Norwich and Peterborough BS current account changes from January 2011

adindas

If people just want to use the debit card for Overseas spending and Cash withdrawal, would it be possible to open Gold Light A/C and avoid £5 Charges by doing the following:

Option 1: Set up monthly SO for money in into N&P a/c from 5 different a/c from other banks of £1 to meet the minimum 5 transactions per months requirement?.

Option 2: Set up weekly SO of £1 for money in into N&P from 2 other banks a/c ( here we need at least 2 different a/c)

Option 3: Set up weekly SO of £1 for money in into N&P and another SO for money out from N&P to another a/c. Here we just need 1 a/c but to prevent our a/c going red (overdraft) I will put here £5.0 in N&P for buffer

Do you think it could work like this or have I missed something here? Your opinion please.

ADINDAS

Steve_Boorman

adindas wrote: »

If people just want to use the debit card for Overseas spending and Cash withdrawal, would it be possible to open Gold Light A/C and avoid £5 Charges by doing the following:

Option 1: Set up monthly SO for money in into N&P a/c from 5 different a/c from other banks of £1 to meet the minimum 5 transactions per months requirement?.

Option 2: Set up weekly SO of £1 for money in into N&P from 2 other banks a/c ( here we need at least 2 different a/c)

Option 3: Set up weekly SO of £1 for money in into N&P and another SO for money out from N&P to another a/c. Here we just need 1 a/c but to prevent our a/c going red (overdraft) I will put here £5.0 in N&P for buffer

Do you think it could work like this or have I missed something here? Your opinion please.

ADINDAS

I have decided at the moment to follow the above advice and set up 5 small payments into my account etc...Perversly, I think that this will cost N&P more than if they just gave me free banking !!!!

adindas

Dear Steve

If you could inform the forum about your experience, we will know whether this could work or not.

ADINDAS

Steve_Boorman wrote: »

I have decided at the moment to follow the above advice and set up 5 small payments into my account etc...Perversly, I think that this will cost N&P more than if they just gave me free banking !!!!

easterbunni

Was thinking I should close my N&P account a while ago, considering I don't live near them anymore and the lack of faster payments is a pain in the !!!!!, so I have stopped using the account.

Will definitely be closing it now!

I also hate their online banking service.... is it 'transfer in' or 'transfer out'? I always choose the wrong one....

Only opened an account with them as they would give me a proper debit card, while Nationwide wouldn't, so transferred £2500 out of NW. Ha!

Other than that, their products are pretty poor going... Halifax now pay ME to use their account

premierfella

Re: the 5x small payments to avoid the low usage fee, the "Any Questions" leaflet defines a transaction as "the movement of money on your account, this can be either incoming money, such as receiving a payment or outgoing money such as writing a cheque, a standing order, Direct Debit or paying for goods and services with a debit card".

So adindas, all three of your options will work but in your position I would use option 3 (weekly payments in and just 1 monthly standing order out) to minimise the risk of overdrawing the account.

Technically the definition of transaction suggests that transfers between accounts also meet the "transaction" definition given that they are "movements of money", but the standing order route is probably easier and avoids testing whether N&P have written their definition correctly.

Milarky

Never mind 5 x £1 payments! I thought about 5 x 1p - possible from most* current account providers - that will make the appropriate gesture to them...

*1p is possible from Nationwide, Lloyds, HSBC/FD,Natwest/RBS, Barclays [I think!]

Not possible from Co-op/Smile [I think], Santander, Halifax**

**Will Halifax and Lloyds systems ever function as one, I wonder