Nationwide Faster Payments slippage

agsnu wrote: »

What a pile of tosh. They really are atrocious these days.

Time to move banks, methinks :rolleyes:

Milarky wrote: »

If you apply for a second Flexaccount (or as a new customer?) online you now get one with a sort code of '07 02 46' - which is the one sort code Nationwide have been using to receive Faster Payments experimentally since May 2008. Being able to recieve a FP is better than nothing (e.g. can empty the e savings and keep the cash somewhere else....)

I]tip courtesy of bristolleedsfan[/I

So they like to reward their loyal and/or long-standing customers with 07-01-16 sort codes by giving them less service than the new customers with 07-02-46 sort codes!

rb10 wrote: »

So they like to reward their loyal and/or long-standing customers with 07-01-16 sort codes by giving them less service than the new customers with 07-02-46 sort codes!

It's probably a matter of logistics for them. Nationwide apparently used one sort code for a short while when Flexaccounts were new (20 years ago) then switched to '07-01-16' and used this exclusively - and now have over 4 million customers on this one code. Say there are 25,000 customers on the new FP accepting sortcode today - and growing steadily - this is a manageable number and becomes their 'rollout' exercise of gradually increasing demand from a relatively low base. If they were just to switch in 4 million plus '07-01-16' customers at once they would be 'swamped' (in their own terms) So unlike other banks - with dozens or hundreds of 'branch' codes they have no leeway to get it wrong. I'm assuming that having dozens of receiving sortcodes, for instance, simplifies a bank's connection to the Faster Payment System compared to the headache Nationwide could be having.....


...and then there's the theory that they knew the practicalites long before the system was available so could have (eg) started creating new sort codes two or three years ago....

Milarky wrote: »

..... Nationwide apparently used one sort code for a short while when Flexaccounts were new (20 years ago) then switched to '07-01-16' and used this exclusively - .....

I remember the changeover. The FlexAccount sort code was originally 08-60-86. After all these years I can't remember why they changed it, although it might have had something to do with bringing their payment processing in-house instead of having a clearing bank do it for them. Sort codes beginning 08 are usually Co-op Bank, I think. However, Nationwide haven't been using 07-01-16 exclusively because there are a few FlexAccounts with the sort code 07-44-56. A friend of mine has that code and I remember querying it with Nationwide one day when I had to make a payment into his account. Nationwide told me that both sort codes would actually work for the same account, but they tended to prefer 07-01-16 and discouraged the use of 07-44-56. So, I made the payment into his account using the sort code 07-01-16 (even though it showed 07-44-56 on his card) and he still received the payment almost immediately.

I don't know whether the new sort code 07-02-46 would work with all accounts as well. If would be interesting to know if you could use it to make faster payments on all FlexAccounts. If anybody feels like trying it out with a test payment of a few pence (just in case the money goes missing, then you haven't lost much) please let us know if it works.

BarclaysManager wrote: »

Absolute rubbish: we have over 100 sort codes; I really don't care to count how many. Across however many accounts, we have 20 million people banking with us, many of whom have more than one account. We managed to get all of them live on one specific date.

And yes, they've had the knowledge long enough that they could have implemented this better.

What month and year did Barclays go live with faster payments for all account holders?