Natonwide Flexaccount - Why different timescales?

Broadwoodboy

My wife and I have opened a new flexaccount to allow us to lift cash on holiday abroad. No problems with the new account.

My wife already has one in her own name (I am self-employed and it works to our advantage tax-wise).

Anyway, when I transfer money from our RBS account via online banking, it goes through on the same day to the new joint account, but takes three days to get to my wife's own account.

How so?

agsnu

Because Nationwide do not officially support Faster Payments yet (they're dragging their heels), and currently only accept incoming on their 07-02-46 sort code. Most historic FlexAccounts are on the 07-01-16 sort code (or 07-44-56), and these do not support Faster Payments.

New accounts appear to be being put onto the 07-02-46 sort code, which does support FPs... So much for the whole treating long-term members the same as new ones, eh?

Broadwoodboy

agsnu wrote: »

Because Nationwide do not officially support Faster Payments yet (they're dragging their heels), and currently only accept incoming on their 07-02-46 sort code. Most historic FlexAccounts are on the 07-01-16 sort code (or 07-44-56), and these do not support Faster Payments.

New accounts appear to be being put onto the 07-02-46 sort code, which does support FPs... So much for the whole treating long-term members the same as new ones, eh?

Cheers,

I have noticed that the new account has sort-code 07-02-46 and my wife's old one is indeed 07-01-16.

Are Nationwide agreeable to requests to changing accounts to the new format. Has anyone had experience?

agsnu

No, they won't do that. Only way is to open a new one and close the old one. Of course if you can put up with the hassle for a few more months, they should be enabling FP fairly soon. Although of course they've already missed 2 self-imposed deadlines for doing so.

Investor44

agsnu wrote: »

Of course if you can put up with the hassle for a few more months, they should be enabling FP fairly soon. Although of course they've already missed 2 self-imposed deadlines for doing so.

A couple of months ago on the NW website it was saying April - just checked again and it's now saying June. :mad:

It was supposed to be by the end of last year, then it was April - now it's been moved yet again.
I expect by May the June deadline will have turned into September or "by the end of the year" again.
They could go on like this for years....

EarthBoy

That's nothing. Abbey have abandoned any timescales altogether and have asked to be taken off the list of banks that are introducing the scheme. They still aim to do it "eventually", just not now.

p00hsticks

Broadwoodboy wrote: »

Cheers,

I have noticed that the new account has sort-code 07-02-46 and my wife's old one is indeed 07-01-16.

Are Nationwide agreeable to requests to changing accounts to the new format. Has anyone had experience?

Have you tried finding out how long it takes to transfer monery from one Flexaccount to the other ? If it's immediate then a short term solution would be to always transfer money into the new account and then forward it to the other account if necessary.