Nationwide CHAPS to NS&I

colsten

mab3000 said:

colsten said:

smuuudge said:

Nationwide are refusing to help me determine if 'NS&I Income Bond' accounts are classed as a 'personal' or 'business' account, and NS&I are saying Nationwide should advise!?

Why does this matter?

I have taken this as is to do with the OP getting to the confirmation of payee service stage of the payment and they are being asked if the payment is going to a business or personal account, in order to do the payee check. 

Yes - so what does it matter?

People seem to get needlessly intimidated by the confirmation of payee nonsense that a small number of consumers and supporting consumer rights organisations have demanded to get. How did we survive the last 80 years without confirmation of payee?

Ballard

colsten said:

mab3000 said:

colsten said:

smuuudge said:

Nationwide are refusing to help me determine if 'NS&I Income Bond' accounts are classed as a 'personal' or 'business' account, and NS&I are saying Nationwide should advise!?

Why does this matter?

I have taken this as is to do with the OP getting to the confirmation of payee service stage of the payment and they are being asked if the payment is going to a business or personal account, in order to do the payee check. 

Yes - so what does it matter?

People seem to get needlessly intimidated by the confirmation of payee nonsense that a small number of consumers and supporting consumer rights organisations have demanded to get. How did we survive the last 80 years without confirmation of payee?

The confirmation of payee nonsense has given me comfort when I’ve paid new people a couple of times this year. I haven’t needed to go through the rigmarole of sending a small payment and contacting the beneficiary to confirm before sending the rest. I have never made an error yet in paying someone but nobody’s perfect and a typo could be expensive. 

Eco_Miser

colsten said:

 How did we survive the last 80 years without confirmation of payee?

Mostly by not making electronic transfers.

JGB1955

You are paying your PERSONAL account, so I don't see what the issue is.  I paid just under £400K into a NS&I bond, but did it by cheque... absolutely no problem whatsoever, and saved me the CHAPS fee.  Otherwise I would have been quite happy to tap 'transfer £10,000' 40 times in one day.. it's lockdown, I'm retired... I need to get out more!

jonesMUFCforever

JGB1955 said:

You are paying your PERSONAL account, so I don't see what the issue is.  I paid just under £400K into a NS&I bond, but did it by cheque... absolutely no problem whatsoever, and saved me the CHAPS fee.  Otherwise I would have been quite happy to tap 'transfer £10,000' 40 times in one day.. it's lockdown, I'm retired... I need to get out more!

So did you make out the cheque to you personally (personal) or NS&I (business)?

etienneg

I'm surprised that nobody has asked the OP why he wants to transfer a large amount of money to an NS&I Income Bond when the interest rate will be falling to 0.01% from 24th November. Most people are moving their money OUT of such accounts!

smuuudge

This post seems to have got busy! Thanks for everyone's input. I finally got to the bottom of it and NS&I confirmed it is, in fact, a 'business' payee. Etienneg, you are right the interest rates are plummeting, however, I need peace of mind that my money is protected and easily accessible. Of course, I will be shopping around for better rates when time allows, but I suspect most accessible accounts will be following suit, if not already. I guess we could be paying banks to keep our money at this rate!... Thanks all.