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Inefficient banking systems, slow payments / transfers

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This is the second time I've been charged a penalty fee thanks to inefficient banking systems and I'm fuming about it.  I paid the balance on my Nationwide credit card 3 days ago, but checking online I see that it hasn't arrived there yet.  Since today is the payment date I'm going to be hit with a 12 charge.  I rang up the bank and offered to pay the minimum balance using my debit card.

It would take at least 3 working days to do the transfer...

Their response was, "sorry we don't have that facility".  I couldn't believe my ears!  How convenient!  Why can't Nationwide do what millions of retailers do daily and charge my debit card?

I then suggested that since my mortgage account with them has a rather large credit, that they could take the minimum payment from that instead.  Surely its just a simple account to account transfer within the same bank?  A bank card The response was predictable though. "Oh, no sir, we can't do that.  It would take at least 3 working days to do the transfer!"  Is that my problem or theirs?  Why does it take so long?

On the slim chance that the money I transferred might appear today, I asked them at what time the transfers are received.  They said midnight.  Then I asked, is that considered to be today or tomorrow?  Of course, it was tomorrow and so the 12 penalty fee applies regardless!

Now more than ever I'm convinced that the bankers are just sitting in their offices laughing at us, sure in the knowledge that there's nothing we can do; for they have all the power and we have none.

By: Mtspark


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bobbie

bobbie

Naiionwide are a bunch of cowboys - nothing like a real bank in my opinion - don't use or you'll regret a some important time.
bobbie
7th Oct 17 22:23

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JohnHob

JohnHob

My gripe, well much more than a mere gripe really concerns 'the helpful bank' ie the awful Natwest.

We moved house six weeks ago and in consequence had to inform 30 or so entities (banks, building societies DVLA etc) of our change of address. This was more problematic in some cases than in others, however after perseverance the exercise was completed, with one exception Natwest (the helpful bank). The latter operates what they optimistically call customer service via call centre(s).

I have an an online account and after the usual security can access same and if I were so inclined could close it online, One action however cannot be carried out 'for security reasons', is change of address. For this I need to visit a branch with proof of identity and a photograph, which I am not prepared to do.

Since my debit card for this account is linked to my previous address I have had the card declined. Thanks very much to the helpful bank a subsidiary of RBS and fully manned by jobsworths led by inept managers.
JohnHob
3rd Jan 12 18:53

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MOJO

MOJO

I have just started back in employment, I receive 4 weekly pay by credit transfer from a Lloyds TSB account. Made to work a week in hand, I have now gone 5 weeks without a wage, however last week should have been payday for me, the transfer was set up and my first minimum wage was due to land in my account. Well here I am a full 7 days later and I still have not been paid. Lloyds TSB are blaming the bankholidays for delaying my payment, but thats only Friday and Monday, so basically I have waited a full 7 days, 2 of which where bank holidays and 3 of them are full working days, plus the weekend, and guess what, my bank balance is still ZERO. So while all my direct debits are bouncing and my rent is not getting paid and I cant afford any food, some tosspot bank out there is swimming around collecting interest from me and probably millions of other peoples wages. These banks want hanging, do they not realise they are playing with peoples livelyhood?
MOJO
5th May 11 08:00

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Joe

Joe

Banks love to hold on your money and this why a transfer takes more than two days and up to three days in the Country.
Joe
7th Apr 11 15:54

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Stupid banking system

Stupid banking system

Same problem with my Lyods TSB account. I was schoked to find out that transfer from my TSB account to Natwest account takes 3 days. Back home in india bank transfers take less than half a day. I regularly transfer money from my lyods account to indian account. From Lyods to NATWEST bank takes 3 days NATWEST bank to indian account takes 1 day!!!!!!!!
Stupid banking system
11th Jun 10 13:11

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Ian

Ian

The whole banking system is corupted.Take ISA's for instance why should any bank reduce your interest from 2.8% to 0.20% at the end of the ISA tax year.Then when you ask your bank if you can keep your money with them in the new ISA that they have just opened for new customers only at 2.7% they say no you can not leave your £48000 with us unless you are prepared to accept 0.20%.You are then left having to transfere to anothe Bank or Building Society that will accept your transfer and pay you 2.7%BUT that very same Building Society that is doing what your original Building Society is doing and throwing it's old customers out unless they want to accept 0.20% on there savings.They do this because no Money is actually moved from any Bank or Building Society only bits of paper.They will tell you that the transfere takes up to 30 day's,"It's because of the Tax implications you know Mr Smith".Cobblers! it is so they can get out of paying the interest on Millions if not billions of pounds worth of savers money whilst these phoney transfers take place..It Stinks.
Ian
5th Jun 10 23:35

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1
Bram

Bram

For anybody looking for fast and inexpensive (international) money transfers: have a look at: http//pay.us.com. Very much recommended!
Bram
22nd Apr 10 19:41

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yve

yve

I have just been through the same process with Lloyds TSB. Paid bank transfer online and it left my account immediately. Called the recipient and guess what... yep, told it would take 3-5 working days....aghhhhhh. What are they like, how can they get away with it???
yve
26th Mar 10 15:26

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schofield48

schofield48

I agree with you Ash, Let me tell you my story in process of buying a flat transferred from LLOYYDS TSB £250 into my solicitor's account in NATWEST, payment went through instantly within 2 hours fantastic I was impressed. Then came a time when I was asked to transfer the deposit monies which was £10K did that on Tuesday 16 March 2010 After painstakingly waiting for few months Exchange of Contracts & completion date is decided for tomorrow i.e. 19 March, Halifax will get the monies on Friday 19 March and guess what LLOYD hasn't done it they say it will take 3-5 working days!!!!!!! Called the Bank and asked monies has left my account not reached the recipient account where has it disappeared they say it is in transit which transit is it or is it with BANK OF ENGLAND or in the air somewhere, ridiculous answers I think they would like to use the monies for 5 working days, it will be causing me so much pain that after being homeless for good 2 months completion will be delayed for 1 more week JUST BECAUSE LLOYDS wants to keep the money for 5 working days for their interest.

I think if it will be taking 5 working days then why couldn't the money stay in my ledger balance which I cant touch it is my money let it stay in my account till it is processed or whatever if it leaves my account then it should be in the recipient's account. I am so frustrated & gutted with this lame unprofessional bank.
schofield48
18th Mar 10 14:18

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10
ASH

ASH

Most banks in the UK now operate "fast" payments so that transactions only take 24 hours. However, Lloyds and Nationwide appear to be the only ones that don't do this? Nationwide state "3 to 5 days". I agree with earlier comments that there needs to be legislation on this as banks are simply sitting on our money why they earn interest on it. Then they have the audacity to charge us interest for late payments when they were simply holding back the money for their own purposes.
ASH
26th Feb 10 09:39

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Fear knocked on the door, fait

Fear knocked on the door, fait

It is very frustrating. Banks, building societies and insurance companies have been taking money from personal customers for years because people used to trust them when they had integrity. That has long gone and all have reduced their business to selling financial products that are unneccessary, with exagerated claims, but make the most profit for themselves. The financial services ombudsman has no real power because too many people are making money from the unsuspecting public. Now having brought the financial system to its knees by greed and speculation in areas of finance that they do not understand, they need to continue with their working practices to recoup their losses. Until enough people realize their tactics and change their habits it will continue. The new breed of banks like Tesco run more efficiently, are more friendly and transfer money instantaniously. Hopefully they will be on the high street soon and take custom from the most evil of institutions.
Fear knocked on the door, fait
30th Dec 09 15:31

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Sri

Sri

I surely support with your lines. The Bank Bosses who sit in their office and concentrate on the Investment sector, so that they receive high Bonus.

Finally the loser is be at the receiving end, the Customer.
Sri
25th Dec 09 00:54

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-24
Swindon

Swindon

They are only lookinmg after themselves. I was allowed to go over my credit limit on my credit card by MDNA. They take my payment by Direct Debit. Their system could not cope with the "extended balance" and sinply took the minimum shown on the statement. I was still over limit and they charged another £12. I calculated and they agreed when I telephoned that this would go on for months unless I made a one of payment to clear it. I said what is the point a a DD if this happens and they could not answer. I got two letters from some moron who "does not take calls". This is the level of customers care they offer! Somebody was to ring me bakc but did not! This is the level of customers care they offer! We paid a lum sum in to reduce the balance substantially to sort the problem. Then a week later probably they will say its not connected they wrote to me to inform that they had reduce my credit limiy. I am considering cutting it up and not dealing with them again.
Swindon
25th Jul 09 16:52

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-9
wegson

wegson

I submitted the forms to transfer our cash isa's from Coventry Building.Society to Nat West Bank E isa ,on 19-3-09. The funds have gone from Coventry but are still not in Nat West . Where is my £46000 pounds? I'm not rich ,just desperate. Can anyone help please?
wegson
23rd Apr 09 01:33

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-15
Bank ads make my blood boil!

Bank ads make my blood boil!

I too am sick to death of banks especially their extravagant television adverts. It is a crime surely to let some greedy bank executive run off with a pension of £65k a year while the country is in recession. Not only that but yet again the tax payer has to foot the bill. They should be locked up for negligence.

Insurance companies are just as greedy.
Bank ads make my blood boil!
7th Mar 09 08:28

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