NatWest lets customers set daily bank transfer limits - Finextra ...

NatWest, Royal Bank of Scotland and Ulster Bank currently set a default bank transfer limit of £20,000 per day but this will be reduced to £5000 ... WelcometoFinextra.Weusecookiestohelpustodeliverourservices.We'llassumeyou'reokwiththis,butyoumaychangeyourpreferencesatourCookieCentre. PleasereadourPrivacyPolicy. Accept /security Newsandresourcesoncyberandphysicalthreatstobanksandfintechsworldwide. News SeeHeadlines» Newsinyourinbox ForFinextra'sfreedailynewsletter,breakingnewsandflashesandweeklyjobboard. SignUp RelatedCompanies Nationwide NatWest VirginMoney LeadChannel Security Channels Payments Retailbanking Keywords Mobile&onlinebanking Editorial|whatdoesthismean?Thiscontenthasbeenselected,createdandeditedbytheFinextraeditorialteambaseduponitsrelevanceandinteresttoourcommunity. NatWestletscustomerssetdailybanktransferlimits 24May2021 6 4 0 NatWestisnowallowingcustomerstosettheirowndailydigitalbanktransferlimits-amovedesignedtoreducethedamagedonebyAPPscams. NatWest,RoyalBankofScotlandandUlsterBankcurrentlysetadefaultbanktransferlimitof£20,000perdaybutthiswillbereducedto£5000perday.Customerscanthenlogintotheironlineaccountsand,usingacardreader,tweakthisdailytransferlimit,makingitlowerthan£5000orhigher-upto£20,000.NatWestsaysthat95%ofitscustomershaveneverpaidsomeoneelsemorethan£5000.ConsumergroupWhich?haswelcomedthemove.IthasaskedotherlendersiftheyplantofollowNatWest'slead;NationwideandVirginMoneyareconsideringtheoptionbutothersarenot.Which?sayspersonalisedpaymentcapscouldhelptackleAPPscams,whichhavebeenontheriseduringtheCovid-19pandemic,withlosseshittingnearlyhalfabillionpoundsin2020.Whilefraudsterscanmanipulatepeopletoadjusttransferlimits,lettingcustomerssettheirown‘normal’behaviourandcreatinggreaterfrictionis"generallypositive,"asitgivesbanksanotheropportunitytowarnusersaboutfraudorinterveneiftheythinksomethingiswrong,saysWhich?.NatWestsaysthatit"alsohelpsinasituationwhereafraudsterhastakencontrolofacustomer’saccountaswithoutthecardreadertheywouldnotbeabletoincreasethedailytransferlimit". RelatedCompanies Nationwide NatWest VirginMoney LeadChannel Security Channels Payments Retailbanking Keywords Mobile&onlinebanking Editorial|whatdoesthismean?Thiscontenthasbeenselected,createdandeditedbytheFinextraeditorialteambaseduponitsrelevanceandinteresttoourcommunity. Sponsored:[NewReport]TheFutureofDigitalBankinginAsia2022 Newsinyourinbox ForFinextra'sfreedailynewsletter,breakingnewsandflashesandweeklyjobboard. SignUp Comments:(2) AndrewSmith-RTGS&ClearBank-London 24May,2021,10:02 0likes Howisthisevennewsorathing?Surelybettersecuritymeasurestacklesfraud-andtheneedtosetlimitswouldproabablyrelatetomyfinancialwell-being.... Reportabuse KetharamanSwaminathan-GTM360MarketingSolutions-Pune 25May,2021,17:13 1like Onthefaceofit,thisisacustomer-centricmovebut,goingbythepopularnarrativeonOverdraftProtection,I'mquitesureitwilleventuallybeseenasuncustomer-centric. Anyonewhowishestotransfer  £5000ormoretoatotalstrangerisextremelymotivated,tosaytheleast.Atthatpoint,ifthebankstopsherfromcompletingthetransfer,hervisceralreactionwillbetorantagainstthebankwithacommentlike"why ismybankstoppingmefromusingmyownmoney?".Goingbythereflexivereactionofpeoplewhentheyseeovedraftprotectionfeeentriesontheirbankstatment,I'mnotsosureshe'dthankthebanklaterforstoppingtheAPPfraud.I'malsosurethesame Which?willjoinherinpanningthebankforexcessivefriction.  IMO,keyforbankstopreventthismovefromtotallybackfiringistodisplayacrystalclearerrormessageforwhythepaymentfailed.  Reportabuse Jointhediscussion Writeablogpostaboutthisstory(membershiprequired) [Webinar]FromCulturetoBusinesstoInnovation:LeveragingCloudtoreprogramBanks Trending /crypto Swiftexploresexpansionofnetworkintothedigitalassetmarket 23Dec 0 18 14 /blockchainobservations Top5PlayToEarnNFTGames-2022 24Dec 0 3 /security Lloydson-sitetechnologydeemed“notfitforpurpose”inleakedvideo 20Dec 1 6 7 /startups Ex-Revolutexecsraise$3.5mforfintechstartup 21Dec 1 2 1 RelatedNews /security Which?callsonbankstocomecleanaboutAPPfraudrefunds 18May2021 0 5 3 /security BankstobegivenautonomyinreimbursingAPPfraudvictims 30April2021 0 5 5 APPfraudcontinuestoriseascriminalstargetbankcustomersonline 26Mar APPfraudlosseshit£456millionin2019 19Mar2020 UKbanksextenddeadlineforfundingAPPfraudcompensation 27Nov2019 Trending SwiftexploresexpansionofnetworkintothedigitalassetmarketTop5PlayToEarnNFTGames-2022Lloydson-sitetechnologydeemed“notfitforpurpose”inleakedvideoEx-Revolutexecsraise$3.5mforfintechstartupJPMorganChasefined$200millionforconductingbusinessonWhatsApp Research Seeallreports» TheFutureofDigitalBankinginAsia2022 75 downloads SustainableFinanceLive-SupplyChainTraceability:BetterData,LowerRisk 14 downloads TheReinventionofCardPayments 23 downloads