Nationwide FlexDirect Interest steal

starsign47

I opened a FlexDirext a/c paying 5% interest on the 2nd of April and paid in the qualifying amount of £1000, and received the correct interest at the beginning of May. In the meantime I paid in another £500 at 12mins past midnight on 1st May (of which I have proof) followed by a further deposit of £500 on 10th May.
Now's here's the rub: They paid me 7p interest for May and said that my £500 was actually paid in on 30th April and claim that I hadn't actually paid in £1000 for the month of May!!
I have sent them emails and even spoken to a customer advisor without any resolution.
So beware if you are a Nationwide customer.

alanq

One gets used to transactions being made after "close of business" being recorded for the following day. It seems strange that a transaction should be credited on the previous day - unless Nationwide interest calculations are made based on the time in GMT!

Time for a FORMAL complaint I think if you can be bothered. Hopefully, the sum involved will be too small for NBS to want the administrative hassle of processing such a complaint with a threat to go to the ombudsman if you do not get a satisfactory response. That would cost it far more than the sum in dispute and reflect badly in its statistics.

grumbler

starsign47 wrote: »

... I paid in another £500 at 12mins past midnight on 1st May (of which I have proof)....

Are you saying that the debit is shown 01/05 in the other bank, but the credit is shown 30/04 at Nationwide? This is really hard to believe.

innovate

Very odd case indeed, given there have been only positive reports from countless other FlexDirect account holders. I think we need to get a lot more details.

pqrdef

There was a case like this the previous month

http://forums.moneysavingexpert.com/showpost.php?p=61002703&postcount=471

innovate

Hmh, looking at other posts of this poster, I am not entirely sure what his experience with the FlexDirect was.

starsign47

Thanks all, and just to let you know that when I threatened to complain to the banking ombudsman they finally owned up to 'a system error' and gave me back the correct interest.... It will be interesting to see if they do the same at the beginning of July.... watch this space.:T

grumbler

starsign47 wrote: »

... It will be interesting to see if they do the same at the beginning of July.... watch this space.:T

Are you that bored?
If so try 5 minutes past midnight this time.

starsign47

Not bored, live in the styx and after midnight is the only time I get a decent broadband speed ...

grumbler

Just do this on the 2nd then...

starsign47

and lose a days interest on £2500 ????? I'm a DDDMD too:D