Dubious practice by Nationwide

realaledrinker

I have multiple in/outs scheduled for the same day and have only ever been tripped up once, and in a similar if not same circumstance as the OP.

Nationwide process an outbound SO TO ANOTHER NATIONWIDE ACCOUNT on the day its due, even if its a weekend. My transfer was to a NW regular saver. They are the only bank to do this as far as I can tell; everyone else's system rolls transactions over to the Monday.

agrinnall

realaledrinker wrote: »

I have multiple in/outs scheduled for the same day and have only ever been tripped up once, and in a similar if not same circumstance as the OP.

Nationwide process an outbound SO TO ANOTHER NATIONWIDE ACCOUNT on the day its due, even if its a weekend. My transfer was to a NW regular saver. They are the only bank to do this as far as I can tell; everyone else's system rolls transactions over to the Monday.

As I have explained at length on another thread transfers within a Financial Institution are not bona fide SOs as all SOs use FPS and FPS can only be used between FIs.

Joe_Bloggs

@Agrinall
You said:-

As I have explained at length on another thread transfers within a Financial Institution are not bona fide SOs as all SOs use FPS and FPS can only be used between FIs.

What is not 'bona fide' ? Can you reference your relevant previous posts ? Are there walls /boundaries/compartmentalization issues ?

J_B.
There is no compulsion to, or any urgency to reply. I would simply like clarification.

badger09

realaledrinker wrote: »

I have multiple in/outs scheduled for the same day and have only ever been tripped up once, and in a similar if not same circumstance as the OP.

Nationwide process an outbound SO TO ANOTHER NATIONWIDE ACCOUNT on the day its due, even if its a weekend. My transfer was to a NW regular saver. They are the only bank to do this as far as I can tell; everyone else's system rolls transactions over to the Monday.

FYI Tesco process SOs on the date due, even if its a weekend.

agrinnall

Joe_Bloggs wrote: »

@Agrinall
You said:-


What is not 'bona fide' ? Can you reference your relevant previous posts ? Are there walls /boundaries/compartmentalization issues ?

J_B.
There is no compulsion to, or any urgency to reply. I would simply like clarification.

See this thread https://forums.moneysavingexpert.com/discussion/5594530

Basically a Standing Order is a transaction between two Financial Institutions, while a transfer between accounts within a single FI is an Intra Bank Payment. However, some (perhaps most) banks no longer bother to label their internal transfers as IBP but simply lump them in with SOs.

The key difference is that SOs are sent over the Faster Payments System in the early hours of the morning, and can take several hours between leaving the sending bank and being posted at the receiving bank due to the way FPS processes them, while IBPs are sent whenever the bank feels like it but will be pretty much instantly debited from the sending account and credited to the receiving account.

goodValue

Many thanks for all these replies. It looks as if I will have to increase the time between transfers.


If I remember correctly, the advice I saw was to transfer out on the following day, and this particular transfer followed this.
The statement showed funds coming out and going in on the same day, and then there was another item showing the backdating.
I believe that most banks will honour a transfer if the funds appear later in the day, and so was very annoyed with Nationwide's stance.

eskbanker

goodValue wrote: »

Many thanks for all these replies. It looks as if I will have to increase the time between transfers.

....or just make sure the balance is enough to cover outbound transfers before the corresponding inbound ones. As per my earlier post, if you're doing this in order to benefit from decent interest rates on current accounts and are using Nationwide, you should have a FlexDirect filled up to £2,500 before opening other accounts anyway....

No_6

Don't increase time between SO's
due it manually with any data you have.

May be paper and pen/pencil or any other money program.

I am now barred from saying MS money, which is FREE but
some on here get pis888d of with it.

agrinnall

No_6 wrote: »

I am now barred from saying MS money, which is FREE but
some on here get pis888d of with it.

You're not barred from saying it, as I posted I use it myself and will recommend it where it's approriate to the thread.

In this case it might help the OP to keep track, if they are not already doing so (there's no evidence to suggest they have an issue with it) but having MS Money doesn't prevent people from doing things that don't work properly, it's certainly not the cure-all that you like to make out.

No_6

How do all these people that " may open multiple accounts "
because it seems so easy on here, with 1,2 or 3k "posters posting" !
going to keep track of their spending !, DD's, SO's

without any money program of sorts ?

I could never have done it back in the, really early 90's
with out my favorite.

AND my 10 years beats your 7 years