MSE News: Nationwide fixes payments issue, but those affected should seek refunds

Moby_Tide

while another told us they were unable to make a payment to their mortgage, meaning additional interest had accrued.

Make it earlier in future then. Seriously, a days interest on the value of a mortgage payment? It's like raiding the copper jar. A £5k mortgage payment on someone with a rate of nearly 6% and you're 80p out of pocket

RFW

I was affected by this, I have no particular knowledge of the rules/laws. My expectation as a customer is that faster payments arrive at the recipient account in a few minutes and anything up to 3 hours. On this occasion, I posted transfers shortly after midnight that didn't arrive until 4pm that day.

The payments were made after receipt of a payment to me and I had made transfers to be there for 9/10 am on that day. When they weren't it screwed up my day considerably. I sent a complaint to Nationwide as I was concerned that I was getting little information as to a resolution and was finding it difficult to make other plans.

The following day Nationwide called me and offered me a compensation payment of £50, I thought this was very fair and felt like they had done well at making amends.

I'm not a fan of compensation culture but having had a day screwed up at their hand I can't think of anything else that would help. Perhaps gift vouchers or reward points but it generally boils down to money anyway.

Prior to the call I would have been reconsidering banking having been affected by this problem before (although last time wasn't anywhere near as big a deal).

£50 isn't that much but it's a free meal out for us and makes me feel like I'm a valued Nationwide customer, even if I'm probably not;)

colsten

You can call yourself very lucky that they gave you £50 as they didn't have to do this.

Herbalus

RFW wrote: »

My expectation as a customer is that faster payments arrive at the recipient account in a few minutes and anything up to 3 hours.

It's an interesting point. I'd bet most of the UK don't know the legal timeframe of max two days, and to be fair the banks don't help this. I've just made a FP from the Nationwide app and it says "this payment will normally be credited to the sender's account immediately".

The Santander app says it should be within 2 hours. Admittedly these are within the mobile app so the payees are known and verified, and the apps don't give specific timeframes, but it does suggest that an expectation of immediate transfer could be justified.

fiesta04

RFW You should be glad that you do not use Norwich & Peterborough then, as after Fri at 5pm no payments are sent in or out until Mon mornings !!!


Just saying,


F4

SnowTiger

Herbalus wrote: »

It's an interesting point. I'd bet most of the UK don't know the legal timeframe of max two days, and to be fair the banks don't help this. I've just made a FP from the Nationwide app and it says "this payment will normally be credited to the sender's account immediately".

And when making a Faster Payment via Nationwide's website, punters are informed:

"Payment accepted. If your payment is to a current account, it will be credited within two hours of the time it was made."

agrinnall

SnowTiger wrote: »

And when making a Faster Payment via Nationwide's website, punters are informed:

But that message is only displayed if the receiving bank has acknowledged that they have accepted the payment - in most cases that is what's happened, but if that acknowledgement hasn't been received then a different message is displayed.