Making Payments Faster

The table below shows the ways you can send payments using the Faster Payments Scheme and the limits that apply.

Find out how to send payments above these limits.

External payments are payments that are made to and from a Nationwide account and another bank or building society account.

The following accounts can send Faster Payments:

The following accounts can receive Faster Payments:

Internal transfers are payments that are made from one Nationwide account to another Nationwide account.

Internal transfers between Nationwide accounts, using these sort codes will be made the same day:

• Transfers between Nationwide FlexAccounts (sort codes 07 02 46, 07 44 56 and 07 01 16) are already made on the same day.
• Transfers to a Nationwide MySave Online account (sort code 20 97 78) will be made the following day.
• Internal Transfers to your Credit Card will be made on the same day and will show on your account the following day.

The Following FAQs have been developed to answer any queries you might have about ‘Making Payments Faster’, your payments and how you can continue to make your payments:

Overview

Why is Nationwide doing this?

Following a European wide review of payment processes, new regulations have been introduced that state from 1st January 2012 all banks and building societies must ensure that any payments they make on their customers behalf arrive at the destination bank or building society no later than the end of the next working day. Nationwide currently send these payments by BACS. However, the existing three day BACS cycle does not comply with these regulations.

Does this affect all banks and building societies?

Yes. All banks and building societies have to comply with the regulations that come into effect from the 1st January 2012.

What payments are affected by this change?

These changes only apply where payments are made by standing order or bill payment. There are no changes where a payment is made by Direct Debit, cheque, SWIFT or CHAPS.

My Accounts/Products

What accounts/products are affected?

Payments from the following Nationwide accounts are affected:

• FlexAccount
• All savings products that you can make a bill payment or standing order from

Payments to the following Nationwide accounts will be affected:

• FlexAccount
• All savings products
• Credit card
• Personal loan
• Residential mortgages
• Specialist lending mortgages
• Commercial mortgages

Please refer to the External Payments tab for a list of products that can send or receive Faster Payments.

My Payments

What are Faster Payments?

Faster Payments is the name given to an industry wide scheme that speeds up the transfer of money between participating banks and building societies.

What does this mean for my payments?

Standing orders and bill payments that you ask us to make to another bank or building society must arrive by the end of the next working day and we use the Faster Payment Scheme to achieve this. Should your payment be to another account within Nationwide Building Society it is credited on the same day, with the exception of transfers made to a Nationwide MySave Online or Credit Card account which will be credited the following day.

What will happen to Direct Debits I have set up?

No changes will be made to existing or future Direct Debits as this payment method is compliant with the new regulations. All existing Direct Debit payments will continue to be paid as they are today.

What will happen to standing orders I have set up?

Some standing orders are already sent by the Faster Payments Scheme (subject to any limit on the amount that can be sent under the scheme) where a receiving sort code is set up to receive a Faster Payment. The only change will be that all standing orders currently sent by BACS will be sent by Faster Payments after 1st January 2012 where the receiving sort code has been set up to receive Faster Payments.

Am I able to make a payment using Faster Payments in a Nationwide branch?

Yes, when you make a bill payment in a branch it will be sent as a Faster Payment as long as the receiving sort code is able to receive these payments. The limit remains at £5,000 per transaction.

Am I able to make a payment using Faster Payments in other ways?

Yes, bill payments made using the Internet Bank, Mobile Banking app, Telephone Banking and at the ATM can be made by Faster Payments. There is a limit of £10,000 per transaction.

What do I do if I want to send payments above the limits stated?

You can send payments above the limits stated by making a CHAPS payment. Please following the link to the Making CHAPS payments (UK) page for further information.

Will all banks and building societies’ sort codes be able to receive Faster Payments?

The financial services industry are working to ensure that all sort codes that currently receive BACS payments can receive Faster Payments. All Nationwide sort codes will be able to make or receive customer’s electronic payments by Faster Payments by the end of 2011.

Could this affect payments I make from my account?

Yes, some banks and building societies will not be enabling some of their sort codes to receive Faster Payments and as a result Nationwide will not be able to submit standing order or bill payments to these accounts. The current method of sending these by BACS will be in breach of the regulations. We have written to any customers that we think will be affected by this change to advise them about it and provide advice on what action can be taken to rectify this by 1st January 2012.

Will this affect payments already set up on my account?

A small number of customers may have payments that will be affected. We have written to any customers that we think will be affected by this change to advise them about it and provide advice on what action can be taken to rectify this by 1st January 2012.

How quickly will internal transfers be made?

All internal transfers are credited to the receiving account on the day the payment is made with the exception of transfers made to a Nationwide MySave Online which are credited the following day. Internal transfers to your Nationwide Credit Card are made on the same day and will show on your account the following day.

Where can I get more information about Faster Payments?

If you require further information about Faster Payments that is not provided in this section, please refer to the Nationwide Faster Payments page.

What happens if the bank or building society I am trying to make the payment to is not able to receive Faster Payments?

If the bank or building society are unable to receive Faster Payments from 1st January 2012 we will not be able to make the payment and will cancel the instruction.

How can I find out if the account I want to send money to accepts Faster Payments?

You can check by using the UK Payment Administration Ltd Sort Code checker http://www.ukpayments.org.uk/sort_code_checker/

Cancelled Payment Instructions

Why have I received a letter about my payment instruction?

You have received this letter because you have one or more payment instructions set up to an account that will not be set up to receive Faster Payments from 1st January 2012.

What does this letter mean?

It means that we will be unable to make the payment(s) detailed in the letter on your behalf from the 1st January 2012.

Do I have to do anything?

Yes. You need to contact the payee, organisation or the bank or building society who currently receives this payment and ask them how you can continue to make the payment. It may be that they will offer you alternative account details to make the payment to that can accept Faster Payments. Alternatively, they may advise you to make the payment by a different method e.g. Direct Debit or CHAPS.

What if I do not do anything?

If the sort code that you are trying to make the payment to is not set up to receive Faster Payments by 1st January 2012, we will cancel the payment instruction and no longer be able to make the payment on your behalf.

When do I need to do something?

You should contact the payee or organisation or the receiving bank or building society as soon as possible. Any payments that you attempt to make or that are scheduled to leave your account from 1st January 2012 to an account that is not set up to receive Faster Payments will not be made.

When will my payment be cancelled?

Your payment will be cancelled from the 1st January 2012. Payments up until that time will continue to be sent as normal.

Are Direct Debit payments I make to this sort code affected?

No. If you have a Direct Debit payment being made to the same sort code, it will continue to be made. The Direct Debit scheme enables payments to be sent compliantly with the new Regulations. The Direct Debit scheme is a different payment method to the Faster Payment Scheme which Nationwide uses for bill payments and standing orders.

How can I update my payment?

If the payee or organisation or the bank or building society that you make the payment to provides you with a different sort code or account details you will need to set up a new payment instruction. You can do this by using the Internet Bank to set this payment up with the new details. If you do not have access to the Internet Bank then this payment can be set up at your local Nationwide branch. If you set up this new payment before 1st January 2012, please remember to cancel the existing payment.

What if the other bank or building society says the sort code will be able to receive Faster Payments?

If this is the case then you do not need to take any further action as we will be notified and make your payment as normal. However, if the bank or building society are unable to accept payments to this sort code using the Faster Payments Scheme from 1st January 2012, we will not be able to make the payment and will cancel your instruction.

What happens if the sort code is able to receive Faster Payments after 1st January 2012?

The payment mandate will be cancelled on 1st January 2012. If the sort code is able to receive Faster Payments after this date, you can set up a new payment instruction and we will be able to make the payment on your behalf.

Why can’t I carry on making the payment as I do today?

Your payment is currently sent by BACS and the existing three day BACS cycle is not compliant with the regulations.