Nationwide update to daily withdrawal limits.

Freebird53

Just another reason to leave them.

ForumUser7

Source ~ https://www.nationwide.co.uk/news-and-stories/payment-limits/

Freebird53

We'll limit some online payments to £25,000 per day

If you make your payment online, you’ll only be able to send up to £25,000 per day if you:

• make a payment to someone you haven’t paid before
• make a payment to someone you don't often pay

So shifting money between savings accounts will now be more difficult.

Can anyone recommend a bank with better payment limits please?

Middle_of_the_Road

"By the end of March 2023, we’re changing  REDUCING
 how much you can pay someone from your Nationwide current account."                   
                                                     
Apart from the fact that they STILL haven't updated information on possible rate rises, these type of communications really get my back up.
Same as utilities writing "the price you pay for gas is changing". Why they can't just say, increasing or going up is beyond me.

Flugelhorn

oops didn't realise Nationwide let you move that much, I just transferred 100K in 10k daily lots duh!

JGB1955

Flugelhorn said:

oops didn't realise Nationwide let you move that much, I just transferred 100K in 10k daily lots duh!

I've regularly moved 3 x £10K from Nationwide to other accounts, so only a couple of minutes work.  As executor of an estate I was able to move 2 x £100K+ to other Nationwide accounts in one go.  Virtually effortless.

Ayr_Rage

My record was 28 x £10,000 in one day when I received my pension tax free lump sum and moved it to a Charter Savings Bank bond.

That was in 2015, NW required the card reader for every transaction and CSB sent an email for each receipt.

Freebird53

Whilst i can see the reasoning behind limiting a payment to a new person, what would be the purpose of limiting payment to someone you don't often pay?

hoc

Considering most banks have daily FP limits around 25k Nationwide are hardly the bad guy here limiting only some to this level.

MalMonroe

I'm not leaving them.
I don't have that kind of money.
I may have a rethink after my Euromillions win. 

BreakingGlass

Freebird53 said:

We'll limit some online payments to £25,000 per day

If you make your payment online, you’ll only be able to send up to £25,000 per day if you:

• make a payment to someone you haven’t paid before
• make a payment to someone you don't often pay

So shifting money between savings accounts will now be more difficult.

Can anyone recommend a bank with better payment limits please?

I just had a payment refused.  I tried to make two payments of £25k to a Ford savings account and the second was refused because I had 'exceed the daily limit'.  My last payment to Ford had been about 5 months ago, with frequent payments over the proceeding months.  I opened a 'chat' with NW to try to find out the definition of 'someone you don't often pay' (i.e timescale and amount) but the advisor was unable to answer the question.  I therefore upgraded my question to a formal complaint about lack of transparency and over-restrictive rules.  I will report back with the outcome.

As an aside I then tried to transfer approx £8k to my wife's account with Ford.  Although this was an existing payee, the payment was refused.  I assume that this is because the transfer has the same account number and sort code as my Ford account, albeit with a different Reference Number.

Hence it would seem that careful planning is required to keep savings account payees 'active'.  Perhaps transferring 1p occasionally to each payee would do so?

Perhaps NW are trying to 'encourage' use of CHAPS for a £20 fee!

Anyway today I am researching a new current account.  I already have one with Chase and am tempted to move everything across.