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  • FIRST POST
    • stevej2403
    • By stevej2403 30th Nov 17, 3:57 PM
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    stevej2403
    Nationwide FlexDirect
    • #1
    • 30th Nov 17, 3:57 PM
    Nationwide FlexDirect 30th Nov 17 at 3:57 PM
    Part heads-up, part whinge/moan about this Nationwide FlexDirect Account which offers 5% interest for a minimum monthly pay-in of £1000.


    Have had this set up since January and earned monthly interest - except that I noticed that on 2 occasions, no interest was paid. After phoning customer support, it turns out this was because the money in arrived a day early (31st of previous month) and there must be a £1000 deposit PER CALENDAR MONTH.


    Even though my Standing Order has paid £1000 in once per month, because 2 payments fell within the same calendar month, no interest was paid for the following month.


    The bank have refused a goodwill gesture of adding this interest retrospectively and said they could do nothing about it.
Page 1
    • badger09
    • By badger09 30th Nov 17, 4:13 PM
    • 5,558 Posts
    • 4,865 Thanks
    badger09
    • #2
    • 30th Nov 17, 4:13 PM
    • #2
    • 30th Nov 17, 4:13 PM
    Part heads-up, part whinge/moan about this Nationwide FlexDirect Account which offers 5% interest for a minimum monthly pay-in of £1000.


    Have had this set up since January and earned monthly interest - except that I noticed that on 2 occasions, no interest was paid. After phoning customer support, it turns out this was because the money in arrived a day early (31st of previous month) and there must be a £1000 deposit PER CALENDAR MONTH.


    Even though my Standing Order has paid £1000 in once per month, because 2 payments fell within the same calendar month, no interest was paid for the following month.


    The bank have refused a goodwill gesture of adding this interest retrospectively and said they could do nothing about it.
    Originally posted by stevej2403
    You didn't meet the T&Cs, so you're not entitled to the interest. Always safest to check that money has arrived when expected.

    It is unusual though for SOs to be paid before the due date. Where were the SOs from?
    I'm a supporter of dunstonh
    • stevej2403
    • By stevej2403 30th Nov 17, 4:36 PM
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    stevej2403
    • #3
    • 30th Nov 17, 4:36 PM
    • #3
    • 30th Nov 17, 4:36 PM
    SO from a Lloyds account. Should have avoided a date at the start/end of the month and gone for in the middle but didn't clock the 'calendar month' reference. Just set up Monthly SO and thought I had it covered. My oversight, yes. Thought there would be some leniency on the bank's side but they were not interested at all.


    My argument is that over the year, I've made 12 separate monthly Standing Order payments but only received 10 lots of interest.
    Last edited by stevej2403; 30-11-2017 at 4:47 PM.
    • badger09
    • By badger09 30th Nov 17, 4:47 PM
    • 5,558 Posts
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    badger09
    • #4
    • 30th Nov 17, 4:47 PM
    • #4
    • 30th Nov 17, 4:47 PM
    SO from a Lloyds account. Should have avoided a date at the start/end of the month and gone for in the middle but didn't clock the 'calendar month' reference. Just set up Monthly SO and thought I had it covered. My oversight, yes. Thought there would be some leniency on the bank's side but they were not interested at all.
    Originally posted by stevej2403
    That is odd. I've never noticed any of my SOs from Lloyds going out early.

    As you say, safer to go for nearer the middle of the month.

    I had a similar blip with Lloyds Vantage years ago when I was doing more manual transfers. Monthly pay in was £1k and I'd only sent £990. As expected, no leniency. Cost me about £16 interest IIRC

    Obviously I'm not bitter
    I'm a supporter of dunstonh
    • soulsaver
    • By soulsaver 30th Nov 17, 4:53 PM
    • 1,482 Posts
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    soulsaver
    • #5
    • 30th Nov 17, 4:53 PM
    • #5
    • 30th Nov 17, 4:53 PM
    Check that Lloyds followed their advertised SO MO regarding bank holidays, week-ends processing.. see if there is grounds for complaint there?
    • AirlieBird
    • By AirlieBird 30th Nov 17, 5:44 PM
    • 737 Posts
    • 494 Thanks
    AirlieBird
    • #6
    • 30th Nov 17, 5:44 PM
    • #6
    • 30th Nov 17, 5:44 PM
    You've not said whether you have checked your Lloyds statements to see if the money left the account on the 1st.
    • stevej2403
    • By stevej2403 30th Nov 17, 6:58 PM
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    stevej2403
    • #7
    • 30th Nov 17, 6:58 PM
    • #7
    • 30th Nov 17, 6:58 PM
    My apologies, this is the other way around. My standing order is set up for the 30th of the month and on 2 occasions had not gone in until the 1st of the next month. Presumably due to the 30th falling on a Sunday.
    • Thrugelmir
    • By Thrugelmir 30th Nov 17, 7:16 PM
    • 56,181 Posts
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    Thrugelmir
    • #8
    • 30th Nov 17, 7:16 PM
    • #8
    • 30th Nov 17, 7:16 PM
    My standing order is set up for the 30th of the month and on 2 occasions had not gone in until the 1st of the next month. Presumably due to the 30th falling on a Sunday.
    Originally posted by stevej2403
    February only has 28 days......

    30th could also fall on a Saturday.
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • Sleazy
    • By Sleazy 30th Nov 17, 7:20 PM
    • 6,463 Posts
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    Sleazy
    • #9
    • 30th Nov 17, 7:20 PM
    • #9
    • 30th Nov 17, 7:20 PM
    And some months have 31 days ....
    Doesn't Expecting The Unexpected Make The Unexpected Expected?
    • eskbanker
    • By eskbanker 30th Nov 17, 7:20 PM
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    eskbanker
    30th could also fall on a Saturday.
    Originally posted by Thrugelmir
    As it does in December, when the New Year bank holiday would actually push back payment to the 2nd, so OP has a month to sort this out!
    • teddysmum
    • By teddysmum 30th Nov 17, 7:50 PM
    • 8,606 Posts
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    teddysmum
    The advantage of working manually is that you check all your accounts ,monthly.
    • jimjames
    • By jimjames 30th Nov 17, 8:43 PM
    • 12,234 Posts
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    jimjames
    Same problem with TSB. Rent money due on 30th, some months it arrives on 1st so doesn't meet the criteria for interest. I can't change contract but do have another payment now mid month to make sure it complies
    Remember the saying: if it looks too good to be true it almost certainly is.
    • stevej2403
    • By stevej2403 30th Nov 17, 9:30 PM
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    stevej2403
    I have changed the date for December already :-)
    Originally chose end of the month as I'm normally paid on 28th.

    No problem with the months that have 31 days! When payment went out on 30th/31st it was fine. Checked February and it went out on the 28th.


    Problems were April (Sun 30th) and September (Sat 30th) when it ended up going out on 1st of the following month.


    Sent one more written message to the bank to appeal to their good nature ;-)
    • Glen Clark
    • By Glen Clark 30th Nov 17, 9:46 PM
    • 3,906 Posts
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    Glen Clark
    Like many people seem to be these days, your sense of entitlement is greater than your sense of accountability.
    You complain because they don't change their terms and conditions to accommodate your mistakes.
    Its only a bit of interest and you have still got a great rate over the year - write it off to experience and learn from it
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
    • TheShape
    • By TheShape 30th Nov 17, 10:08 PM
    • 1,140 Posts
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    TheShape
    I may be miss-remembering here (it was 10 years ago) but I seem to remember that when I worked for Nationwide BS we wouldn't set-up any standing orders for dates after the 28th due to the 'February problem'.
    • TheShape
    • By TheShape 30th Nov 17, 10:15 PM
    • 1,140 Posts
    • 905 Thanks
    TheShape
    I have changed the date for December already :-)
    Originally chose end of the month as I'm normally paid on 28th.
    Originally posted by stevej2403
    I assume you did this so that when you had a spare £1000, you could pay it in to the FlexDirect and then back out?

    Don't forget that you can send the £1000 out of the FlexDirect and then send it back in, in effect funding the £1000 pay-in requirement from itself.
    • Bilko1
    • By Bilko1 1st Dec 17, 4:24 PM
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    Bilko1
    I assume you did this so that when you had a spare £1000, you could pay it in to the FlexDirect and then back out?

    Don't forget that you can send the £1000 out of the FlexDirect and then send it back in, in effect funding the £1000 pay-in requirement from itself.
    Originally posted by TheShape


    I have just opened one of these accounts and the T&Cs say money cannot be paid in from another NW account, would i be allowed to pay in with cash drawn from another NW account? Can not find any mention of cash in the T&Cs.
    • jimjames
    • By jimjames 1st Dec 17, 5:18 PM
    • 12,234 Posts
    • 10,760 Thanks
    jimjames
    I have just opened one of these accounts and the T&Cs say money cannot be paid in from another NW account, would i be allowed to pay in with cash drawn from another NW account? Can not find any mention of cash in the T&Cs.
    Originally posted by Bilko1
    Yes. Cash can come from anywhere but it's probably easier to use a non Nationwide account to transfer from
    Remember the saying: if it looks too good to be true it almost certainly is.
    • TheShape
    • By TheShape 1st Dec 17, 5:33 PM
    • 1,140 Posts
    • 905 Thanks
    TheShape
    I have just opened one of these accounts and the T&Cs say money cannot be paid in from another NW account, would i be allowed to pay in with cash drawn from another NW account? Can not find any mention of cash in the T&Cs.
    Originally posted by Bilko1
    As already said, cash would be fine though personally, I would avoid depositing large amounts of cash into accounts as it's the kind of thing that banks can be wary of in regard to money laundering. Transfer via a non-Nationwide account in your name.
    • badger09
    • By badger09 2nd Dec 17, 11:21 AM
    • 5,558 Posts
    • 4,865 Thanks
    badger09
    I may be miss-remembering here (it was 10 years ago) but I seem to remember that when I worked for Nationwide BS we wouldn't set-up any standing orders for dates after the 28th due to the 'February problem'.
    Originally posted by TheShape
    Some banks (can't remember which) say SO must be dated 25th or earlier.
    I'm a supporter of dunstonh
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