Nationwide increase Faster Payments limit

glider3560

... to a huge £250 on 07-02-46 accounts only.

apt

'In the coming months we’ll be extending the service to all FlexAccount customers.' I'm not holding my breath.

Joe_Bloggs

I think the way forward is for Nationwide is to allow 'Faster Payments' in and then, later, 'Faster Payments' out. Many other financial institutions accept payments in but do not facilitate payments out. Such a small but forward step would be more convincing than the previous procrastinations that they have given to their members.
J_B.

Baldur

25 times better than their previous FP £10 limit but still not good enough in comparison with most of the inaugural members of the scheme.

At least one of my Flex accounts will be vaguely useful for anything other than foreign transactions - the older one will remain in the age of quill pen banking for a while longer.

More details on http://www.nationwide.co.uk/faster_payments/faq.htm

YorkshireBoy

Baldur wrote: »

...still not good enough in comparison with most of the [edit YB: other] inaugural members of the scheme.

Let's not forget that Nationwide was a founding member of the scheme.

It's pathetic really when you consider that November 2007 was the original planned launch date for FPs, and according to this May 2008 BBC article Nationwide were "aiming" for full access for all sort codes by the end of 2008.

So, depending on which way you look at it they're between 15 and 27 months behind with their implementation. Is there any wonder people just use the account for overseas spending (and exploiting switching incentives)?

KTF

At this rate I would be better opening up a new account with them than wait for faster payments to be active on my existing one

Why it is only limited to one sort code is beyond me.

choc_mouse

This seems like a step in the right direction but Nationwide have set have an upper limit of £1000/day of faster payments. So if you're 5th payment took it over to £1000.01 then that payment would go via BACS.

Unfortunately, still doesn't apply to my sort code. They must be taking the super duper cautious approach and testing it with a limited set of accounts.

ajharris

Nationwide have been an absolute disgrace with the implementation of faster payments. Numerous launch dates have been and gone. What a joke this organisation is, they do not even do weekly standing orders. All this bunch of clowns are good for is overseas spending.

They keep giving the bull**** about waiting to see how it goes with a small number of accounts. How long will this monitoring continue? I would be surprised if they had full FP on all flex ccounts by the end of the year.

The FP issue was the last straw for me. There were other things about them which I really did not like but this was it for me. I made HSBC my main account and have kept the Nationwide as a spare. I wonder how many other people have moved elsewhere over the FP issue.


WAKE UP NATIONWIDE, THIS IS 2010

premierfella

Thanks Glider3560.

Looking on the (limited) bright side, at least they have very clearly set out what will and what will not go via Faster Payments so we know where we stand.

thumshie

Baldur wrote: »

More details on http://www.nationwide.co.uk/faster_payments/faq.htm

they still mention the £10 limit on this page!! so much for proof reading their own web site....

Are there any limits on payment amounts that can be sent through the Faster Payments service?

Banks and Building Societies have set their own payment limits and restrictions for sending Faster Payments; these limits will need to be checked with the Bank or Building Society the money is being sent from.
Our current limit is £10 per transaction.

Might have to move my 'old account'..so much for 'new customers only' adverts..soooo two faced!

premierfella

thumshie wrote: »

they still mention the £10 limit on this page!! so much for proof reading their own web site....

Might have to move my 'old account'..so much for 'new customers only' adverts..soooo two faced!

Clearly they got as far down that page as I did! I opened a secondary account a while ago for the Faster Payments facility, but admit that is a bit of a faff.