I think the idea of a monthly EFT limit on Internet banking is fundamentally flawed. I've had several occasions where I have had to make large transfers (i.e. to pay a deposit on a car/house/etc) and the monthly EFT limit has restricted my ability to do legitimate banking, not only on that occasion, but for the rest of the month thereafter. I understand the need to protect the client's money, but other banks use a daily EFT limit, which is far more sensible.
The biggest irritation with this, is that the EFT limit cannot be set any higher than the amount of money which is CURRENTLY in the account. So I've had to transfer money from my home loan account to my current account, so that I could increase my EFT limit, so that I could make a payment for money that I knew was coming into my account but was not yet in my account. And once I'd made that payment, I was not able to make any further payments for the rest of the month, or even future dated payments for the NEXT month. As a result of these irritations, I've had to set my monthly EFT limit artificially high so that I can make the odd large transfer. In fact, I'm willing to bet that the majority of internet banking customers have a monthly EFT limit which is much higher than the amount of money that they have in their accounts. And this completely negates the "protection" to the client's money which is offered by the monthly EFT limit. As an example, my EFT limit is set to approximately 2.5-3 times the amount of money I typically have in the account.
If the goal really is to protect the client's money, then there are far better methods to enforce this:
- one-time password notification for amounts over some limit which can be set by the client.
- a daily EFT limit
I'm sure there are others as well.