Nationwide regular payments/standing orders

Nine_Lives

So Santander are offering up a 'free' £100 for switching to them which must be done by 8th Jan.

My sister has filled out an application today to bag it. My brother wants the same tomorrow, well, later on as we're after midnight.

Anyway, i'm with many banks & they all list "standing orders" and "direct debits".

Santander request 2 standing orders or direct debits.

My brother banks with Nationwide, who don't do "standing orders" and direct debits, they do "regular payments" or something along those lines.


This is going to be a silly question now, but i just want to check - as the wording isn't specifically "standing order" even though they act the same. Would setting up 2 fake "regular payments" qualify him just like 2 fake standing orders would?

Thanks.

pcombo

regular payments are when the customer actually processes them. so that wont count.

standing order is when a payment leaves the account automatically on the date entered, not when the customer clicks submit.

Nine_Lives

pcombo wrote: »

regular payments are when the customer actually processes them. so that wont count.

standing order is when a payment leaves the account automatically on the date entered, not when the customer clicks submit.

Are you 100% on that?

I know what a standing order is - I have plenty running. If I look in my online account for Santander/Halifax/tsb/some other which I forget, then there's the option for a standing order.

Yet with Nationwides online banking, it's not mentioned at all.
There is a SINGLE PAYMENT which is totally manual as you describe - which is a 1 off payment.
Then there is the REGULAR PAYMENT, the function of which is exactly like setting up a standing order with the other accounts I mentioned. You enter a name, sort code, account number, amount you'd like, date you'd like to begin & then (importantly) the FREQUENCY (I.e automatic regular payments like a standing order).

Except within the nationwide online banking, this is referred to as a regular pAyment & not a standing order, even though the function & setup is the same.

I just wondered if it would meet sandtanders criteria as it is essentiLly a standing order, but just with the label "regular payment" instead.

dzug1

K_P83 wrote: »

My brother banks with Nationwide, who don't do "standing orders" and direct debits, they do "regular payments" or something along those lines.


Thanks.

???? Yes of course they do do standing orders and direct debits - I have plenty of both on my NW account

Direct debits are called .... direct debits - and standing orders are called regular payments. To find them go into manage payees

Remember you can't set up a direct debit yourself - the company you are paying has to do it

adindas

Based on your description where the payments is taken regularly without you press the submit button will mean NW regular Payment is a standing order by other name ...

K_P83 wrote: »

Yet with Nationwides online banking, it's not mentioned at all.
There is a SINGLE PAYMENT which is totally manual as you describe - which is a 1 off payment.
Then there is the REGULAR PAYMENT, the function of which is exactly like setting up a standing order with the other accounts I mentioned. You enter a name, sort code, account number, amount you'd like, date you'd like to begin & then (importantly) the FREQUENCY (I.e automatic regular payments like a standing order).

Except within the nationwide online banking, this is referred to as a regular pAyment & not a standing order, even though the function & setup is the same.

I just wondered if it would meet sandtanders criteria as it is essentiLly a standing order, but just with the label "regular payment" instead.

anamenottaken

The "regular payments" term used by Nationwide is what most banks (eg Santander) call Standing Orders. So Nationwide regular payments would count for the transfer requirements.

"Manual" individually submitted payment requests are not named "regular payments".

adindas

What I could say many people in this forum have done that in the past and it has been successful.

People set up a dummy account with 2SO of say £1 to their other accounts.

You might want to check it as some banks are expecting you to switch the main account. For this reason they will still insist that you need to have the mix of both DD and SOs. Some even are asking for the salary to be paid in the old account....

K_P83 wrote: »

Would setting up 2 fake "regular payments" qualify him just like 2 fake standing orders would?

Thanks.

YorkshireBoy

K_P83 wrote: »

My brother banks with Nationwide, who don't do "standing orders" and direct debits, they do "regular payments" or something along those lines.


This is going to be a silly question now, but i just want to check - as the wording isn't specifically "standing order" even though they act the same. Would setting up 2 fake "regular payments" qualify him just like 2 fake standing orders would?

1. Go to their homepage
2. Type 'standing order' in the search box top right of the screen and press enter
3. Click the first result returned

Standing order (regular payment)

Regular payments are often referred to as standing orders and are used to pay a set amount of money at regular intervals.

adindas

I also already have NW flex account just to harvest EU multi trip travel insurance and it is already confirmed by them that I qualify until the end of 2012

I have been doing this by dummy someday FP and back again at the same day the the origin. I know it is not a good practice but I need to put all the money in one account so I could avoid of being overdraft as there is always a large sum in that account ...

If I stop the monthly payment of £750 am I being at risk that the insurance will be canceled ? At least If I could do this it will save my time for dummy transferring each month ...

It saves me about £50 a year as their coverage seems quite comprehensive ...

dzug1 wrote: »

I have plenty of both on my NW account

Direct debits are called .... direct debits - and standing orders are called regular payments. To find them go into manage payees

dzug1

adindas wrote: »

If I stop the monthly payment of £750 am I being at risk that the insurance will be canceled ? At least If I could do this it will save my time for dummy transferring each month ...

It's not entirely clear - the way it reads they decide each September whether you qualify for the next year. It doesn't say what happens if you stop paying in part way through.

adindas

Thanks for your info ...

dzug1 wrote: »

It's not entirely clear - the way it reads they decide each September whether you qualify for the next year. It doesn't say what happens if you stop paying in part way through.