bank withdrawls
 

ok, the situation is as follows. my bank account has a £250 a day withdrawl limit on it, according to the letter i got with my card. however, i wish to purchase something that has a higher than £250 value.

does the £250 limit apply only to cash machine transactions, as i am assuming, or does it apply to all types of transaction as well?

eg can cheques larger than £250 be drawn against the account, or can card transactions take place that take out more than £250? (plenty of cleared funds by the way, thats not an issue)

its a HSBC student account, switch/maestro if you are interested :)

cheerz :)

Re: bank withdrawls
 

It refers to cash machines only

Re: bank withdrawls
 

The £250 limit is for cash machine withdrawals, you can use the switch facility for amounts above this, or withdraw the cash from over the bank counter, you can only use a cheque if your card is a cheque guarantee card, or the recipient is happy to take it without the guarantee.

Re: bank withdrawls
 

So far as I know, the daily limit doesn't apply to electronic transactions - nor does it apply to cheques - but bear in mind that you'd need a cheque gurantee card for the amount you wanted to write the cheque for (unless it was a personal cheque, rather than one to a business)

Re: bank withdrawls
 

ahh that's alright then. I've had the card two years and never spent more than £250 on it, so rather unclear. I don't want to look like a fool when i'm shopping you see :)

Re: bank withdrawls
 

Surely that depends on what you are buying??? :) nothing could stop you looking like a fool if you're buying a pair of orange flares... :)

Re: bank withdrawls
 

hey, speak for yourself. round these parts, orange flares are all the rage dontcha know :)

never seen any for more than £250 though :Yikes: maybe i should look in harvey nicks for flares at that price :p:

Re: bank withdrawls
 

It's worth noting that if you purchase something over the value of £100 on your credit card then you are afforded additional rights should there be a problem with the thing you're buying under the Consumer Credit Act.

For example if you're buying a computer and the company went bust before delivering it to you then you could get your money back from the credit card company. This does not apply to debit card transactions. So it's worth thinking about if you have this facility availavle to you.

Re: bank withdrawls
 

i dont see why it would be foolish ;)

http://www.painswessex.com.au/Marine/flares.htm#OHS3

Re: bank withdrawls
 

i have 2 credit cards :erm:

try to avoid them where possible, i owe the government enough as it is without owing the credit card company too ;)

[edit] o/t -- work are flogging a credit card with 25.9% apr at the moment. wonder how many people have signed up to it :rolleyes:

Re: bank withdrawls
 

Buy it on Credit Card and then pay the bill in full when it arrives. Could get up to 7 weeks interest on your cash plus the extra protection

Re: bank withdrawls
 

0845 7404404, get through to that useless Bangalore call centre for HSBC and tell them to up your withdrawal limit, they did it for me (after much explaining using single syllable words), being completely ignorant they'll argue with you about it, if they do, insist on being put through to an English call centre, keep insisting while they carry on arguing and eventually they'll put you through to another member of staff claiming to be a supervisor who will also argue with you for no reason but should actually up your limit.

Re: bank withdrawls
 

not a chance :) i had to ring them to get my new card transferred from home branch to one here at uni. they lost it, the card ended up going to a branch in southampton for no apparent reason...

i would rather have a crappy withdrawl limit than ring them up ;)

Re: bank withdrawls
 

We were told that, if you get through to the Bangladesh Call centre, and ask to speak to your branch ..... they HAVE to put you through.....

Re: bank withdrawls
 

No chance! They say they'll get your branch to call you, which of course will never happen

Re: bank withdrawls
 

There are other banks ;)

Re: bank withdrawls
 

There are indeed but I have a large personal loan with HSBC and they will not let me set up a direct debit from any other bank account.

Re: bank withdrawls
 

What ever happened to the idea that "Your the customer". I doubt they could actually stop you.

Re: bank withdrawls
 

Well, they could if they refused to accept DD mandate forms from another bank

Re: bank withdrawls
 

They can't stop you banking elsewhere as well as HSBC but they will not physically close the current account held with them until the full loan amount is payed off, high street banks in Northern Ireland are different to the mainland, we don't have the likes of local Natwests, Lloyds etc, I went to Bank of Ireland last week to open a current account which I'd have had my wages paid in to, then set up a standing order to my HSBC account to cover the loan, but they don't work like that, they insist on being the sole lender, i.e. if you want to bank with BOI, you use them, and only them.

Re: bank withdrawls
 

Now who does that remind me of.....? :scratch: ;)

Re: bank withdrawls
 

just to bump this up a long long long way, another query.

assuming the credit limit on my credit card is £100 (its not by the way, that would just be stupid, i am just using this as an example) would i for example be able to dump another £100 in the credit card account, so it was £100 in credit, and then be able to spend £200 in one transaction?

banks confuse me :(

Re: bank withdrawls
 

Hi,

Nope, that is not how credit cards work.
If you want to spend more than your limit (without getting into trouble!) you will need to get your limit on the card increased.



Doesn't work. A work colleague was recently having trouble with some payments from his HSBC account, no matter how hard he tried, after many phone calls, he could not get to speak to his local branch at all on the phone.
He had to make an appointment, via the call centre, to go into the branch and speak to someone.

Re: bank withdrawls
 

Dispite what mikeyB has just said. YES you can. If you have you credit card account £100 in credit by for example overpaying a bill by £100 and you had a £100 credit limit you would be able to spend £200 in one transaction as you would not have gone over your credit limit.

BTW the £100 guarantee on the credit card is nothnig to do with you credit limit. Im assuming that the £100 example is a coincidence but just clarifying.

Re: bank withdrawls
 

yeah, the £100 is just an example to make it easy, with nice round numbers. my credit limit is higher than this but i may need to spend more than my limit in the near future, so was just wondering (would use my current account but want the safety of mastercard) :):)

Re: bank withdrawls
 

hmmm wouldnt take too much notice of the so called "safety". I had an unauthorised spend on my Barclaycard in August which i disputed and still hasnt been resolved.

Re: bank withdrawls
 

Interesting. I had an unauthorised spend on my card (to the tune of £1200!) . I simply phoned HSBC MCard and they refunded within a day or so. Basically they took my word for it over the phone. A day or so after that I received a form asking me to sign to certify that the unauthorised spend had nothing to do with me. Signed and never heard anything since.

Also interesting because I asked HSBC to reduce the credit limit on one of my Mastercards - I wanted just £100 or even £50 as a safety when making Web purchases etc. However, the lowest limit was £500 - and as soon as I used the thing they increased the limit. I do not fancy arguing that with someone in India. I gave up eventually and now only use a Cahoot virtual Visa card for Web purchases. With that card the number changes after each transaction.