Nationwide quick transfer

RG2015

I am new to Nationwide and was looking for some help on the quick transfer facility in Nationwide online banking.

There is the option to make a quick transfer from my current account to my credit card. I would have expected this to be made as a faster payment and to be applied immediately or at least within an hour or two as long as it is initiated early in the day.

However, when checking this with Nationwide credit card customer services I was told that it would be applied within 1 to 2 working days not on the same day.

Does anyone have any personal experience of this that may help me. I don't like to dispute official advice but it does sound strange to me that a quick transfer is not in fact quick.

teddysmum

RG2015 wrote: »

I am new to Nationwide and was looking for some help on the quick transfer facility in Nationwide online banking.

There is the option to make a quick transfer from my current account to my credit card. I would have expected this to be made as a faster payment and to be applied immediately or at least within an hour or two as long as it is initiated early in the day.

However, when checking this with Nationwide credit card customer services I was told that it would be applied within 1 to 2 working days not on the same day.

Does anyone have any personal experience of this that may help me. I don't like to dispute official advice but it does sound strange to me that a quick transfer is not in fact quick.

I don't have a credit card and don't use my nationwide debit card for payments, but do know that their faster payments between banks are instantaneous, though they quote a larger time scale to cover themselves.


If money is sent to TSB , by the time I've logged onto the latter's account, the payment has arrived.

eskbanker

Making payments to a credit card account isn't the same thing as a simple faster payment transfer between two current accounts, see http://www.nationwide.co.uk/support/payments-and-transfers/one-off-payment/quick-transfer#xtab:twistyitem-your-nationwide-account-saving-mortgage-credit-card-or-personal-loan, which specifies 'next day' but also:

Available balance is updated on the same day.
Balance and transactions will show online the next working day.

RG2015

eskbanker wrote: »

Making payments to a credit card account isn't the same thing as a simple faster payment transfer between two current accounts

Thank you eskbanker, this is the precise answer I was looking for and the Nationwide link gives it 100% authority!

The Nationwide guy also had said that credit card accounts were different to current accounts but I remained unconvinced until I saw the details on your link.

I still find it unusual that a quick transfer is not that quick. I assume though that if push came to shove and I made a quick transfer on the due day that I would not be in default. I do not plan to do this but if my DD failed I may be forced to use a backup plan.

Neil49

It isn't just the Nationwide that does it that way. I bank with Lloyds and it works the same way with them.

Credit card systems operate in a different way to banking systems and many different card brands are all on one or two big systems run by Mastercard or Visa etc.

Your payment will usually be credited to your card account the following day.

colsten

Can you get an increase of your credit limit?

agrinnall

Neil49 wrote: »

and many different card brands are all on one or two big systems run by Mastercard or Visa etc.

Really? That's not my experience (20-odd years working on credit card systems in the UK and elsewhere), card issuers (banks and other financial institutions) run the systems for their own cards and affinity cards that they issue. I've never heard of VISA or Mastercard running card systems, although obviously Amex do.

RG2015

colsten wrote: »

Can you get an increase of your credit limit?

Sorry, I should have said that my concern is a monthly payment default not a credit limit breach.

However, I would have assumed that a credit limit increase would take several days to be approved.

where_are_we

I can confirm that it takes 1 working day for a quick internal Nationwide transfer payment from a current account to a credit card to take place. I have "stoozed" several Nationwide credit cards over the years and always allowed at least 2 working days to pay off the balance at the end of a stoozing period. To avoid a monthly payment default, arrange a direct debit to pay the minimum payment, if it is on a 0% purchases card or pay the balance in full if not on a 0% deal.

RG2015

where_are_we wrote: »

To avoid a monthly payment default, arrange a direct debit to pay the minimum payment, if it is on a 0% purchases card or pay the balance in full if not on a 0% deal.

Thanks for your reply. The first payment on my 0% card was due today and I have a direct debit for the minimum amount set up to come out of my NatWest current account.

This amount of £25 is on showing on NatWest today but nothing is showing on my Nationwide credit card. I guess it will show tomorrow with today's date but I cannot understand why it is not showing today on Nationwide.

mt99

On their webside it says (re making internal xfer to CC from current a/c):

Available balance is updated on the same day.
Balance and transactions will show online the next working day.

http://www.nationwide.co.uk/support/payments-and-transfers/one-off-payment/quick-transfer#xtab:twistyitem-your-nationwide-account-saving-mortgage-credit-card-or-personal-loan