Nationwide Monthly Interest

jameseonline

Anyone been having interest problems on their Flex Direct account?, most recently had a 1p interest added and a 1p correction of interest added, previously only had a 1p correction of interest added.

Not sure why this happens but 1 of the most recent (probably after I transferred the 2p out) managed to trigger a you are over your £0 overdraft limit text message to be sent, I got straight onto the app everything looks fine on my transactions list, decided to go on their chat service and talk to a human, apparently their system was showing I was - 0.01 but they realised my account hadn't gone into my overdraft and I have nothing to worry about.

sheslookinhot

Is this real ???

Kim_13

I had expected a few pence in May but got none. I had a -1p correction once but it was a while ago now, fortunately it didn’t lead to an overdraft but they would get a complaint if it did. Their system of calculating the interest due should be sophisticated enough not to make mistakes that need to be corrected later.

jameseonline

sheslookinhot said:

Is this real ???

No I completely made up this for attention. 🙄🤷

Are you real?🤨🤔

jameseonline

So here's the text message I got, probably standard but I don't ever think I've had one or if I have it won't have been for a long time, I usually move interest etc straight out and have a zero balance most of the time though unless paying in for nationwide savings or something 

refluxer

Yes, I had a 3p deduction ('correction of interest added') at the end of last year. I don't use that account often and normally keep £1 in any accounts I'm not using regularly but want to keep open so it wasn't an issue, but I think I've got a small overdraft set up on that account anyway.

I don't recall this ever happening before and it hasn't happened since, so I presume it's not a regular occurrence. I'd suggest either setting up a small overdraft or keeping a small amount in the account if you're concerned this is likely to cause problems in the future.10p would probably cover it !

jameseonline

That's the thing though it wasn't showing as a deduction in my transactions it was showing as a + so + 1p for interest added & + 1p for correction, at least Nationwide said to me something went wrong with the interest payment but yeah triggering a text to my phone, scary even if I'm not at fault

boingy

It's like something out of a sitcom. You should send them a sarcastic apology and a cheque for £0.00.

I tend to keep one pound something in my dormant accounts, mainly so they don't get closed by an over zealous software algorithm.

jameseonline

boingy said:

It's like something out of a sitcom. You should send them a sarcastic apology and a cheque for £0.00.

I tend to keep one pound something in my dormant accounts, mainly so they don't get closed by an over zealous software algorithm.

Ha I keep £1 or so in most of my accounts (current & savings) others I don't because they are active as moving money about, so Nationwide & Virgin can stay at £0 most of the time. Virgin is used to pay regulars and is used as a nominated account and to pay money for bills etc to my Barclays account and to pay into Nationwide so always money passing through. Nationwide account is to pay Nationwide regular savings accounts + 1 monthly bill and also I get money paid into my Nationwide account each month not from my Virgin account.