Nationwide FlexDirect £2500 deposit

rjmachin

Hi,
I registered for a Nationwide FlexDirect account before the rate dropped and am just waiting for the documentation to come through to set up online banking.
I have the £2500 in my Marcus account, which is linked to my HSBC current account.
Is there anything I am best doing when it comes to depositing this in to the Nationwide account so as to avoid any risk of accounts being closed under suspicion of fraud?
I would just transfer £2500 to my HSBC, then when it shows in the HSBC account, then transfer it to the Nationwide account.
Is there any risk in doing this, and if so, is it better to do three transfer instead of £850, £850 and £800 on the same day or separate days?
I have previously had an account put on hold with Natwest as I was unable to answer my phone when the bank called due to being at work.  A phone call sorted it, but would like to avoid if possible.
Thanks
Robert

eskbanker

For what should be obvious reasons, banks don't share details of their algorithms used to detect suspicious transactions....

kaMelo

Shouldn't really be an issue, as a linked account I'm assuming HSBC already have your Marcus as a payee therefore payment back from there is not a surprise.
You have to create a new payee in HSBC so will have to pass the checks to create a new payee. Any payment sent to Nationwide will obviously be a new one as you've only just opened it. I can't see any reason why there should be a problem doing it in one go. 

The only thing I would add is something I always do with any new payee to cover against fat finger syndrome.
Make a token payment of a pound and ensure it reaches your new account. When it does you know the account number/sort code you have for the payee are correct and can happily transfer the rest.
As such In your case I would make the token payment and wait to get online banking up and running before transferring the rest.

badger09

Unless a single movement of £2500 out of your HSBC account is very unusual, then you can make just one transfer.

The solution suggested by kaMelo is just as likely to trigger a bank's algorithms as a single unusual transfer. Moving £1 to a newly set up payee rapidly followed by a much larger transfer could be viewed as the actions of a fraudster trying it on. In other words, nobody really knows.

FWIW these days I sometimes do a relatively small test payment, but I have very slim fingers    

kaMelo

My suggestion wasn't really to avoid security detection, rather to avoid giving money away to the wrong account although I take your point it could be viewed as a fraudster trying it on.

ischris85

rjmachin said:

Hi,
I registered for a Nationwide FlexDirect account before the rate dropped and am just waiting for the documentation to come through to set up online banking.
I have the £2500 in my Marcus account, which is linked to my HSBC current account.
Is there anything I am best doing when it comes to depositing this in to the Nationwide account so as to avoid any risk of accounts being closed under suspicion of fraud?
I would just transfer £2500 to my HSBC, then when it shows in the HSBC account, then transfer it to the Nationwide account.
Is there any risk in doing this, and if so, is it better to do three transfer instead of £850, £850 and £800 on the same day or separate days?
I have previously had an account put on hold with Natwest as I was unable to answer my phone when the bank called due to being at work.  A phone call sorted it, but would like to avoid if possible.
Thanks
Robert

I have my Marcus account linked to my HSBC account. I recently applied to a Nationwide FD account. Once setup I did one test payment of £1 then transferred £2,499 no problem.

rjmachin

Thanks.  I was not really concerned about the Marcus to HSBC, as I have transferred money back and forth already.  It was more for the transferring of £2500 to the newly created Nationwide account.
Once it is all set up, I will set up the new payee, checking the details a few times to ensure they are correct and then transfer in one go.

digalumps

The above conversation is symptomatic of the times we live in and very annoying

just like the op my main worry when setting up a new payee to transfer money from one savings account to another is not any fat fingered keying problems but worrying that fraud filters will be triggered preventing me from transferring my own money in a way that I want to

Penelopa.Pitstop

Yes, it's worrying. I transfer money between Nationwide and Lloyds every month to meet minimum payment requirement on NW account. But started to worry recently, as we have two NW accounts so have to do this twice, from my account to joint Lloyds and from my husband's account to Lloyds. Reading this forum and all about closed accounts, can be very discouraging.

colsten

I wouldn’t worry if I were you. There are countless ones here, me included, who have moved several thousands a month between their own accounts, for many years now. Of course we don’t report about this regularly on here, as it’s nothing unusual, goes without a hitch, and banks and building societies know exactly why we are doing what we are doing. 

The reports of closed accounts are a totally minute number of cases, compared with the tens of thousands of current accounts that operate without issues. Also, none of the reports ever was about meeting monthly deposit requirements, or about filling a current account with a maximum savings sum.

badger09

And many of the posts are from new users who apparently register to ask for help when their account is locked. Some of those users hang around for a while, but most don't, nor do they post about anything else.

Just sayin