Nationwide travel insurance

moneyistooshorttomention

pollypenny wrote: »

Edit to add: why not have an account which pays cash back on bills for your D/Ds and as a reserve. We have Santander 123,which we use as saving as well. Martin writes about their 'Lite' account today.

# I've had them for a bank before now (ie back when they were Abbey National) and :eek:the amount of hassle they caused me on one particular issue (one that needed resolving very urgently at that - and I had to kick and kick and kick....whew....).

Once I'd finally managed to work out exactly which part of them to kick to get this incredibly minor (but incredibly important) issue resolved - I decided never to go anywhere near them again.

The Nationwide have been pretty okay as a bank overall - and it's just this one teensy thing that is proving to be an issue...

YorkshireBoy

moneyistooshorttomention wrote: »

Have just been on the phone to my pension provider and they say (though they don't put it in that language) that it's the Nationwide's fault this is happening - because they aren't putting through payments yet at weekends and bank holidays.

Told this is not down to my pension provider causing this issue. The Nationwide itself is causing it.

They're talking nonsense! The pension provider will be sending the money by BACS Direct Credit (not immediate, or future dated, faster payment), which only works on bank working days. As such, they're in the driving seat as to when you see the cash, which will be day 3 of the 3-day BACS DC cycle, with day 1 being the send date. They'll likely submit a batch file the day before this, or at least do some internal processing first.

If they want you to have the cash on Saturday 1st, they'll need to send it on the previous Wednesday, meaning you'd get it Friday (Bank Holidays excluded of course).

EarthBoy

moneyistooshorttomention wrote: »

Told this is not down to my pension provider causing this issue. The Nationwide itself is causing it.

Out of interest - does anyone know if other banks have a policy of refusing to take payments through at weekends and bank holidays? Or is it just the Nationwide that won't take them then?

All the banks do it the same way. Only faster payments go through at weekends and bank holidays, and even these might be date stamped for the next working day, even if actually received at the weekend. Your pension provider is unlikely to be using faster payments anyway and if they want you to have the money at the weekend they will need to send it sooner.

Missus_Hyde

pollypenny wrote: »

Transfers by customers go through at weekends certainly.

I suspect that it is a quirk of the CS that they pay it on the due day without considering whether banks take it. Money saving?

Why else would other firms pay on the Friday? Teachers' Pension Agency, Gen Motors and Prudential in our case.

As it happens, I receive a CS pension which pays out in the middle of the month and should the payment day fall on a weekend, it always pays out on the Friday before.

moneyistooshorttomention

Missus_Hyde wrote: »

As it happens, I receive a CS pension which pays out in the middle of the month and should the payment day fall on a weekend, it always pays out on the Friday before.

As I recall - mine originally was the middle of the month and I asked for it to be moved to elsewhere in the month to be more convenient for me.

However, it wasnt clear at that time that it would have a knock-on effect because of a particular bank's rules (ie mine).

I'm now in process of asking to have my CS pension put to somewhere clearly not at beginning or end of month to avoid getting caught up in bank "rules" - and the CS pension scheme is saying "We used to move it if the customer wants - but we don't any more" and I've got to get round that if that is what I decide to do.:cool:

moneyistooshorttomention

UPDATE;
Civil Service pension scheme (call centre) operator didnt know a thing as it turns out:cool:.

Just had email from someone there that does know their job a bit better - who says I can change my "payday" each month:). Problem solved then - a one-off bit of hassle and Job Done and "stoopid rules of my bank" dealt with:)