Ripped off by Nationwide?

Eydon

getmore4less wrote: »

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

Not if you're making an overpayment on your mortgage they don't. It took three working days last time I tried it (admittedly it was a few months ago so it might have improved since then)

getmore4less

Eydon wrote: »

Not if you're making an overpayment on your mortgage they don't. It took three working days last time I tried it (admittedly it was a few months ago so it might have improved since then)

probably right, I was thinking of the DD. not SO or transfer.

One option for extra payents is to see if a debit card can be used and if they are same day.

Joe_Bloggs

I agree with Gorgeous George that the amount you lose out on is around 20-30 p per day of banking delay. So perhaps £5 at most per year.

You can check on how much the capital you owe the Nationwide changes each day online. The interest charged per day should creep up as the previous day's interest is added to the new interest calculation.

By making a payment you lose the interest on the money if it left an interest bearing account. You lose the benefit of it instantly affecting the capital that you owe the Nationwide.

By monitoring the new rate of capital increase. after a repayment. you can work out how much you lost due to banking delays.

J_B.

Ilovejackbauer

You are not paying any extra interest. When we look at the transaction screen there is a process date and effective date, the effective date is the day your dd comes out and the system recognises this thus you are not charged extra interest.