Reply to post: Other banking shenanigans

Analysts apply Occam's razor to Tesco Bank breach

Anonymous Coward
Anonymous Coward

Other banking shenanigans

My bank, an RBS subsidiary/brand, arbitrarily reduced the single transaction limit for payments from £10k to £1k. Want to pay someone more than £1k? Make multiple £1k payments.

Allegedly this is to protect customers and keep their money secure. It was changed on 26th October (predates Tesco shenanigans?) and they are unable to confirm this is a permanent change nor, if temporary, cannot say until when, nor can they offer any other reason why this needed to happen, apart from "to protect ...". Strong impression given that it may have been across RBS (not just the brand I bank with), but if so I'd be surprised it had not hit the headlines.

No customers were informed about this in advance. RBS says they made and executed the decision too fast to give advance warning. But have pointedly not issued any after-the-fact notice of changes - the only way you discover your account facilities have changed detrimentally is when you try to make a payment over £1k and get told it is over the limit. Otherwise you'd be in blissful ignorance assuming you could still send £10k in a single transaction.

All sounds very dodgy to me, like they knew someone was trying something and this was one of no doubt several steps taken to minimise risk/exposure. I got the impression not giving advance warning may have been part of the strategy too.

Tin foil hat or rational suspicion in the face of an information vacuum? Now, if only a journalist were to ring them up and ask a few questions...

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