Being nosey... How many Regular Saver accounts do you have?

gt94sss2

Pickledonionlover said:

Anyway, very recently the Account Evidence team from NW have been touch asking all sorts of questions on the source and destination of this money.  

They're wanted this information within two days else my account access would be removed.

Luckily I was able to send them spreadsheets of all my RS, statements of the third party Easy Access and also a spreadsheet of interest accrued.

I've had something similar with Santander who wanted information about payments to/from my account.

This was when I was actively moving money between savings accounts to maximise interest (as the rates where changing a lot) and using Santander as my nominated account. 

The only issue was that they didn't want information about recent transactions but those from a couple of years before..!

dcs34

I had to politely explain to NatWest that I wasn't using my personal account for business purposes, and that if they actually looked at the 30+ payments going out on the 1st of each month they were to accounts in my name, not me running payroll or paying invoices etc.

Took a week for them to look into it and they were fine about it. Upgraded me to Premier to say sorry for the inconvenience.

Born2Save_3

Many transfers over a few hours...

Today with Nationwide I've done around 70 faster payments over around 4 hours.  After about 30 transfers Nationwide force me to go through extra security using a card and the card reader calculator device to complete most subsequent transfers.  After being logged on for I think either an hour or maybe two hours, I am forced off and have to log back in to continue.

This extra security transfer verification is a PITA and triples or more the time taken for each transfer.

Following @Pickledonionlover experience, I'm wondering if a call to the Account Evidence team to explain what I'm doing and request a better way to do faster payments, may help or hinder me ?

I could spread transfers to RS over several CA.  This would add a little extra effort but may be more resilient.

Trouble is, to the best of my knowledge, most consumer/retail banks don't have an easy way of importing and setting up payees. Deliberately, they don't make setting up a payee a one step process and incorporate several checks. I perfectly understand that. But in the situation where you need to set up several payees on the first of the month because one of the banks used for transfers to a portion of your RS collection, has gone down, is not going to be easy or quick.

Seems that RS aficionados are caught between a rock and a hard place; you want more, yet the system makes it harder for you the more you have.

Born2Save_3

Nationwide difficulties

Not sure if I can post links here to other websites, but the experience of @Pickledonionlover is very similar to that described following, and this goes back 4 years I think : 

https://www.reddit.com/r/UKPersonalFinance/comments/ss8crx/email_from_bank_account_review_team_nationwide/

Moral appears to be give them what they want, don't ask questions and hope you can move on as you were, maybe even benefit from it (Premier banking anyone ).  Significant point is if the bank were very suspicious they would close down access and then maybe ask questions.

ForumUser7

dcs34 said:

I had to politely explain to NatWest that I wasn't using my personal account for business purposes, and that if they actually looked at the 30+ payments going out on the 1st of each month they were to accounts in my name, not me running payroll or paying invoices etc.

Took a week for them to look into it and they were fine about it. Upgraded me to Premier to say sorry for the inconvenience.

How surprisingly nice of them to give you premier though - did you actually qualify?