Sudden "Interest Charge" with Nationwide

clooina

Hi there,

I wondered if anyone had experienced this. I have a Flex Account with Nationwide which I use to transfer money into my e-savings and ISA. I don't have an overdraft or any credit card debt with them.

Last month they took a 2p "interest charge" from me - this was the first instance, and this month on the same date (19th) they took a further 4p.

I realise that this isn't a lot of money compared to some of the charges other people lose but I'm just really annoyed they seem to be taking cash off me and haven't told me why!!

Has anyone else seen this in their accounts?

Thanks!

jonesMUFCforever

Are you sure that you are not using uncleared funds?

clooina

Yes 100% sure - since they have charged me this interest charge, the lowest amount in my FlexAccount has been £300 in credit, I've never in my life been overdrawn or had any outstanding credit card debts.

I only use my Nationwide account for transferring money to my savings - I send money over from my current account at another bank where my wages go into each month to the FlexAccount. Then from there I transfer directly into my savings, that's all.

blue_monkey_2

I had this this month with Abbey, I was well into in the black for every day of the last 6 weeks and yet I've been charged 'interest' for the last month of banking. I thought it might be an over-run but it seems not. It was something I was going to deal with and it was 48p - but hardly the point. What is the 48p for? It does not say.

apt

They should not be charging you in that case. But I don't know why you are using the Nationwide in this way anyway. Its interest rates are very low for both the e-savings and ISA and they don't use use faster payments either. You could get 1.5% to 2% more elsewhere.

clooina

apt wrote: »

They should not be charging you in that case. But I don't know why you are using the Nationwide in this way anyway. Its interest rates are very low for both the e-savings and ISA and they don't use use faster payments either. You could get 1.5% to 2% more elsewhere.

It's shear laziness on my part and the fact that I have been with them in one form or another my whole life! But you're right, I should shop around.

YorkshireBoy

clooina wrote: »

It's shear laziness on my part...

Could you muster up some energy and secure message them from your secure area to find out why you're being charged interest?

clooina

YorkshireBoy wrote: »

Could you muster up some energy and secure message them from your secure area to find out why you're being charged interest?

I have done, but by the time they reply the interest charge will probably be up to £1000 :rotfl:

YorkshireBoy

clooina wrote: »

I have done

Last month?...or only now when they've charged you again?

dzug1

Sounds very odd - never had this happen myself.

You can use the messages tab when you are signed into their website to query it - won't cost anything.

Probably a daft question - it is a debit and not interest they are paying TO you?

clooina

YorkshireBoy wrote: »

Last month?...or only now when they've charged you again?

Only now - I didn't notice before, only noticed this time because i left a figure with "00" on the end of it and suddenly became "96" when they nabbed 4p! Swines!