Nationwide security

Sonling

I opened an Ulster Bank savings account last week. When I set up a payment transfer at my  Nationwide current account the scam check did not recognise the name or account details.  When I tried to transfer money I was told this may be a scam. I know I entered correct sort code and account details. Has anyone else experienced this with Nationwide?

Brie

reported to move to the banking board....

Ayr_Rage

Often happens when any bank does not conform to Confirmation of Payee.

It's an UB problem, not Nationwide.

I've had the same several times with various banks.

If it is your own account and you double check the details, NW will allow the transfer if you click the button.

You may have to use that pesky card reader for the first payment.

Sonling

It looks like Ulster Bank is no longer regulated by FCA ,although it's Loyalty Saver is on MSE list of good deals

Ayr_Rage

Ulster Bank is part of NatWest and is FCA/PRA regulated and part of the FSCS.

They did close the Irish Republic part last April.

pridehappy

As Ulster Bank is not based in the UK it’s most likely it isn’t part of the checker service. This means it will never come up as matched details.

Make sure to check Ulster Bank provides sufficient protection before investing, if you wish to go ahead, I’d suggest sending £1.01 (penny makes it easier to track if it does go missing) and ensuring it reaches the account before sending large amounts.

I’ve also been informed from Nationwide if you call to inform them of large transfers and provide reasoning in advance they are less likely to stop the payments.

IanManc

pridehappy said:

As Ulster Bank is not based in the UK it’s most likely it isn’t part of the checker service. This means it will never come up as matched details.

Make sure to check Ulster Bank provides sufficient protection before investing, if you wish to go ahead, I’d suggest sending £1.01 (penny makes it easier to track if it does go missing) and ensuring it reaches the account before sending large amounts.

I’ve also been informed from Nationwide if you call to inform them of large transfers and provide reasoning in advance they are less likely to stop the payments.

Ulster Bank is "based" in Belfast, in Northern Ireland.

How it can escape anyone's notice that Belfast is in the UK is beyond me.

Zanderman

Nationwide's security seems perfectly fine from your account OP.

Indeed any bank would give you the same messages if the receiving bank isn't part of the CoP system. 

And, for #pridehappy, Ulster Bank is most definitely in the UK.

35har1old

pridehappy said:

As Ulster Bank is not based in the UK it’s most likely it isn’t part of the checker service. This means it will never come up as matched details.

Make sure to check Ulster Bank provides sufficient protection before investing, if you wish to go ahead, I’d suggest sending £1.01 (penny makes it easier to track if it does go missing) and ensuring it reaches the account before sending large amounts.

I’ve also been informed from Nationwide if you call to inform them of large transfers and provide reasoning in advance they are less likely to stop the payments.

I'm afraid you have got it wrong Ulster Bank is in the  uk 🇬🇧 

friolento

The "problem" is simply that it takes 24 - 48 hours before the Ulster account shows in the Confirmation Of Payee system.

If you try it again tomorrow or the day after, the account will be found ok by Nationwide.


Please ignore all the suggestions that Ulster Bank isn't regulated by the FCA, not a UK bank or similar. They are part of NatWest, fully licensed in the UK, and therefore covered by FSCS just like any other UK bank.

 

Ayr_Rage

@pridehappy suggest you edit and correct your post as it has patently incorrect information regarding UB.

I bank with NW and have come up against their transfer limits recently, calling them made absolutely no difference, if the system puts a cap on transfers then staff have no way of overriding what the algorithm has decided.

I did not have transfers blocked just limited to £25k rather than their maximum of £100k (Faster Payments)

After calling them to complain I got a call back from the local branch who asked me if I could come in and that they would process the required transfers as CHAPS and waive the fees, very good service, what would have taken 10 days took 30 minutes.