On line banking- how secure?
Discussion
I have been a Nationwide Flex Account holder for as long as I can remember. Five years ago I retired and spend most of my time overseas. Now, I only have four pensions, one government and three private, paid in each month. I use on line banking to transfer funds from my Nationwide UK account into my overseas account every three months, using the "card holder" to verify my security.
Six months ago I processed an overseas payment, then waited and waited, but no funds were transfered. I was down to my last few hundred Baht, and still no money in my account!
After ringing the "help desk" I was told they had mislaid my instructions, apologised, and actioned the transfer the same day. They also waived the fee as a compensation.
Six months on and I did the same process last friday. Still today, no funds have been transfered, despite their claim to action requests the same working day.
A call to the Nationwide "help desk" I am told to hold on.................This is an overseas call at big expense to me.
Eventually I am told they cannot get a response from the overseas desk, take my number and will ring me back. That was six hours ago, but still nothing.
These are people who get paid exhorbitent salaries and subsidised mortgages, using my money!!
For bankers.....read w
kers!
Six months ago I processed an overseas payment, then waited and waited, but no funds were transfered. I was down to my last few hundred Baht, and still no money in my account!
After ringing the "help desk" I was told they had mislaid my instructions, apologised, and actioned the transfer the same day. They also waived the fee as a compensation.
Six months on and I did the same process last friday. Still today, no funds have been transfered, despite their claim to action requests the same working day.
A call to the Nationwide "help desk" I am told to hold on.................This is an overseas call at big expense to me.
Eventually I am told they cannot get a response from the overseas desk, take my number and will ring me back. That was six hours ago, but still nothing.
These are people who get paid exhorbitent salaries and subsidised mortgages, using my money!!
For bankers.....read w
kers! Edited by Gibbo998 on Thursday 4th January 14:23
Gibbo998 said:
I have been a Nationwide Flex Account holder for as long as I can remember. Five years ago I retired and spend most of my time overseas. Now, I only have four pensions, one government and three private, paid in each month. I use on line banking to transfer funds from my Nationwide UK account into my overseas account every three months, using the "card holder" to verify my security.
Six months ago I processed an overseas payment, then waited and waited, but no funds were transfered. I was down to my last few hundred Baht, and still no money in my account!
After ringing the "help desk" I was told they had mislaid my instructions, apologised, and actioned the transfer the same day. They also waived the fee as a compensation.
Six months on and I did the same process last friday. Still today, no funds have been transfered, despite their claim to action requests the same working day.
A call to the Nationwide "help desk" I am told to hold on.................This is an overseas call at big expense to me.
Eventually I am told they cannot get a response from the overseas desk, take my number and will ring me back. That was six hours ago, but still nothing.
These are people who get paid exhorbitent salaries and subsidised mortgages, using my money!!
For bankers.....read wkers!
Sorry you’re having some difficulty, but mistakes do happen!Six months ago I processed an overseas payment, then waited and waited, but no funds were transfered. I was down to my last few hundred Baht, and still no money in my account!
After ringing the "help desk" I was told they had mislaid my instructions, apologised, and actioned the transfer the same day. They also waived the fee as a compensation.
Six months on and I did the same process last friday. Still today, no funds have been transfered, despite their claim to action requests the same working day.
A call to the Nationwide "help desk" I am told to hold on.................This is an overseas call at big expense to me.
Eventually I am told they cannot get a response from the overseas desk, take my number and will ring me back. That was six hours ago, but still nothing.
These are people who get paid exhorbitent salaries and subsidised mortgages, using my money!!
For bankers.....read w
kers! Hopefully you’ll get a call soon and then they will rectify your issue and refund you the cost of your call.
By the way:
1. How much do you think a typical admin clerk at Nationwide gets paid?
2. How much do you pay for your bank account and online banking?
3. Why don’t you consider moving your account to somewhere more convenient?
About 20k ish a year plus a cheap mortgage deal. Probably less than a Tesco shelf packer, but about the same intelligence requirment.
I control my account well, so don't pay over draft fees.
Using this account suites all my needs, no need to change, if the tossers did their job effectively.
I control my account well, so don't pay over draft fees.
Using this account suites all my needs, no need to change, if the tossers did their job effectively.
Gibbo998 said:
I accept " mistakes " do happen. But twice in six months, for a simple on line transfer?
You imply that because I don't pay fees to run my account, I should expect st service ?
I implied no such thing. However, you implied that you were somehow directly funding their ‘exhorbitant salaries and mortgages’.You imply that because I don't pay fees to run my account, I should expect s
t service ?Edited by sidicks on Thursday 4th January 14:52
Thanks for that, seems I need to look at better alternatives with more commercially minded operators.
Old school ideas that your banker is the best source of support is obviously outmoded now.
And my point is that theyhold a substantial amount of my life savings, give me "jack st" interest in return, but will make a pretty penny in return on the amount they hold in my account.
So, that is where I am paying for them to run my account.
Yes, I need to wise up and look to maximise returns on my money, not trust the "safe and easy option" anymore.
Old school ideas that your banker is the best source of support is obviously outmoded now.
And my point is that theyhold a substantial amount of my life savings, give me "jack s
t" interest in return, but will make a pretty penny in return on the amount they hold in my account.So, that is where I am paying for them to run my account.
Yes, I need to wise up and look to maximise returns on my money, not trust the "safe and easy option" anymore.
Gibbo998 said:
Thanks for that, seems I need to look at better alternatives with more commercially minded operators.
Old school ideas that your banker is the best source of support is obviously outmoded now.
And my point is that theyhold a substantial amount of my life savings, give me "jack st" interest in return, but will make a pretty penny in return on the amount they hold in my account.
So, that is where I am paying for them to run my account.
Yes, I need to wise up and look to maximise returns on my money, not trust the "safe and easy option" anymore.
Is your account instant access? Where can you obtain a ‘pretty penny’ on instant access, guaranteed investments?Old school ideas that your banker is the best source of support is obviously outmoded now.
And my point is that theyhold a substantial amount of my life savings, give me "jack s
t" interest in return, but will make a pretty penny in return on the amount they hold in my account.So, that is where I am paying for them to run my account.
Yes, I need to wise up and look to maximise returns on my money, not trust the "safe and easy option" anymore.
Please enlighten us!
You miss understand my point. I make "jack st" interest on the money they hold in my account. But Nationwide use those funds, plus all the other funds they hold,from other "investors",and charge high interest rates to borrowers, using the monies they hold.
That's how I fund the salaries, bonuses and cheap mortgages !
t" interest on the money they hold in my account. But Nationwide use those funds, plus all the other funds they hold,from other "investors",and charge high interest rates to borrowers, using the monies they hold.That's how I fund the salaries, bonuses and cheap mortgages !
Gibbo998 said:
You miss understand my point. I make "jack st" interest on the money they hold in my account. But Nationwide use those funds, plus all the other funds they hold,from other "investors",and charge high interest rates to borrowers, using the monies they hold.
That's how I fund the salaries, bonuses and cheap mortgages !
Your account is instant access, yes? t" interest on the money they hold in my account. But Nationwide use those funds, plus all the other funds they hold,from other "investors",and charge high interest rates to borrowers, using the monies they hold.That's how I fund the salaries, bonuses and cheap mortgages !
What are short term risk free rates?
Nationwide take the risk on any investments they make (and the liquidity transformation risk), so they get the returns (and get hit with any losses). That seems entirely reasonable to me.
Where else would you expect to gain all of the upside from a deal but none of the downside?
Edited by sidicks on Thursday 4th January 15:44
Sten. said:
How do you know that?
Subsidised mortgages were a common benefit for bank / building society staff 20+ years ago.With interest rates where they currently are and taxes on benefits in kind, I suspect that, if offered, these aren’t worth much and aren’t commonly taken out.
It seems to me from his ranting that the OP doesn’t really understand much of what he’s talking about.
Hopefully Nationwide fix his problem though, he seems like a reasonable chap!
Edited by sidicks on Thursday 4th January 15:49
Working for a Mortgage provider and you don't get a preferential rate????
Really ??? Pull the other one.
My original post was about the st service I am experiencing fro Nationwide.
Nothing has changed from that. Still, I have recieved no call and the funds still sit in my UK account and I am twelve hours away in Thailand with little funds to draw on to live on!
All this " blue sky st " from probable banking staff about " liquidity " is all bks, Nationwide have fked up and this is not the first time they have done it.
As my OP said, " for bankers, read wkers".
Really ??? Pull the other one.
My original post was about the s
t service I am experiencing fro Nationwide. Nothing has changed from that. Still, I have recieved no call and the funds still sit in my UK account and I am twelve hours away in Thailand with little funds to draw on to live on!
All this " blue sky s
t " from probable banking staff about " liquidity " is all bks, Nationwide have fked up and this is not the first time they have done it.As my OP said, " for bankers, read w
kers".Gibbo998 said:
Working for a Mortgage provider and you don't get a preferential rate????
Really ??? Pull the other one.
See above.Really ??? Pull the other one.
Gibbo998 said:
My original post was about the st service I am experiencing fro Nationwide.
If only you’d focussed on that, not the other ignorant ramblings, you’d have got much more sympathy.t service I am experiencing fro Nationwide. Gibbo998 said:
Nothing has changed from that. Still, I have recieved no call and the funds still sit in my UK account and I am twelve hours away in Thailand with little funds to draw on to live on!
Not that you should have to, but why did you leave it so late to transfer funds?Gibbo998 said:
All this " blue sky st " from probable banking staff about " liquidity " is all bks, Nationwide have fked up and this is not the first time they have done it.
No one disputing that they have made an error and should rectify it and reimburse you for costs incurred.t " from probable banking staff about " liquidity " is all bks, Nationwide have fked up and this is not the first time they have done it.The only ‘b
ks’ is the other claims made by you which demonstrate a significant lack of understanding about liquidity and banking.Gibbo998 said:
As my OP said, " for bankers, read wkers".
Insulting all ‘bankers’ who undertake a massively different range of roles within the banking system, purely because of a systems / administration cock up (not really anything to do with actual banking) is a bit stupid.kers".sidicks said:
Subsidised mortgages were a common benefit for bank / building society staff 20+ years ago.
With interest rates where they currently are and taxes on benefits in kind, I suspect that, if offered, these aren’t worth much and aren’t commonly taken out.
Unfortunately, they are not even offered any more.With interest rates where they currently are and taxes on benefits in kind, I suspect that, if offered, these aren’t worth much and aren’t commonly taken out.
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