Nationwide BS Vote 2007 - Don't 'Quick Vote'

Biggles14

baby_boomer wrote: »

A resounding "yes" will send the board the message that the mutual gravy train can carry on with impunity .

Surely we want Nationwide directors to be able to fill their boots? If we ever stopped their greed, they might convert to a bank :eek: .

Bring it on... We should get a nice slice of the pie ( either in cash or shares ) that fat directors have been feeding on for years. Dont believe that Mutuals are run for the benefit of members. Just look at the plush offices these people work in. Their expence account's are more than most people's earnings. When was the last time you saw Nationwide Saving rates in the top payers list?.

bristolleedsfan

Biggles14 wrote: »

When was the last time you saw Nationwide Saving rates in the top payers list?.

:sad: thing is that nationwide actually believes its savings rates are "great" and is spending a lot of its members profits on tv advertising trying to brainwash people into believing their beliefs :huh:

Thomas_Crown

Since my previous post on this thread I have been reliably informed on another board that the sort code for TSB accounts is in fact '77' & not '07' as I stated. Sorry about that.

This means that the sort code for Nationwide BS which is '07' has nothing at all to do with (L)TSB so they cannot be processing cheques for the society.

bristolleedsfan

Thomas_Crown wrote: »

Since my previous post on this thread I have been reliably informed on another board that the sort code for TSB accounts is in fact '77' & not '07' as I stated. Sorry about that.

This means that the sort code for Nationwide BS which is '07' has nothing at all to do with (L)TSB so they cannot be processing cheques for the society.

ive just seen that nationwide clears its own cheques :embarasse

http://en.wikipedia.org/wiki/Nationwide_Building_Society

Bernard_Coleslaw

bristolleedsfan wrote: »

yep nationwide need a clearing bank to process cheques, cheques paid into current accounts appear to clear quicker than those paid into savings accounts, this is not really the case, withdrawals are "allowed" against cheques paid into current accounts quicker than cheques paid into savings accounts.

Wrong.

Nationwide, as a full member of the Cheque and Credit Clearing Company, are fully responsible for their own current account cheque processing. And have been for some time. See this link for details.

Their sort code is their own. They follow the same clearing cycle as the main banks (and so cheques paid in actually do clear more quickly - there's none of this "allowing you" to withdraw rubbish going on).


So, erm, actually, they don't need a plc bank, bristolleedsfan. :rolleyes:

Bernard_Coleslaw

Whoops, only just saw your response from last night, bristolleedsfan. Sorry!

bristolleedsfan

Bernard_Coleslaw wrote: »

Whoops, only just saw your response from last night, bristolleedsfan. Sorry!

u will find this is still correct, u ask nationwide how long u have to wait before u can withdraw on a cheque paid into a savings account, its not a case of how long it takes to clear its a case of how long the institution makes people wait so they are sure the cheque wont come back unpaid. fact nationwide clears its own cheques only makes brief difference in time as BACS cheque clearing rates are standard + usually building society has to give their bank cheques, cheques can still come back unpaid after 3 days have elapsed. ( savings providers have told me why they allow so many days before a withdrawal can be made against a cheque deposit which has been made into a "savings " account.

"cheques paid into current accounts appear to clear quicker than those paid into savings accounts, this is not really the case, withdrawals are "allowed" against cheques paid into current accounts quicker than cheques paid into savings accounts as institutions want to make sure that a cheque paid into a savings account doesnt come back unpaid before they allow a withdrawal against it due to the difference between savings accounts and current accounts."

heres an illustration people have commented how quickly cheques they send to loughborough BS come out of their accounts where they using same bank as loughborough use, loughborough still make all savers wait a long period of days before they allow a withdrawal against a cheque paid into a savings account ( in common with all savings accounts providers) because a cheque can still come back unpaid outside of the standard BACS cheque clearing times.

Thomas_Crown

bristolleedsfan wrote: »

u will find this is still correct, u ask nationwide how long u have to wait before u can withdraw on a cheque paid into a savings account............

No need to ask Nationwide, they put a sticker containing a helpful timetable showing cheque clearing times etc. in the back of all pass books.

EG: A cheque paid into a Nationwide BS savings account on a Monday needs 7days (4 clear working days to be processed ie: Tues. - Fri.) so cash can be withdrawn against cleared funds the following Monday.

BWZN93

Biggles14 wrote: »

Just look at the plush offices these people work in.

I have. They are not plush by anyone's definition!

Jo x

Bernard_Coleslaw

bristolleedsfan wrote: »

u will find this is still correct, u ask nationwide how long u have to wait before u can withdraw on a cheque paid into a savings account, its not a case of how long it takes to clear its a case of how long the institution makes people wait so they are sure the cheque wont come back unpaid.

Think you'll find that's the same for banks and building societies, though. I've seen cheques returned six months after being credited. The receiving institution (bank or building society) simply makes a commercial decision to allow withdrawals against cheques after a certain time, knowing that a small percentage may not actually be fully cleared at that time.

fact nationwide clears its own cheques only makes brief difference in time as BACS cheque clearing rates are standard + usually building society has to give their bank cheques, cheques can still come back unpaid after 3 days have elapsed. ( savings providers have told me why they allow so many days before a withdrawal can be made against a cheque deposit which has been made into a "savings " account.

"cheques paid into current accounts appear to clear quicker than those paid into savings accounts, this is not really the case, withdrawals are "allowed" against cheques paid into current accounts quicker than cheques paid into savings accounts as institutions want to make sure that a cheque paid into a savings account doesnt come back unpaid before they allow a withdrawal against it due to the difference between savings accounts and current accounts."

The difference being that people tend to want to make withdrawals against current account deposits more often, so the longer delay for allowing withdrawals against cheques paid into savings accounts is a little less of an issue. Plus, people tend to pay larger cheques into savings accounts so there is a more risk there.

Another key thing for savings and current accounts is how soon will the provider start calculating interest on your cheque deposit? If they wait until it's cleared, that's a poor show. If they pay interest earlier, especially from day one, that's a better deal.

There was some news on this subject today, click here.