Nationwide Working Days for Standing Orders

LittleVoice

Perhaps everyone already knows this but I only discovered it this week -

If you have a monthly standing order with Nationwide and a few months down the line, the payment date falls on a Saturday or Bank Holiday (eg Good Friday or Easter Monday), they will take the payment from your account on that day rather than wait till Monday (or Tuesday after a Bank Holiday Monday).

Problem can therefore arise if you thought Saturday wasn't a bank working day and therefore the payment would not be made till Monday and only transfer money to cover it from eSavings on Sunday!

TjW

If only I knew this earlier :mad:

What a ridiculous situation. I had a cheque in that would have cleared if sunday was a working day that would have covered standing order. I never would have thought of this and now I have a £30 charge.
Phoned them up as well and got told that whilst they are quite happy to take bank charges out of your account, they will only review refunding them after the court case.
Also asked them to justify the amount charged and got told that they know it is excessive and that other banks such as Barclays were in the process of reducing theirs to £8 (Nice advertising).
Do all the banks do this with standing orders?

Toomuchdebt

Hmm I have a standing order with them for my rent and if it falls on a Saturday or a Bank Holiday it's taken the next working day, never on that actual day.I've had the account for 2 years now and not once have they taken money on those days.

battyboimatt

Well my bank has always done that, If its a bankholiday or sat or sun etc the direct debit will come out on the friday before, but alas they do advise you in the terms and conditions like most banks do, for driect debit you should have sufficent fund in the account a working day before, dont know how you will go about getting the charges back, but good luck

Milarky

Two solutions to this are:

1) set up future dated single payments for up to 12 months ahead

2) adjust the next standing order payment to before/after the weekend when necessary

I am moving the dates on my Nationwide standing orders all the time (well, every month, anyway) and it doesn't taken long. I use a 'favourited' calendar from timeanddate.com

http://www.timeanddate.com/calendar/print.html?year=2008&country=9&typ=2&display=3&lang=en&space=1&months=12&month=4&hcl=2&wno=1&hol=1&fdow=1

Mikeyorks

TjW wrote:

If only I knew this earlier :mad:

The OP is 16 months old !! And things have moved on a little in the interim .... in that SOs will only operate on Bank working days wef Faster Payments.
Even Halifax - who run their systems 24/7 - have accordingly had to retreat from activating SOs over the weekend.

But it's all a bit academic - as you still have to have the funds in the account to meet the SO on the working day prior (with a couple of exceptions)