Kiwi_g
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Nationwide seem to be the flavour of the month.....
However, if you have their credit card, you are penalised since they use a third party to process their payments.
The BACS system is such that you make a payment and your account is debited immediately. However the money still stays with your bank. Usually, on the third day, the money arrives at the receiving bank.
Nationwide say that because we are not a bank, you have to allow more time. Therefore, your own bank gets 3 days free credit on your payment and between them and Nationwide, there are additional days credit to be earned. Nationwide's comments are c**p since there are many other organisations who are not banks and they do not engineer this delay.
I believe that this year, HSBC and Lloyds TSB are cutting out the 3 days and are debiting one's account on day 3 rather than day one at present.
Furthermore, a cheque payment for a Nationwide credit card debits the paying bank account one day earlier than cheques passing through the clearing system.
What's the cost?
For a payment of £1,000 assuming 4% interest, this equates to 11p per day.
Set this against the cost of an 0870 number and there is an equalisation of costs.
I'm against 0870 numbers but I'm also against hidden Nationwide costs which no one seems to recognise.
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