Nationwide Direct Debit Visa card Transaction Limits

KingKenny

Hi,

I need some advice; I recently opened a Post Office E Saver online account. To my surprise and delight it allows you to deposit money into your account via a debit card, like mine a Nationwide Direct Debit Visa card.

So for someone like me I can withdraw my money from the AA savings account on Tuesday this week, it will be in my linked Flex account on Thursday as cleared funds. Then I can pay the money via my Nationwide Direct Debit Visa card straight into my Post Office E Saver online account on that day so hopefully it will be earning interest only two days after leaving my AA account?

Is there a limit on how much you can pay at one time from your Nationwide Direct Debit Visa card? If you have sufficient cleared funds in your Flex account, say you had £100k, could you pay for something costing £100k using you card? Or is there a limit to a single transaction?

alanq

You are confusing a debit card and a direct debit.

Debit cards payments into accounts are not instant. You reserve the money and it takes a few days to actually arrive and earn interest.

I don't know the limit on Nationwide debit card transactions but I have paid £10,000 to NS&I using one.

The Ts&Cs don't mention faster payments.
"Further Deposits must be in sterling for a minimum
of £1 and made by:
a) BACS or CHAPS;
b) Direct Debit
c) Debit Card Payment
d) a standing order from your bank, using your Online
Saver Account Number and Sort code.
We will not accept Deposits in any other way."
If PO Savings does accept Faster Payments the maximum you could transfer (almost) instantly from Nationwide would be £1000 using Nationwide Online banking.

KingKenny

alanq wrote: »

You are confusing a debit card and a direct debit.

Debit cards payments into accounts are not instant. You reserve the money and it takes a few days to actually arrive and earn interest.

I don't know the limit on Nationwide debit card transactions but I have paid £10,000 to NS&I using one.

The Ts&Cs don't mention faster payments.
"Further Deposits must be in sterling for a minimum
of £1 and made by:
c) Debit Card Payment
d) a standing order from your bank, using your Online

c) Debit Card Payment..........This is the one? Its just the money leaves your Flex account instantly, well the balance available reduces instantly, so you are saying it does not arrive in the nominated destination account on the same day?

On Tuesday after the bank holiday i was going to deposit say £1k into my Post Office E Saver using my debit Visa card, i was hoping it would be in the Post Office acount on that day? If not is it quicker than BACS or the same three days to cleared funds?

Is there a limit to how much you can pay for something using your debit card if you have cleared funds in your Flex account?

alanq

Correct. The available balance on the Nationwide account would reduce instantly but the total balance would remain unchanged for a couple of days until the funds were actually collected. I don't think that it will be any faster than BACS. Assuming you have a sort code and account number for your PO account why not send the payment by online banking. If the PO accepts faster payments then (assuming you have not already made faster payments on the day) your £1000 will be transferred by that route. If not it will go by BACS.

I don't know what the limits are on Nationwide debit card withdrawals other than ones cleared balance.

Update: You can check if your PO accepts faster Payments by entering your sort code here.
http://www.ukpayments.org.uk/sort_code_checker/