Bank card limits are outdated!

[GPSJane]

I tried to use a maestro card in a shop today but it was declined because there is a limit. I had to call my husband to bring the mastercard for the same account all the way to the shops for me. These cards are almost interchangeable - they both need pins and they both are for the same account. In fact, the maestro is more secure since the mastercard does not always need a pin if swiped and the chip is not used.

So why on earth is there still a ridiculously low limit set on the maestro card, which, to be raised you have to be in a branch by the way, when I can spend all the money in the account on the mastercard anyway? This is a cheque account; no credit.

This is completely antiquated. There is absolutely no need. There is nothing wrong with limiting daily spend amounts but this should be optional and set per card by me or across all cards by me.

Why are banks so backward?

 

[Messugga]

It is optional. They ask you what the limits should be when you open the account. Or they should, at least.

 

[Other Pineapple Smurf]

Its not outdated or neither stupid, you set it at your bank and its purpose is to protect you. You can also set a limit on your mastercard and maestro card, I did that with mine.

 

[BrokenLink]

Well obviously its there in case your card gets stolen. Set it the amount you want. Pins are fairly useless when some1 has a gun to your head.

 

[Sysem]

You can change your limit over the phone too...

 

[Gambit]

FNB allow you to change your limits on their online banking system.

 

[Jladan]

*reverse rant insert*
"I cant believe FNB/ABSA/VISA/whoever DIDN'T put a limit on my card. Some Fscker stole / cloned it and cleared out my account. WTF!!! don't these institutions have a limit to protect their customers???"
*Back to normal land*

Limits are there for a reason, what I find more disturbing is that this person is not aware of limits on their card, I make it a point to understand limits, OOB costs, any additional information about anything that I sign up for.

 

[AstroTurf]

My wifes card has had it's limit changed 4 times by the bank without her consent.

Mine has been changed twice.

All times to lesser amounts, all times with embarrassment at the counter.

 

[bwana]

FNB allow you to change your limits on their online banking system.

Correct, I just had a look and I can change mine online via FNB's website.

 

[The_Unbeliever]

I still have to change mine to a lower amount.

I believe limits are there for protection. You can set yours to 'unlimited' if you want, and have fun and games when some ne'er-do-well drains your account...

 

[Jladan]

My wifes card has had it's limit changed 4 times by the bank without her consent.

Mine has been changed twice.

All times to lesser amounts, all times with embarrassment at the counter.

Aha well thats different, you can request the bank to tell you who changed you limit and on who's authority. U can then demand some action is taken as unless it is a policy that caused the change (I do know some banks have auto limit changes based on usage)

Also if and when this does happen again, should you wish to perform a transaction that exceeds your limit, generally all that is required is a call to the authorising agent who will ask u to identify yourself then auth the transaction

 

[AstroTurf]

Does not help at 6:45pm when you are just finished with monthly shopping.

We have changed it back several times, just leaving it now and using both cards when we pay for monthly shopping.

Bloody irritating though.

Decided the next move is a new bank, will happen in 3 months when I no longer owe ABSA anything.

 

[rorz0r]

Correct, I just had a look and I can change mine online via FNB's website.

I know you can change them down, and view them per card etc but can you change them UP? I don't think so unless it's changed on their new internet banking.

 

[GPSJane]

Perhaps I should have mentioned which bank works this way. Standard Bank does not allow you to change your limit in any way but in the branch. They did not ask my husband what limit he would like when he received the card recently. Last time we had a debit card we set the limit to a high amount so why has it been changed to a random amount now?

I have asked Standard Bank in the past if they can temporarily change my limit and have it automatically reset at the end of the month but I was told they cannot do that and it will remain until I return to the branch to change the limit again. That limit was changed several months later without my permission. This is one of the many, many reasons that I no longer have an account with Standard Bank. I'm glad to hear about yet another thing I can do online with FNB since I have just opened an account with them.

So back to my original point; perhaps I should have said the bank card system is outdated. Credit and cheque cards generally are not given limits or are given very large limits so much so that it makes no difference. Why are you not asked to put a limit on all your cards when you receive them? Credit, cheque or debit it should make no difference. This nonsense of randomly making up a limit for me even after I have set my limit is outdated but on the other hand the other card linked to the only account held at that bank can spend enough money to clear out the account without even using a pin!

In fact the difference between debit and cheque cards is archaic and comes from the days when accounts each had very separate functions; either to withdraw cash, to spend on credit or to write cheques. Now everyone pays by card and cash can be withdrawn from any card. No one uses cheques any more, but even if they do there is no reason they cannot be drawn against one consolidated account.

One card (cheque/credit card type) can be linked to every account you have (credit, savings etc) and there is no reason for debit cards.

 

[GPSJane]

I still have to change mine to a lower amount.

I believe limits are there for protection. You can set yours to 'unlimited' if you want, and have fun and games when some ne'er-do-well drains your account...

That doesn't make sense. This is exactly what I am talking about - while they cannot clear the account out with the debit card (which has a pin) they can with the cheque card, with which it is not compulsory to use a pin. Why do they make such an odd distinction?

 

[GPSJane]

Its not outdated or neither stupid, you set it at your bank and its purpose is to protect you. You can also set a limit on your mastercard and maestro card, I did that with mine.

Refer:

... There is nothing wrong with limiting daily spend amounts but this should be optional and set per card by me or across all cards by me.

 

[bwana]

I know you can change them down, and view them per card etc but can you change them UP? I don't think so unless it's changed on their new internet banking.

Yep, I raised mine and lowered the one the missus' uses.

 

[Other Pineapple Smurf]

My wifes card has had it's limit changed 4 times by the bank without her consent.

Mine has been changed twice.

All times to lesser amounts, all times with embarrassment at the counter.

Standard Bank did the same with me and each year I had to go in a up the limit during bonus time. Eventually last year I tried a different branch and they remarked that they could see I did this "temp" request each year on the same month. Turned out that Standard Bank would auto drop my limit a month latter as each time it was only done as a 30 day event and not permanent. I also found out that the max limit on my account was based on my monthly salary - could not be more as it was a limitation of my account (some poor-mans savings account I got 12 yrs ago that was meant for people earning less than R5Kpm).

Ended up getting a Cheque account but I requested a small limit on cash withdrawals and debit card transactions.

 

[Other Pineapple Smurf]

That doesn't make sense. This is exactly what I am talking about - while they cannot clear the account out with the debit card (which has a pin) they can with the cheque card, with which it is not compulsory to use a pin. Why do they make such an odd distinction?

Cheque cards get pre-authed and not post-authed so they get disabled much quicker once they are reported stolen.

 

[GPSJane]

Well I am glad to report that FNB allows me to change several different limits on each separate card.

So mostly it's just Standard that are archaic. No wonder I left.