I am so stupid!!!

Toomuchdebt

My rent goes out via a standing order on the 14th of every month.I have a Nationwide account so I keep the rent money in an e-savings account until the day before so it earns me a bit of interest...well stupid me forgot to transfer it yesterday and only realised this morning...cue mad dash from school back home and a quick transfer...I rang the branch and she said it "may" go out later today but it might not be till Monday now...I don't mind that too much,what I'm worried about is getting a £30 charge for the money not being there until 8:43am She said I'd just have to wait and see.I feel so stupid for forgetting about the rent

autismmum

we've all done one time or another , forgetting one thing in a busy life is easily done, keep things in perspective and smile... youll remember next time

Mikeyorks

Toomuchdebt wrote: »

My rent goes out via a standing order on the 14th of every month.I have a Nationwide account so I keep the rent money in an e-savings account until the day before so it earns me a bit of interest...

Very sensible ... but can't you SO from the e-saver the day before .. so it can't be forgotten? But do watch weekends as I don't think Nationwide run their systems then .. as you need to watch the money's there for when eg the 14th is a Monday.

LittleVoice

Mikeyorks wrote: »

Very sensible ... but can't you SO from the e-saver the day before .. so it can't be forgotten? But do watch weekends as I don't think Nationwide run their systems then .. as you need to watch the money's there for when eg the 14th is a Monday.

Don't think you can set up SO from eSaver, unfortunately.

BTW though NW may well not count Saturday or Sunday as a working day for you to move money from the eSaver to the Flex account and therefore you have to make a transfer on a Friday for a Monday SO - they do count Saturday for SO to go out from an account. So if the 14th, in this case, is a Saturday, the money comes out of your account on a Saturday but doesn't reach the destination account any earlier than if it left the Flex account on Monday.

Gism0

Cancel the standing order and set it for a day later? Letting agencies don't tend to notice!

YorkshireBoy

Gism0 wrote: »

Cancel the standing order and set it for a day later? Letting agencies don't tend to notice!

Since the OP simply "forgot" to transfer the money across I can't see how that will help?

The answer is (fairly) simple, and it's to keep a buffer in the FlexAccount...either with your own money (thereby losing some interest...around £20 per year per £500 buffer), or with the banks money (in the form of an overdraft facility). Both methods will cost money, but not as much as the £30 charge already incurred.

Whichever method is employed, the OP then has more time to remember to transfer it across from the e-Saver.