So I'm closing my Nationwide flexaccount...

pipk62

Going back to Nationwide...

I have had a Flexaccount for some years, and built my system around the fact that I had only a Cashcard.
This meant that I could have my Standing Orders Direct Debits etc paid, and by using a monthly payments planner always knew how much was in my account, and how much was going out.

Alongside that I have a Bank of Scotland account with a debit card (which will NOT give you an overdraft whatsoever, I believe the OP is correct in saying the OLD flexaccount used to be the same), a CapitalOne card (which I hardly use) and an e-savings account that operates alongside my Flexaccount

The system worked wonders, and helped me extract myself from some old debts (now debt free) without going into the red.

My system was based on the Piggy Bank idea of Martins, if I wanted to spend on my debit card I could transfer funds (which I had a standing order for anyway) which took over 3 working days, or physically withdraw moneys from Nationwide and take them to BoS at the other end of town.
Either way it was a complete thought and activity process, which controlled how I spent my money.
My e-savings account was used to safely hold money to transfer back into my Flexaccount when I should need it, a godsend at this time of year.

Having this system has put me back into the black.
until today....

I now have the new Cashcard+ which is a Debit Card, and I have used it, safe (I thought) in the knowledge that I had the money in the account, and that I could check my balance online.

Problem is the online statements change constantly, and it's not just the delay in the information getting through, it's the order they are paid.
I had a payment of £5 paid to a charity, yesterday it was 3rd from the bottom, now another payment has gone through, which pushed me over the limit by 45p and the £5 payment is listed at the bottom, I really don't understand how a payment already listed can move around like that, and how can the payment dates change?

I do understand that everybody needs to keep control of where they spend their money, but if they change the format you are used to, mistakes happen, they know that, and they charge for that.

Incidentally, some years ago I asked several banks whether they operated a piggy bank system, whereby you could run bank accounts alongside others (like the e-savings) within the same bank, so that, for instance you'd have an account where payments (bills etc) would come from and another where you could save, and another for purchasing, none of them could offer anything like that.
In my opinion that kind of 'multi-account' could be very effective in money management for those (like me) that have had financial difficulties yet have sufficient income, and could be operated online easily.

problem is, at the end of the day Banks really don't mind you going into the red, despite what they say, because it makes them more money, it really is as simple as that.

______________________________________________________________________________

Somebody asked why can't everyone keep track of their money, simple answer is because they're human.

Yes, the good 'ol perfect world that some posters live in (which is a fairytale world BTW, if they genuinely have never done anything wrong, and know everything there is to know then they are God) doesn't exist, some people lack that ability, others are confused by the information that is presented to them, especially if it changes each time you look at it.

Also if anyone knows of a Bank account that doesn't give you a Debit card, I would be interested. Thanks.

YorkshireBoy

pipk62 wrote: »

...I have a Bank of Scotland account with a debit card (which will NOT give you an overdraft whatsoever

Which account is that?

missile

pipk62 wrote: »

Going back to Nationwide...

I have had a Flexaccount for some years, and built my system around the fact that I had only a Cashcard.
This meant that I could have my Standing Orders Direct Debits etc paid, and by using a monthly payments planner always knew how much was in my account, and how much was going out.

Alongside that I have a Bank of Scotland account with a debit card (which will NOT give you an overdraft whatsoever, I believe the OP is correct in saying the OLD flexaccount used to be the same), a CapitalOne card (which I hardly use) and an e-savings account that operates alongside my Flexaccount

The system worked wonders, and helped me extract myself from some old debts (now debt free) without going into the red.

My system was based on the Piggy Bank idea of Martins, if I wanted to spend on my debit card I could transfer funds (which I had a standing order for anyway) which took over 3 working days, or physically withdraw moneys from Nationwide and take them to BoS at the other end of town.
Either way it was a complete thought and activity process, which controlled how I spent my money.
My e-savings account was used to safely hold money to transfer back into my Flexaccount when I should need it, a godsend at this time of year.

Having this system has put me back into the black.
until today....

I now have the new Cashcard+ which is a Debit Card, and I have used it, safe (I thought) in the knowledge that I had the money in the account, and that I could check my balance online.

Problem is the online statements change constantly, and it's not just the delay in the information getting through, it's the order they are paid.
I had a payment of £5 paid to a charity, yesterday it was 3rd from the bottom, now another payment has gone through, which pushed me over the limit by 45p and the £5 payment is listed at the bottom, I really don't understand how a payment already listed can move around like that, and how can the payment dates change?

I do understand that everybody needs to keep control of where they spend their money, but if they change the format you are used to, mistakes happen, they know that, and they charge for that.

Incidentally, some years ago I asked several banks whether they operated a piggy bank system, whereby you could run bank accounts alongside others (like the e-savings) within the same bank, so that, for instance you'd have an account where payments (bills etc) would come from and another where you could save, and another for purchasing, none of them could offer anything like that.
In my opinion that kind of 'multi-account' could be very effective in money management for those (like me) that have had financial difficulties yet have sufficient income, and could be operated online easily.

problem is, at the end of the day Banks really don't mind you going into the red, despite what they say, because it makes them more money, it really is as simple as that.

______________________________________________________________________________

Somebody asked why can't everyone keep track of their money, simple answer is because they're human.

Yes, the good 'ol perfect world that some posters live in (which is a fairytale world BTW, if they genuinely have never done anything wrong, and know everything there is to know then they are God) doesn't exist, some people lack that ability, others are confused by the information that is presented to them, especially if it changes each time you look at it.

Also if anyone knows of a Bank account that doesn't give you a Debit card, I would be interested. Thanks.

Several banks offer a variety of services to help manage your recurring bills.
You might benefit from reading this http://www.rbs.co.uk/personal/moneysense.ashx

Those who find it difficult to manage their finances could use a savings account to avoid going overdrawn and incurring charges.

pipk62

YorkshireBoy wrote: »

Which account is that?

That'll be the Easycash account

It seems that several banks have a Basic bank account facility although they don't seem to advertise it.

Two that do however are Co-op and Barclays (who offer a £15 'buffer' in case you overspend)

Thanks missile, good info on that site.
Savings accounts can't often be used for DD's or SO's, and are limited in other things too.

I use online banking a lot, and to me having a 'multi-account' system would be of great benefit, and I'm sure it would be to others too.

olly300

pipk62 wrote: »

Somebody asked why can't everyone keep track of their money, simple answer is because they're human..

If you have problems with money then the common sense option is to keep a track of it. If you don't then you pay the penalty.

olly300

pipk62 wrote: »

I use online banking a lot, and to me having a 'multi-account' system would be of great benefit, and I'm sure it would be to others too.

Banks do allow you to have two current accounts with them - LloydsTSB do, Nationwide do.

I don't understand what you mean about payment dates changing.

I know when I look at my online statements with various banks that some payments may move in order due to the time when they debit/credited to my account but the date stays the same.

YorkshireBoy

pipk62 wrote: »

That'll be the Easycash account

Perhaps you haven't read, or didn't understand, your account T&Cs?...

According to the EasyCash T&Cs* if they decline a payment request (DD/SO) they'll charge a £10 unpaid item fee.

If there are insufficient funds in the account 15 days later when they collect it you'll start to incur interest at 29.8% EAR on your unauthorised overdrawn balance.


* https://www.halifax.co.uk/Easycash/pdf/BOSEyTandC.pdf (page 6)

pipk62

YorkshireBoy wrote: »

Perhaps you haven't read, or didn't understand, your account T&Cs?...

According to the EasyCash T&Cs* if they decline a payment request (DD/SO) they'll charge a £10 unpaid item fee.

If there are insufficient funds in the account 15 days later when they collect it you'll start to incur interest at 29.8% EAR on your unauthorised overdrawn balance.


* https://www.halifax.co.uk/Easycash/pdf/BOSEyTandC.pdf (page 6)

Ok, fair enough, but I have no DD or SO's from there, and you can't overspend using your Debit Card.
Also some Bank Accounts will not proceed with a DD or SO if there is no money in the account, instead they take the more abrupt approach of cancelling.

_____________________________________________________

Thanks for the T&C's link, but on reading it appears to be a little confusing.
In one part they talk of an arranged overdraft, which isn't available on that account, and later they say just that.
They seem to say the same about DD's and SO's but give you a little chart, which implies that they simply cancel your DD or SO rather than pay it.
Section 21 implies the same, So apparently they will cancel a DD or SO and charge you for that, which may make your account overdrawn.

pipk62

olly300 wrote: »

Banks do allow you to have two current accounts with them - LloydsTSB do, Nationwide do.

I don't understand what you mean about payment dates changing.

I know when I look at my online statements with various banks that some payments may move in order due to the time when they debit/credited to my account but the date stays the same.

Yep, used to with mine, but the date for the £5 payment moved from the 16th to the 17th.
Still don't get why the order changes either, especially when you're talking 2 banking days apart?

anna42hmr

pipk62 wrote: »

Ok, fair enough, but I have no DD or SO's from there, and you can't overspend using your Debit Card.

Yes you can, as a previous posted has mentioned debit cards have a floor level, (amount depends upon individual banks, usually somewhere between £5-£20) , in which the transactions go through automatically

at the end of the day if you have handed your card over at a shop and inputted the pin knowing their is insufficient funds why should you not be charged within the terms of the account you have.

i would suggest that you apply for a small overdraft facility to reduce the charges in future, as will be cheaper