Nationwide 'Faster' Payments

noelphobic

I've just tried to send a payment of £500 from my NW account to my Santander account. A message came up saying that it will be credited within 3-5 working days!!!!

I know that is the case with BACS payments but not Faster Payments and I couldn't have sent a BACS payment from a personal account, even if I'd wanted to (which I didnt!)

The payment hasn't credited the Santander account yet, although I have noticed in the past that Nationwide 'Faster Payments' can be quite slow, although they usually arrive on the same day, at least!

Has anyone else had this problem?

nidO

The timescale quoted is just a worst-case in case the payments get held up for checks or have to fallback to BACS (being over the transaction limit for FP, etc).
Nationwide faster payments do along with all other banks generally get sent immediately, and whenever I transfer money from Nationwide to other accounts it always credits at the destination immediately. Maybe your delay's at the Santander end.

noelphobic

I don't remember ever seeing that message before and I do.sometimes find them.to be slow.

I didn't think payments from personal.accounts ever went by BACS any more and had to go by CHAPS if they were over the Faster Payment limit.

I could be wrong but I did used to work for a big bank, both pre and post the advent of Faster Payments, on the BACS team.

paragon909

noelphobic wrote: »

I don't remember ever seeing that message before and I do.sometimes find them.to be slow.

I didn't think payments from personal.accounts ever went by BACS any more and had to go by CHAPS if they were over the Faster Payment limit.

I could be wrong but I did used to work for a big bank, both pre and post the advent of Faster Payments, on the BACS team.

Actually this is against FSA regulations, All personal bank accounts must have FP credited within 24 hours of them being sent, Only businesses use BACS system now. I would be on the phone to them asking...

YorkshireBoy

paragon909 wrote: »

All personal bank accounts must have FP credited within 24 hours of them being sent...

That's not correct. Payments must be credited by the end of the next business day, as stated in the PSRs.

At it's extreme, that means a payment initiated after the cut-off on the Thursday evening before Good Friday has until close of business the following Wednesday, 2 days after Easter Monday, to credit the destination account. This is because the PSRs allow them to send it the next business day, ie the Tuesday following Easter Monday.

noelphobic

Money has arrived now.

Tammy2

I was going to post about this.

I have £1500 floating round in the ether. I'm confident it will appear, but I don't like it at all, lol.

agrinnall

noelphobic wrote: »

I've just tried to send a payment of £500 from my NW account to my Santander account. A message came up saying that it will be credited within 3-5 working days!!!!

I know that is the case with BACS payments but not Faster Payments and I couldn't have sent a BACS payment from a personal account, even if I'd wanted to (which I didnt!)



Has anyone else had this problem?

Never, and I make a lot of Faster Payments from Nationwide. If it happens again can you take a screen print of the message and post it because I seriously doubt whether Nationwide would ever display such a message for the reason YorkshireBoy gives.

lee111s

Never had any problems with FP from any of my accounts, including Nationwide.

pollypenny

When my NW was new I did a test transfer of £10 to my Halifax Reward account. It went through, so I sent the £740 to earn my £5 that month.

The £740 left my NW account, but didn't reach the Halifax. I rang NW on,y to be told that the second transfer had been referred to their security section!

It did reach Halifax the next day and I've had no problems since.

agrinnall

pollypenny wrote: »

When my NW was new I did a test transfer of £10 to my Halifax Reward account. It went through, so I sent the £740 to earn my £5 that month.

The £740 left my NW account, but didn't reach the Halifax. I rang NW on,y to be told that the second transfer had been referred to their security section!

It did reach Halifax the next day and I've had no problems since.

That's not an unusual situation, it hasn't happened to me but I've seen it mentioned plenty of times on here.