Ripped off by Nationwide?

V70_windsurfer

Am I being ripped off by Nationwide? Any advice would be appreciated.
If I transfer funds from my Nationwide account to another Nationwide customers account it arrives in their account immediately; as I would expect as it is only an automated computer transaction. My question is; my mortgage payment comes out on the 1st of the month but can take one or two days to arrive in my Nationwide mortgage account, and as such I have to pay an extra one or two days interest (about £30 a day). I asked the mortgage advisor in my local Nationwide and all I got was 'that's how long it takes'; but should it? Why isn't it credited immediately. Is there a genuine reason or is it just Nationwide getting more money from us poor customers? Any thoughts would be greatly appreciated before I challenge them direct. Regards, Jon

Robert_Sterling_3

You must have a large mortgage for the interest to be £30 per day.
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I am not clear whether the mortgage is also paid from a nationwide account to a nationwide account.
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It may be tied up with the fact that Nationwide is not itself a bank.
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dunstonh

Nationwide mortgages are held at a different sort code to the accounts. So, it just goes through the clearing system in the normal way. RS also makes the valid point that they are not a bank and therefore you shouldnt expect full banking standards. This also applies to a number of the ex building societies that became banks but are still runnning legacy software.

V70_windsurfer

Robert_Sterling wrote: »

You must have a large mortgage for the interest to be £30 per day.
......................................................................................
I am not clear whether the mortgage is also paid from a nationwide account to a nationwide account.
......................................................................................
It may be tied up with the fact that Nationwide is not itself a bank.
....................................................................................

It does go from a Natiowide account to a Nationwide mortgage - thanks for responding so quick

Gorgeous_George

I don't think this is costing you £30 per day.

Your interest on your mortgage may be £30 per day (£1,500 per month?) but the interest on your payment will be many times less (probably 20p per day).

GG

V70_windsurfer

Gorgeous_George wrote: »

I don't think this is costing you £30 per day.

Your interest on your mortgage may be £30 per day (£1,500 per month?) but the interest on your payment will be many times less (probably 20p per day).

GG

Ahh that makes sense. Thank you. But that's still my 20p and £72 a year, which when compounded over the term of the mortgage is.......lots. And I hate to think I'm being screwed over; thanks for your help in making me realise I'm not paying so much over that I thought. But......

Ian_Griffiths_Halifax

Gorgeous_George wrote: »

I don't think this is costing you £30 per day.

Your interest on your mortgage may be £30 per day (£1,500 per month?) but the interest on your payment will be many times less (probably 20p per day).

GG

Shouldn't that be £30 x 31 (max) = £930 per month?

V70_windsurfer

Ian_Griffiths_Halifax wrote: »

Shouldn't that be £30 x 31 (max) = £930 per month?

Maybe, but I was allowing for February as well, so averaging about 30 days a year ish. It's all in the rounding...as my Maths teacher once told me, many, many years ago. Regards, Jon

red_bertie

:rotfl: If I were in OP's position, I'd definitely prefer your mutliplication IGH.

getmore4less

Barclays manage to get payments from Barclays accounts to Woolwich(now Barclays) accounts at different sort codes same day

Dan_1976

I dont think it works that way. But I would call Nationwides head office and ask them. They will get the nerds on it!