Nationwide update to daily withdrawal limits.

BreakingGlass

And in my third sentence I meant 'preceding' months (not 'proceeding months').  Is there no edit facility on this Form?

ForumUser7

BreakingGlass said:

And in my third sentence I meant 'preceding' months (not 'proceeding months').  Is there no edit facility on this Form?

There is, but you might need to have a higher post count first - I cannot remember what it needs to be, but hopefully someone else can.

This link may help - https://forums.moneysavingexpert.com/discussion/6228921/unable-to-edit-posts/p2 - it seems the edit button will appear with the cog in time

MoneyMate

Cash back offers currently.

coyrls

BreakingGlass said:

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.

On Tuesday 14th, I transferred over £25,000 to an account that I transfer to maybe 6 times a year, however the Nationwide App still restricted me to a maximum of £10,000 per transfer.  I though the £10,000 limit for an individual transfer had been lifted.

JGB1955

coyrls said:

BreakingGlass said:

On Tuesday 14th, I transferred over £25,000 to an account that I transfer to maybe 6 times a year, however the Nationwide App still restricted me to a maximum of £10,000 per transfer.  I though the £10,000 limit for an individual transfer had been lifted.

I was able to transfer £25K in one go yesterday, to Vanquis. Had to wait until this morning before being able to transfer the other £15K.

coyrls

JGB1955 said:

coyrls said:

BreakingGlass said:

On Tuesday 14th, I transferred over £25,000 to an account that I transfer to maybe 6 times a year, however the Nationwide App still restricted me to a maximum of £10,000 per transfer.  I though the £10,000 limit for an individual transfer had been lifted.

I was able to transfer £25K in one go yesterday, to Vanquis. Had to wait until this morning before being able to transfer the other £15K.

Was that using the app or online banking?

BreakingGlass

Having had problems as expressed in my earlier post, I just opened a new account with Paragon and set it up as a new 'Payee' with Nationwide.  I was then able to do a £25k followed by a £10k transfer to this brand new payee.  It would therefore seem that the transfer limits are somewhat inconsistent!

(Both this and the earlier transfer were using online banking, not the app)

JGB1955

coyrls said:

JGB1955 said:

coyrls said:

BreakingGlass said:

On Tuesday 14th, I transferred over £25,000 to an account that I transfer to maybe 6 times a year, however the Nationwide App still restricted me to a maximum of £10,000 per transfer.  I though the £10,000 limit for an individual transfer had been lifted.

I was able to transfer £25K in one go yesterday, to Vanquis. Had to wait until this morning before being able to transfer the other £15K.

Was that using the app or online banking?

I had to use online banking for the first £25K, then app (at stupid o'clock this morning) for the rest.  All been received by Vanquis now.

2010

So you could send any amount in a day as long as it was in £10k amounts.
Now it`s basically limited to £25k.

We’ll work out your limit based on who you’re paying and what other payments you’ve set up that day. You can check your limit in our Banking app or Internet Bank when setting up a payment.

Swipe

Glad I only have £5K with them for emergencies