Transferring from Nationwide e-savings to Flex Account

MattB_4

I can't really say I love my Nationwide internet banking as a whole! I was a lifelong LloydsTSB customer before I was a Nationwide employee and really liked what they did.

My personal opinion on the forward dated transfer is that it would be a good thing to have. I'm not sure we could actually do it with the current internet bank and/or systems that hold the accounts. I may try to find out if i remember on Monday though. If it is possible to do the trouble is always limited resource, which thanks to silly IT salaries, costs a fortune to increase.

KTF

As an aside, RBS used to offer a facility to sweep any 'left over' amount to a savings account and vice versa if the current account dropped below an certain level but this was stopped ages ago (even if it was quite handy).

I have noticed signs in NatWest offering a similar facility but is it really that difficult for banks to do something like this?

Milarky

Hungerdunger wrote: »

For example: you're on holiday from 1st to 14th of the month. You need to transfer a large sum on the 12th to pay a bill, but if you don't have internet access while you're away, or if you just want the peace of mind knowing that the transfer has been put in place, you have to transfer the money before you go away, thus losing interest.

Can anyone suggest any reason why Nationwide would not want to introduce this feature?

They have of course Telephone Self Service (which has a geographic number you can use from a landline) which now allows you to request transfers out of E savings on the day. It also allows you to make a bill payment from the Flexaccount [I'm not sure if this can be future dated - so I'll check that feature tomorrow when it's free for me to phone] At least you don't need to use the internet for this. If you have a sufficient overdraft to cover any payments then you could set these up and just have to remember to phone in a transfer request from E savings to cover this later. If it is more than your overdraft then the extra needs to be pushed into the Flexaccount the day before (so it sits there overnight) and the rest can be transferred the following days. This is at least a useful bit of added functionality I feel. If my internet were disabled (eg wrong details given three times) it takes an age to get the reset 'passcode' sent out. But you are able to use the TSS should this happen because they given you a separate 6 digit passcode to go along with your existing 10 digit customer number (I write the TSS passcode in a disguised format on the back of my Flex card together with their number '01793 75 666')

Also, there is internet [intranet?] access in (some?) Nationwide branches these days - and it sits on the NW homepage. I believe it is there for customers to use for banking transactions [can anyone clarify its intended purpose?]

pem2

I have been an online customer of Nationwide since the dialup days when they used to produce their own free banking internet/cd in 1997. They are not perfect but pretty good if not the best for sign on etc. but unlike HSBC (also quite good) which I also have, NW are not a clearing bank and possibly some of their limitations stem from that giving them the benefit of doubt. But being more cynical their marketing dept probably believes that they can make more money with their insistence that all transactions must go through the Flex account of which internal and external payments can of course be future dated.

bigx

I applied a flexaccount a while back and was planning to switch my main account to it. But later I found the statements were poor - for payments in or out no ref no account number; for cash wdls no cash machine address, etc. I finally gave it up.

Not quite relevant to OP's problem but nationwide does need to improve, no excuse - you can argue they are not useful but other banks don't think so.

noh

pem2 wrote: »

I have been an online customer of Nationwide since the dialup days when they used to produce their own free banking internet/cd in 1997. They are not perfect but pretty good if not the best for sign on etc. but unlike HSBC (also quite good) which I also have, NW are not a clearing bank and possibly some of their limitations stem from that giving them the benefit of doubt. But being more cynical their marketing dept probably believes that they can make more money with their insistence that all transactions must go through the Flex account of which internal and external payments can of course be future dated.

Just for information purposes Nationwide are a "clearing bank".

http://www.apacs.org.uk/uk_payment_schemes/cheque_credit_clearing.html

Nigel

ManAtHome

KTF wrote: »

As an aside, RBS used to offer a facility to sweep any 'left over' amount to a savings account and vice versa if the current account dropped below an certain level but this was stopped ages ago (even if it was quite handy).

HSBC still have the sweep from current to savings - the vice versa isn't advertised but does happen (gulp, got the dates wrong...) but this may be just an occasional "let you off this time" for the premier account.

I have a Nationwide flex for holidays etc, but since they introduced their "security for 5 year olds", moved most of my cash out, just fill up from HSBC before going on hols.

RayWolfe

ManAtHome wrote: »

but since they introduced their "security for 5 year olds", moved most of my cash out

You understate: should be five year old girls with an unhealthy obsession with My Little Ponies. ;-)

pem2

My apologies for posting incorrect information although I genuinely thought they were not a clearing bank from previous conversations with NW staff but thanks to NOH for pointing out my error.

MattB_4

KTF wrote: »

I have noticed signs in NatWest offering a similar facility but is it really that difficult for banks to do something like this?

It all depends on the banking platform they are using. I imagine all those who offer it have undertaken a thorough upgrade of their systems reasonably recently. Many still have systems that date back a very long way!

pem2 wrote: »

But being more cynical their marketing dept probably believes that they can make more money with their insistence that all transactions must go through the Flex account of which internal and external payments can of course be future dated.

Haha the old MSE cynicism. e-Savings is dependent on FlexAccount to work (for now), so while yes there are advantages for Nationwide for things to work that way there are also disadvantages.