Monthly EFT limits
Submitted by AllanRidley on Mon, 2009/11/09 - 08:29
Category:
Self–service banking 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.
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EAP limit is really making me become aggressive
This EAP limit is complete rubbish! Every month I try to make payments and I have to go into the bank to increase my EAP limit.... Why have internet banking then?
Business Banker Leaving Standard Bank due to EAP Limit.
This EAP limit is the worst idea ever, every time we do a project and the client paid us a large chunk of money, we have to make large chunks of payments to the people who worked on the project ... and guess what, we are unable to do so because of this EAP limit.
As an internet business, we all enjoy working from wherever we are, except that now I'm personally tied to being close to a Standard Bank branch, otherwise I can't pay my people.
Standard Bank, who boast being a fantastic bank for business banking doesn't cater for the one primary need businesses have, and that is making payments.
Cheers Standard Bank, I'm closing my account as soon as I'm back and moving to a business bank that understand our one primary need - getting access to our money.
Agree!
Agree!
Thanks
Nice blog!!!!!!!!!!Really a great knowledge about different things. I refer my friend to this site for more information.They also impressed by this site.
Fed up with this stupid limit
Dear Standard Bank,
Why can't you have a DAILY limit on EFT transactions like some of the other banks?
CONSIDER THIS (imagine my EFT limit is R50 000)
1. I am traveling abroad
2. I need foreign exchange
3. I use R30 000 to buy travellers cheques
4. Other debit orders go through while I am abroad
5. Come the 25th of the month and my housekeeper and gardener don't get paid because I have "exceeded my EFT limit".
6. The best advice I get is to "increase your EFT limit".
7. All of this is done in the name of "security". Come on Standard Bank, get real.
THERE'S MORE:
1. On my return I raise the limit
2. While I am at the bank I move R60 000 into a savings accounts
3. Tonight I tried to pay for new carpets for my house. Guess what? I have now exceeded my limit!!
When will this insanity end?
Agreed
I agree, the limit is not required - Internet banking is secure enough. Also, having it linked to the salary has no real meaning - if the customer is able to make a large payment, then he/she should.
This has happened to me many times; to get around this, simply contact your bank (using a secure message) and they will temporarily increase your transfer limit so that you can make the payment... takes a day but in all intents and purposes, it's fast and effective as compared to the alternative.
I also agree. When I asked
I also agree. When I asked the consultants about it, they told me that this limit is linked to my regular salary.
A few weeks back I am involved in a number of projects to earn me extra cash. I had to make cash withdrawals to move the money to my saving account with another bank since I have already reached my limit for that month. My other bank changed me for cash deposit of which I could have avoided by simple extending my EFT limit for maybe that month.
Thank you
EAP LIMIT
The concept of EAP limit is useless because the security of your money depends on how reckless or unaware you are and many of us do transfer large amounts over the internet. Also your Autoplus machines have a facility of the keyboard which could be useful if I could load my beneficiaries on my own, using these machines.