Nationwide Bill Payment Warning!

artha

I have just noticed that Nationwide have changed the "payments should take two days" to payments "should take 3-5 days" when paying a bill/credit card. I thought that electronic transfers were being made easier these days. I really object when the money goes from my account and someone hangs on to it for days, presumably earning interest, before it reaches the intended recipient. Isn't there something being done by the goverment to speed up on-line transfers?

Milarky

'3 days' actually means 2 (eg 'Mon-Wed' = 'Mon,Tues,Wed') so '5 days' is allowing for the weekend. All payments from Nationwide go via BACS at the moment so the information is correct as it stands. They say they hope to have Faster Payments in by the 'end of March 2009'...

If you are paying a Nationwide credit card however, because it is an 'in-house' account, your payment will credit the same day and be shown the next day...

Extant

It's likely just to cover their own backs. If it's a bill payment, it may hit a bulk account first, before it's then credited against your account with that institution. It really all depends where it's going.

Some payments may hit faster. Some may take this time because the destination sort code isn't FPS enabled. Some of these sort codes exist primarily for bulk clearing (where you pay with a bank giro credit) and as such are not designed for electronic credits, even though they are possible.

Lots of variables with this sort of thing.

agsnu

Nationwide are dragging their heels on the implementation of FPS. Currently they say it should be done by the end of March 09.

everyotheridwasused

Bill payment is working as normal for me. I paid my credit card via Nationwide's online banking on Sunday, and it had cleared by yesterday.

artha

agsnu wrote: »

Nationwide are dragging their heels on the implementation of FPS. Currently they say it should be done by the end of March 09.

Sorry for my ignorance but what is FPS?

hulltrucker

I dont know - Fast Payment System maybe? whichever way Nationwide have always been one of the slowest at this kind of thing - its one of the few places where a cheque paid in at a branch takes 5 working days to clear - on the plus side they have some fair rates and seem to be "safe" at the moment

agsnu

artha wrote: »

Sorry for my ignorance but what is FPS?

Faster Payments Service
http://www.nationwide.co.uk/faster_payments/default.htm
http://en.wikipedia.org/wiki/Faster_Payments

MrsPitcher2b

Milarky wrote: »

If you are paying a Nationwide credit card however, because it is an 'in-house' account, your payment will credit the same day and be shown the next day...

Can you explain then, how when i paid off £700 at the begining of this month it took a week to clear, or when i paid off £200 last week it took 3 days to clear...

They never clear off my card before 3 days!!

Nationwide r really getting on my nerves!!!

ljw1

Nationwide are not a bank and therefore have to use a different proccessing system.

If you do have a problem have you thought to complain direct to them? If enough people have the same complaint, they will probably act on it.

But at least your money is safe with them!

Milarky

MrsPitcher2b wrote: »

Can you explain then, how when i paid off £700 at the begining of this month it took a week to clear, or when i paid off £200 last week it took 3 days to clear..

..if you have a Flexaccount and you do a Bill Payment (which normally takes '3 days') to a Nationwide Credit Card account - it counts as in internal transfer and - although not instantaneous - the payment will credit on the same working day as you make it...