Nationwide minimum payment in

Morison

Has anyone else experienced the strange rule of Nationwide who consider that as a large portion of my monthly income comes from a person who pays it out of their main account, which happens to be Nationwide, it is thus considered as an internal transfer therefore the minimum payment into my account falls short of the £750 required. Surely this is draconian expecting me to dictate what bank accounts a person paying me holds.

le_loup

May be inconvenient but it's in the T&Cs
.......... and, I can see their point. The opportunities for getting round their loyalty schemes would be excellent if they didn't have that rule.

Dan83

As said above, it's in the T&C's, although I do see your point. Can't you with draw the money and pay it straight back in?

onthefencepost

Just out of interest can two payments be made in a single month to ensure you meet or exceed the £750 threshold?

Also can you transfer the money out once its been paid in and still retain your benefits.

YorkshireBoy

onthefencepost wrote: »

Just out of interest can two payments be made in a single month to ensure you meet or exceed the £750 threshold?

Do the T&Cs (of the FlexAccount) stipulate the credit must be a single transaction?

Also can you transfer the money out once its been paid in and still retain your benefits.

Do the T&Cs (of the FlexAccount) stipulate that the money has to stay in the account (for any length of time) in order to maintain the benefits?

tiger_eyes

Morison wrote: »

Surely this is draconian expecting me to dictate what bank accounts a person paying me holds.

They're not expecting you to dictate anything. You simply don't qualify for a particular product (and whatever benefit comes with it) unless you meet its conditions. If you don't qualify, there are other Nationwide products - and probably other similar accounts at other banks.

Dan83

With out reading the T&C's for your account, no one can answer for sure, but none of my accounts says it has to be in 1 payment, I could make 750 £1 payments if I wanted, then take the money back out 2 mins later.

I suspect you T&C's will be the same, but it's worth checking

colsten

If you are determined to benefit from whatever offer/account it is you like to benefit, it's easy enough to meet the requirements by holding a current account elsewhere and swapping a monthly amount of money. There are even at least two banks who'd actually pay you each month for holding such an account.

Kernel_Sanders

When did it fall to £750?

Santander don't have this stipulation, unless it's to/from a joint account (half in your name).
BoS appear to be even more lenient as according to a couple of regulars on this board, you can transfer the requisite £1000 from another Vantage account in your name.

colsten

Each bank/BS can has their own approach. Nationwide, Barclays and the COOP don't allow funding from an account with them. Others have different rules but whatever the rules are, they are all easy to meet.