Best bank accounts.

[Harry Bloomfield]

I often thought there would be a great business model for a company to take care of all the moving around behind the scenes and make a small profit from say a monthly fee.

Such a system, might be the cause of a 'run' on the bank, where it couldn't change assets into cash quick enough.

 

[MNW67]

If I was to say move 10 or 20k to the chase bank that would have me in a panic

I always move a small amount to start with so that I know the mandate I have set up is working.

 

[motorbiking]

If I was to say move 10 or 20k to the chase bank that would have me in a panic

move 5k then or 1k or 500. then a bit more...

I find when I try to move larger amounts to some banks its rejected and then you have a panic because it takes a few hours to come back.

 

[noseall]

If I was to say move 10 or 20k to the chase bank

That's a lot of cheap Chinese made flags, right there.

 

[Ivor Windybottom]

We sold our last house about 5 months before we bought again. Had a scary amount in the bank, it looked more like a phone number than a bank balance.

I had to keep checking to make sure it was still there. We did split it out to get under the FSCS limit, it was terrifying transferring it via online banking, I have never looked so carefully at a bank account number and sort code before hitting the OK button.

 

[pete01]

That's a lot of cheap Chinese made flags, right there.

Im not buying flags? You alright?

 

[Harry Bloomfield]

If I was to say move 10 or 20k to the chase bank that would have me in a panic

I simply start with a token amount (£1), to make sure it appears in the account. Then later try a larger amount, then the full amount I want to move.

 

[MNW67]

I simply start with a token amount (£1), to make sure it appears in the account. Then later try a larger amount, then the full amount I want to move.

I always start with a really small random amount. Like £1.62.

 

[Harry Bloomfield]

I have never looked so carefully at a bank account number and sort code before hitting the OK button.

Account numbers, are not sequential, then there are sort codes, and account name, which are all supposed to match, before the transfer is accepted.

 

[motorbiking]

We sold our last house about 5 months before we bought again. Had a scary amount in the bank, it looked more like a phone number than a bank balance.

I had to keep checking to make sure it was still there. We did split it out to get under the FSCS limit, it was terrifying transferring it via online banking, I have never looked so carefully at a bank account number and sort code before hitting the OK button.

When I settled my divorce I was moving some big amounts around. It's actually quite difficult to move large amounts around, not something my ex-wife understood. "why can't you send it in one go?" whine whine etc

 

[Highway Man]

Does anyone else feel really uncomfortable moving money to a new bank?

I daren't, I would move it to someone else's knowing my luck

 

[Highway Man]

move 5k then or 1k or 500. then a bit more...

I find when I try to move larger amounts to some banks its rejected and then you have a panic because it takes a few hours to come back.

bloody hell he hasn't got that much, Pete is talking of a hundred pounds here, in stages of course

 

[motorbiking]

I daren't, I would move it to someone else's knowing my luck

thats why its quite handy having the account linking function. You pull from your target account via the app.

For example with spring I pull it from my linked account and then it connects to my other bank and comes back with the confirmation.

 

[Harry Bloomfield]

I daren't, I would move it to someone else's knowing my luck

Move it to my bank, it will be safe there, and I will count it for you

 

[MNW67]

I daren't, I would move it to someone else's knowing my luck

There are more safeguards these days.

The main one is that, with most banks, the name on the bank account has to match when you first set up the payment mandate.

Then test the mandate is working with a small amount.

If you are still worried, transfer progressively larger amounts until you are completely happy it is working.