Frequently Asked Questions

What are Faster Payments?

Faster Payments enables UK banks and building societies to send and receive payments within a much shorter time than the current three working days.

The new service benefits you by speeding up one-off payments made over the internet or by phone so payments clear within hours, not days. For the very first time it will be possible to make these payments all day every day. The service will also enable regular Standing Order payments to be sent and received on the same bank working day.

This does not affect Direct Debits.

Are there any limits on payment amounts that can be sent through the Faster Payments service?

Banks and building societies have set their own payment limits and restrictions for sending Faster Payments; these limits will need to be checked with the bank or building society the money is being sent from.

What are the current Nationwide Faster Payments limits?

There is a cumulative daily limit of £1000 for SIPs and £1000 for FDBPs. This means that if you make a number of payments on the same day that in total breach these limits, any payments above the limit will be sent via BACS – e.g. if you try to send 5 payments of £250, the 5th payment will be sent via BACS.

Payments in excess of the current limits will continue to be made by the three day BACS service.

What are the acceptable payment types for Faster Payments?

Single Immediate Payments (SIPs): this is a one off immediate payment made via Internet Bank or Telephone Banking that can be made 24 hours a day, 365 days a year.

Future Dated Bill Payment (FDBPs): A payment to an existing arrangement, diarised for a date in the future.

Standing Orders: A regular payments made on specific date for the same amount.

Will I be able to send Bill Payments using the Faster Payments service at an ATM or at the branch?

No – only Bill Payments made by the Internet Bank or using Telephone Banking will be sent by the Faster Payments service.

When will an account be credited with a Faster Payment?

The majority of Faster Payments to FlexAccounts will be accepted immediately and the account will be credited within two hours.

When I send a Single Immediate Payment (SIP) via the Internet Bank how will I know if it has gone as a Faster Payment or as a Bacs transaction?

You will be notified of the route once you have confirmed that you wish the payment to be made.

When I set up a Future Dated Bill Payment or Standing Order how will I know if it will be sent as a Faster Payment or via Bacs?

This will depend on the sort code of the receiving bank and the limits and restrictions Nationwide has in place on the day of the transaction.

How will I know if a Faster Payment made by the Internet or Telephone Banking has been successful?

For a Single Immediate Payment (SIP) the payment status will be displayed on the Internet Bank within 15 seconds of confirmation that your payment has been sent.

All Faster Payment debits are displayed on your mini statement immediately after they’re transmitted.

If a Faster Payment is rejected, or returned at a later date, you will see a corresponding credit on your mini statement. The reason for the rejection or return will appear on your full online statement.

When I send a Faster Payment the payment outcome is very slow to display. What does this mean?

Delays with payments may occur if we have a problem retrieving a response from the beneficiary bank. Please do not attempt to resend unless the payment has been re-credited to your account. You can check this on your mini-statement. Clicking away from the payment outcome page will not affect your payment as it has already been initiated at this point.

When I send a Faster Payment I received a message saying "Payment in process. Please do not try and make the payment again, unless your account has been re-credited. You can check this on your mini statement." Has my transaction been sent?

Please contact our call centre on 08457 30 20 10 to receive a status update on your payment.

What happens if the sort code I'm sending a payment to does not accept Faster Payments?

If the receiving sort code is not set up to receive Faster Payments the transaction will follow the existing 3 day Bacs cycle. You can click on the link below to access the UK Payments sort code checker to see which sort codes accept Faster Payments
www.apacs.org.uk/payments_industry/faster_payments_service.html

Do I have a choice on whether a payment is sent via Faster Payments or Bacs?

No, the payment route is determined by the sort code of the beneficiary and any limit restrictions that may apply at the time of the payment.

Why are payments that I have successfully sent via BACS before, now being rejected when I try to send as a Faster Payment even though the details are the same?

Faster Payments is a real time system where sort code and account number are the prime means of the beneficiary identifying a unique account match. Some banks have historically amended (repaired) incorrect BACS payment details without notifying the customer, but they will not do this for Faster Payments.

As a result payments, that previously would have been accepted, may now be rejected by the beneficiary Bank.

If you receive a rejection for a payment, please confirm the correct sort code account and reference details with the beneficiary and correct your arrangement if necessary.

Which channels can I use to make a Faster Payment from my Nationwide account?

Nationwide is currently offering the Faster Payments service through Internet Banking and Telephone Banking.

Can Ex-Portman Accounts receive Faster Payments?

No, initially Faster Payments will only be available on FlexAccounts.

Will I be charged for using this facility?

No, you will not be charged for sending or receiving Faster Payments.

Will I need to change my Standing Order arrangements when Faster Payment goes live on my account?

You will not need to change anything to ensure your payments are sent as Faster Payments. You can however, review and, where necessary, adjust the date the payments are scheduled to be paid.

Please note that some accounts have special conditions.  Standing Orders or Future Dated Bill Payments set up to these accounts may need to be amended so that  payments received earlier do not affect those conditions. Such accounts could include:

• Accounts which only allow one credit per month
• ISA restrictions on maximum value of deposits per year

When will I start earning interest on a Faster Payment Credit?

You will start earning interest from the day that the payment is received in your account.

Will my pension/state benefit be sent as a Faster Payment?

No, currently Faster Payments are designed to be used as a personal banking service for one off payments. This approach is the same across the industry.

Can I pay my Nationwide Credit Card with a Faster Payment?

No, you are currently unable to pay your Credit Card by Faster Payment.  We will be developing this capability as a future enhancement.