scammed will certainly not talk to the media about it - and the media will not be that interested in him either.

Mentally vulnerable people are always at high risk, but you do not need to be old to have mental disabilities.

It is extremely frustrating when a Bank’s anti-fraud measures kick in. When setting up a new payee, such as a new savings account, I like to make a small transfer to check that the money is going to my new account. When I do this, I can bet my pension on the fact that the next payment will be blocked.

Personally, I am not sure that security checks can deal with, say, a coercive partner who is in the room whilst the payment is checked. Under threat, what is a payer going to say other than ‘yes, I made the payment’ etc.

They do ask a lot of required questions to protect us, but also to try to stop us passing inheritance money on