NATIONWIDE CC .New terms a rip off?

ANGLICANPAT

Hi
Nationwides new terms for paying your NW CC bill come in on 4thSept 08. If Im understanding it correctly, its going to cost me a few days loss of interest in my NW 'e' acccount because whereas at the moment you can transfer money from your 'e' to your flex acc instantly, and the transfer from that to NW CC is the next day , the new way sounds like NW CC is going to hold the money for 3 days for it 'to clear' , even though all the money involved is all being held within NW. Sounds a rip off to me if money leaves my 'e' account 3 days earlier to sit and be cleared. Here is the wording. What dyou think?

"You can make a payment by (all usual ways)...branches, or by using our flex account bill payment service. When we initially receive your payment, it will be treated as uncleared funds. The central clearing cycle is normally 3 working days, and you should allow this time for your payment to clear(this may take longer if payment is made throgh an organixation other than NW. The available balance on your account may not be adjusted until we can be sure that cleared funds have been received to your account"

Moggles_2

Would this be in preparation for the Faster Payments Service?

ANGLICANPAT

I dont know, how can they get away with such a retrograde step? (If Ive interpreted it correctly anyway) . Ive not heard a murmer about it in the papers or anything though.

Fluffi

As far as I know an online transfer from my flexi to my nationwide credit card using internet banking has always taken 3 or so days to show up as cleared on the NW credit card.

I always leave a couple of working days for the money to hit my credit cards, regardless of whether the money is in the same organisation or not.

Have they changed the terms and conditions or just rewritten them to make them clearer? Maybe they've rewritten them to make it clear that the faster payments system isn't going to make paying your credit card bill any faster?

ManAtHome

Retrograde maybe, but it's really costing you an extra 30-40p a month per £1,000 of balance - you make that back on a one-off couple of hundred quid payment on your hols in the EU. Pretty low-key in the "rip-off" stakes IMHO...