26 Jul 2021
Caps are being put on the amount that bank customers can transfer online amid a national crackdown on money laundering and fraud.
NatWest was the first big name to tighten the limit on what people can transfer using the faster payments service, which enables immediate transfers. The daily transfer limit has been reduced to £5,000 for customers of NatWest, Royal Bank of Scotland and Ulster Bank, down from £20,000 (although customers can choose to raise their limit to the higher figure).
NatWest said that 95 per cent of its customers had never made a payment of more than £5,000. It said the threshold, introduced in May, would limit the amount of money sent to scammers. “Early indications show that it is helping to reduce fraud,” the bank said.
Up to £250,000 can be sent in a single transfer using the faster payments system, but banks set their own transaction limits. Nationwide and Santander have confirmed that they are planning to introduce tighter daily caps.
By David Byers, The Times, 23 July 2021
Read more at The Times
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