Sudden "Interest Charge" with Nationwide

clooina

dzug1 wrote: »

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

It's definitely money they are taking from me - they gave me my yearly interest on 31st December and that one is in the right column :j

bristolleedsfan

apt wrote: »

and they don't use use faster payments either. .

U sure. :huh: Many of us with new Flexi-Accounts have experience of faster payments inwards.

Milarky

I have a theory (based on a similar pattern of unexplained charging) that Nationwide's interest-charging period (i.e. over which they calculate any overdrawn interest) may be a standard (such as a calendar month) whereas your statement could be produced on any day of the month. Thus there is a potential for a mismatch to occur.

My statement is produced on the '1st' anyway - but I've still been charged about a month after I might have briefly been overdrawn (i.e. the next statement immediately after does not contain a charge whilst the next month's does so - ever where the account has never been overdrawn during this month)

Milarky

dzug1 wrote: »

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

Not daft. But Nationwide only credits interest once a year - on 31 December. For all other months it's nothing..

Milarky

bristolleedsfan wrote: »

U sure. :huh: Many of us with new Flexi-Accounts have experience of faster payments inwards.

Have you been given an account with a 'new' sort code [i.e. not 07-01-16] when you applied recently then BLF?

BruceyBonus

Milarky wrote: »

Have you been given an account with a 'new' sort code [i.e. not 07-01-16] when you applied recently then BLF?

All the new accounts opened online have 07-02-46 - which accepts faster payments (NW's only sort code that does).

DesG

Did you lodge any cheques into the account?

Cheers, Des.