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Restricted Payments

Restricted Payments

Why is my payment limited/restricted?

Why is my payment limited/restricted?

Our security systems flagged a possible risk, so we’ve limited/restricted the amount you can pay to protect you. There could be several reasons this was flagged, such as an increase in scams linked to accounts at this bank, financial company, or cryptocurrency exchange.

If there’s a risk, why am I allowed to send any money?

If there’s a risk, why am I allowed to send any money?

While we look into this, we’ve limited the amount you can pay to lower the risk to you.

My daily limits are higher than this; why can’t I pay more?

Why didn’t you tell me about this in advance?

Why didn’t you tell me about this in advance?

We monitor scam and fraud risks 24/7 and react quickly without warning to protect you and your money.

Is the bank allowed to limit/restrict my payments?

How long will this limit/restriction be in place?

How long will this limit/restriction be in place?

Our security systems will continue to monitor the situation and limit/restrict payments to this bank, financial company, or cryptocurrency exchange while we think there is a risk to you.

Will payments be limited/restricted from all my accounts?

Will payments be limited/restricted from all my accounts?

Yes, we’ve limited/restricted payments to this bank, financial company, or cryptocurrency exchange from every account you hold with us. These limits are inclusive of any attempted and rejected payments that are made across all of your personal acounts within the period and is per person not per account.

Can I transfer money to another bank and then make the same payment?

Can I speak to someone about this?

Can I speak to someone about this?

If you’re worried about this payment, please get in touch with us.

Additional Information on Cryptocurrency limits

Why has the Bank blocked or limited my Faster Payment or Debit Card transaction to my chosen cryptocurrency exchange?

Why has the Bank blocked or limited my Faster Payment or Debit Card transaction to my chosen cryptocurrency exchange?

To keep your money safe from scams, we have decided to block or limit online banking and mobile app Faster Payments we identify as going to cryptocurrency exchanges. From 16th March 2023, we’ll block or limit online banking and mobile app Faster Payments and Debit Card transactions made to these exchanges to £1k a day and £5k in any 30-day period, until further notice. These limits are inclusive of any attempted and rejected payments that are made across all of your personal acounts within the period and is per person not per account.

We know that customers investing their money in cryptocurrency has become extremely popular. However, we are also aware of the increasing risk posed by fraudsters exploiting this trend to dupe customers out of millions of pounds per month. As such, we have decided to take proportionate action to keep our customers safe and secure.

Why has my Credit Card payment for a cryptocurrency purchase been declined?

Why has my Credit Card payment for a cryptocurrency purchase been declined?

Since February 2018, to keep you safe and secure and not expose you to more risky debt, we have blocked the use of our Credit and Charge Cards to purchase cryptocurrency.

Is cryptocurrency regulated?

Is cryptocurrency regulated?

Cryptocurrency isn’t protected by the UK’s Financial Services Compensation Scheme (FSCS) and is not an asset that's regulated by the Financial Conduct Authority (FCA). There are also concerns that it could be used to facilitate financial crime or fraud. The value of these currencies is unpredictable and generally involves taking high risks with your money.

Can the Bank provide advice on cryptocurrency?

Can the Bank provide advice on cryptocurrency?

As cryptocurrencies are unregulated assets, we’re unable to provide customers with advice. If you still wish to purchase cryptocurrency, we suggest that you seek independent financial advice via a trusted and regulated advisor or firm.

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