Paid Transaction Fee -Internal Trnfr

ARCOOMBS

I woke up this morning to discover I have been charged with a £5 Paid Transaction Fee -Internal Trnfr fee. I was unaware of what this could be for. After looking through my statement I think the only reason it could be was:
On the 1st of each month I have standing orders coming in and out of the account. On January 1st 2018 (Bank Holiday) Nationwide continued the SO out of my account however the SO coming into my account didn't arrive until the next day (due to it being a bank holiday). Therefore my account was in minus for the day of Monday 1st January 2018.

1. Is this the reason I have been charged the fee?
2. Can Nationwide charge this fee if they have issued a SO on a Bank Holiday when they should be closed and the other banks did not operate until the next day?

Or is this just my fault for not keeping an eye on the transactions on that day?
Thanks for any advice.

ValiantSon

Yes, it looks like it was a fee for paying out when you had an insufficient balance. Nationwide charge £5 for this.

The only slightly odd thing is that it is being referred to as an "internal transfer". Was your payment out going to another Nationwide account, e.g. a regular saver? If so, that would explain it.

You issued an instruction to pay on a certain day. That day fell on a bank holiday, but Nationwide are not in the wrong for complying with your instruction. I'm afraid that this is your oversight that the payment could fall on a bank holiday. If you are using standing orders to move money around like this, then I would advise you to have several days clear between money arriving in to an account and it being paid out again, so as to avoid this kind of situation.

mwarby

Nationwide do sate the following

https://www.nationwide.co.uk/support/payments-and-transfers/automatic-payment/regular-payment#xtab:what-is-a-regular-payment

'Regular payments to another Nationwide account will be made on any day selected including weekends and bank holidays.'

So I suspect you'll be out of luck on point 2

alanq

"These payments will be made on working days only, i.e. Monday to Friday, excluding bank holidays. If the specified date falls on a weekend or bank holiday, the payment will be sent on the next working day unless the money is going to another Nationwide account.""

https://www.nationwide.co.uk/support/payments-and-transfers/automatic-payment/regular-payment

ARCOOMBS

Yes, was going to another Nationwide account.

agrinnall

This is why I do all my transfers manually, although an alternative is to do the an SO into the receiving account then do the transfer out manually once you have confirmed that the funds have arrived.

ValiantSon

agrinnall wrote: »

This is why I do all my transfers manually, although an alternative is to do the an SO into the receiving account then do the transfer out manually once you have confirmed that the funds have arrived.

You can do it that way, or you can allow a reasonable time between payment in and payment out. Doing it that way means there is no chance of you missing a payment .

agrinnall

ValiantSon wrote: »

You can do it that way, or you can allow a reasonable time between payment in and payment out. Doing it that way means there is no chance of you missing a payment .

You can, but you need to allow at least 5 days to be absolutely certain of the incoming payment having arrived (to allow for Easter, and Christmas if the dates chosen are around the 25th). If you have more than 4 transfers to do you'll run out of month.

ValiantSon

agrinnall wrote: »

You can, but you need to allow at least 5 days to be absolutely certain of the incoming payment having arrived (to allow for Easter, and Christmas if the dates chosen are around the 25th). If you have more than 4 transfers to do you'll run out of month.

Causes me no problems, and means I haven't got to remember to make all those mannual reversals.

I take it that you are moving money around in a chain from one bank to another? I work on a hub system, so I have no worries about running out of available days.

ARCOOMBS

So I received a 'Rfd Daily Unarranged o/d Usage Fees' of £0.50.

Don't know why - but only £4.50 fee rather than £5.00.

ValiantSon

ARCOOMBS wrote: »

So I received a 'Rfd Daily Unarranged o/d Usage Fees' of £0.50.

Don't know why - but only £4.50 fee rather than £5.00.

I can't explain that, but at least it is something!