NatWest is giving customers complete control to set their own payment limits.
The bank’s new online banking feature will enable customers to set the maximum amount that can be transferred from their account in a day.
The move is part of NatWest’s drive against unauthorised financial fraud losses.
According to data from the bank, 95 per cent of retail banking customers have never paid someone more than £5000.
In response, NatWest is automatically reducing the limit to £5000 for all retail customers who have never made a transfer for more than that amount.
Customers will be able to increase or decrease this amount when they want.
“For the first time customers are being given the ability to set a payment limit most suitable to their needs which in turn will help to protect them from the life changing impacts of fraud and scams,” said Jonathan Leslie, fraud prevention manager, NatWest.
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