nationwide and faster payments

claire07

OH has got in a mess. Northern Rock bond matured last week and he expected funds in Nationwide flex 3 working days after and mistakenly sent cheque to Coventry to time with this. Northern Rock now say it can take 5 days after maturity to send money and 3 days to clear so OH faces cheque bouncing. He rang Nationwide and explained and said I could transfer from my Natwest account to cover this via faster payments but Nationwide say they will only accept £1000 per day this way. I thought if the sending bank were ok with the amount this would be ok.

Any suggestions how to avoid OH being charged for cheque bouncing?

LittleVoice

claire07 wrote: »

Any suggestions how to avoid OH being charged for cheque bouncing?

Try phoning NatWest and arrange to collect cash from NatWest and pay into Nationwide?

apt

If you look at the Nationwide faster payments FAQ page it states 'The limit of Faster Payments you can receive is determined by the limits set by the sending bank.' The £1,000 per day limit is for sending faster payments from a Nationwide flexaccount.

claire07

Thanks - I think we may have to do that. It's just that the nearest 2 branches of Nationwide and Natwest are in the sort of place I'd feel rather vulnerable transporting cash! However on the bright side I think OH has learned his lesson not to presume money will be on the day it is promised by a bank/building society!

alanq

apt wrote: »

If you look at the Nationwide faster payments FAQ page it states 'The limit of Faster Payments you can receive is determined by the limits set by the sending bank.' The £1,000 per day limit is for sending faster payments from a Nationwide flexaccount.

And I can confirm that I sent £2000 from NatWest to Nationwide last November by FP. The NatWest FP limit is £10000 per day.

Gimcrack

alanq wrote: »

And I can confirm that I sent £2000 from NatWest to Nationwide last November by FP. The NatWest FP limit is £10000 per day.

I sent an ad-hoc £1000 overpayment yesterday lunchtime from Barclays to my Nationwide mortgage account via Faster Payments, BUT it's not showing as being received on my account today. Spoke to the Nationwide CST who didn't even know if they were members of the FPS scheme !!! (they are!)...suggested leaving it another 24 hours to see if it appears.....:(

How soon did you see your payment appear?? Is it different depending on whether the destination account is Current or Mortgage / Savings......it shouldn't matter of course...

TIA

premierfella

From Nationwide Internet Banking FAQs (after a bit of a hunt: My Accounts/Account List):
"Your accounts are updated over night but please note that it may take up to 5 days for a transaction to appear on your mortgage account."

Milarky

Gimcrack wrote: »

I sent an ad-hoc £1000 overpayment yesterday lunchtime from Barclays to my Nationwide mortgage account via Faster Payments, BUT it's not showing as being received on my account today. Spoke to the Nationwide CST who didn't even know if they were members of the FPS scheme !!! (they are!)...suggested leaving it another 24 hours to see if it appears.....:(

How soon did you see your payment appear?? Is it different depending on whether the destination account is Current or Mortgage / Savings......it shouldn't matter of course...

TIA

'07-00-94', Nationwide's mortgage account sort code is not enabled to receive Faster Payments according to the APACS checker In practice I find it takes a 'day or two' to appear when I do an internal (i.e. from Nationwide) standing order. This uncertainty over the precise time-scales is not assisted by the fact that Nationwide mortgage statements only show the month of receipt and never the date.

Gimcrack

Thanks PF & Milarky...... that explains the Nationwide situation pretty much then. I'll be patient.... !!

Disappointed that this is their choice to mess us about with delayed credits as opposed to the technology holding them back - suppose my grand is sitting accruing them interest in some suspense account like the bad old pre-FPS days.......

Probably be more effective paying a cheque in over the counter....

ATB

Gimcrack

Credit appeared today and balance adjusted correctly although no date - just month shown as someone correctly mentioned. So allow 48 hours I guess.....

ATB