Bank limits

Yes, it is reassuring, of course.

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

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

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

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

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

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

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,

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

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?

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!

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

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.?

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.

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.

This - not true.

Where I’d he read it?