Nationwide issue

50Twuncle

I have an issue with Nationwide "hanging on to" money that has been paid into my account for 3 days - without it appearing in my account - has anyone else experienced something similar ?

Old_Slaphead

21Twinkle wrote: »

I have an issue with Nationwide "hanging on to" money that has been paid into my account for 3 days - without it appearing in my account - has anyone else experienced something similar ?

What type of account?

Deposits show in my Flexaccount virtually straight (ie minutes after paid in) away but takes 3 days to show up as cleared funds

50Twuncle

a Flexaccount - the money is from a reputable investment company - they assure me that the transfer was made on 10/05 - blaming the "banking system" for the delay.....
I bet if I owed THEM money - it would be a different story ?

rb10

At the moment, free transfers between one bank account and another can be done in one of two ways.

They can go by BACS. This takes three working days to go through.

Or they can go by Faster Payment, which takes 'up to two hours' (but in reality is generally instant).

For this payment to be sent by Faster Payments, the investment company's bank must be able to send Faster Payments (since Nationwide can receive them).

It's therefore not an issue with your account at all, but with the investment company's bank.

50Twuncle

rb10 wrote: »

At the moment, free transfers between one bank account and another can be done in one of two ways.

They can go by BACS. This takes three working days to go through.

Or they can go by Faster Payment, which takes 'up to two hours' (but in reality is generally instant).

For this payment to be sent by Faster Payments, the investment company's bank must be able to send Faster Payments (since Nationwide can receive them).

It's therefore not an issue with your account at all, but with the investment company's bank.

My investment company is "Zurich" - so one would assume that they would use Faster Payments ?

Baldur

21Twinkle wrote: »

My investment company is "Zurich" - so one would assume that they would use Faster Payments ?

Unwise to assume, as you have discovered - far more likely to be a BACS transfer.

You could probably have opted for them to pay you via CHAPS (at a cost to yourself, of course) if you had wanted the funds urgently.

Old_Slaphead

21Twinkle wrote: »

My investment company is "Zurich" - so one would assume that they would use Faster Payments ?

Ask Zurich when it made BACS payt - it should be in your Flexaccount 3 working days later as cleared funds.

I've been with Nwide Flex for over 10 years and have always received monies as cleared funds by 2-3 working days after transfer date.

le_loup

Companies can't use faster payments. Your money is going by BACS. That takes three working days; always has, probably always will.