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- 20 Oct 2002
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Must admit 3 days does seem crazy, although ive had the same sort of rubbish with halifax before. Thats one reason im no longer a halifax customer
Nationwide - FUMING
- Thread starter Burnsy2023
- Start date
Oh the drama in this thread.
Most if not all banks/building societies will have daily limits set on their accounts. It simply allows them to manage cash flow if the need arises. They will get scheduled cash deliveries and the worst possible position a bank could ever be in is to turn to a customer and say "Sorry we have no cash left to give". The consequences are vast especially following the run on Northern Rock.
Common sense will prevail most of the time, but for the banks/BS it is simple cash flow management.
Most if not all banks/building societies will have daily limits set on their accounts. It simply allows them to manage cash flow if the need arises. They will get scheduled cash deliveries and the worst possible position a bank could ever be in is to turn to a customer and say "Sorry we have no cash left to give". The consequences are vast especially following the run on Northern Rock.
Common sense will prevail most of the time, but for the banks/BS it is simple cash flow management.
This.
I've seen people with no account at my bank argue at with cashiers to borrow them money which they will return promptly tomorrow. If account holders can't do it, what hope did they think they had?
"YOU'RE A BANK FOR *** SAKE" << and I'd say that too.
On something going on in my own circumstances currently
As it stands I can see them ringing me on about Thursday and being all Yes Sir, No Sir, Three bags full Sir. I am so going to drag that one out and then drop the big one
But they're not a bank!
Oh the irony,
So when you want to withdraw YOUR money the bank, ermmm, doesn't let you and keeps accumulating interest on it (by lending it to others) for a few days until it 'allows' you to get it.
However, when you want to deposit your money on the bank they will happily accept any amount you can bring in, without telling you "oh that's alright sir, you can deposit it in £500 installments every 3 days but we will still pay you interest on the total amount from day 1".
Change your bank and let them know in writing that you are doing so because of that. Let all your friends know about this so that they are warned.
I have never had such issues withdrawing large (circa £3,000 and more) amounts of cash ever with the bank I am (even from the local branch).
So when you want to withdraw YOUR money the bank, ermmm, doesn't let you and keeps accumulating interest on it (by lending it to others) for a few days until it 'allows' you to get it.
However, when you want to deposit your money on the bank they will happily accept any amount you can bring in, without telling you "oh that's alright sir, you can deposit it in £500 installments every 3 days but we will still pay you interest on the total amount from day 1".
Change your bank and let them know in writing that you are doing so because of that. Let all your friends know about this so that they are warned.
I have never had such issues withdrawing large (circa £3,000 and more) amounts of cash ever with the bank I am (even from the local branch).
a) Not sure how this is ironic
b) Nationwide are NOT A BANK
c) Depositing and withdrawing are hardly the same, are they. There are rules in places (rightly so) to control how much money one person can take out do transactions don't cause detrimental affects to other customers. The issue here is they should have absolutely been able to get the money available within 24hrs maximum.
erm not really
you can withdraw the whole lot if you like, you just can't have it in the form of bits of paper - transfer, bankers draft etc... is fine
has nothing to do with the building society wanting to earn more interest but rather that they simply have a finite amount of actual note on the premises at any one time. If they happen to have a decent amount then fair enough they will probably give it to you, if they're running low then they can quote you the rules if you've not given them prior warning.
Or perhaps people who don't like it should just get a proper bank account and not moan about terms and conditions that they personally signed up to.
They've likely got good reason for the rules - they're a building society, perhaps have less cash, less frequent cash deliveries etc...
Some users (especially new users) might think certain rules on this forum are petty/silly without understanding why they are there, should they kick up a big stink with the dons when they come across a rule they believe is petty/silly/other forums do it this way etc.. or should they stick to the rules, stop moaning about it and if they really don't like it go find another forum.....
And why should the client care about whether the branch is running low or not? It is the clients' money and that's all there is to it. The branch has the responsibility to hold enough cash to cater for any reasonable eventuality - and I wouldn't think any amount up to 5k unreasonable. That is why they have vaults.
Of course one has to agree to the rules so there is no legal standing there, but I am referring to common sense and fairness.
Being told that you can't withdraw over £500 without notice is beyond ridiculous.
b) bank or no bank, they accept deposits and provide withdrawal services so it is of no consequence whether thay are a BS or a bank. As long as they accept your money they should be able to give it back to you. I understand that not any amount can be immediately available but a £500 limit is a joke.
c) Totally agree that in case they cannot service you with the amount asked (as long as it is beyond a reasonable expectation) they should provide you with it within 24h. It's 'your' money, end of.
a) I still think it's extremely ironic how they accept any volume of deposits while put a dripfeed on any withdrawal, profiteering from the interest while you are waiting for your money, especially since they have vaults and should be keeping substantial amounts of cash for any eventuality.
They should simply keep more cash on the premises.
Here are two more stories of how dumb Nationwide is (both happened today).
1) My girlfriend tried to pay in our change from the penny jar, all sorted out into bags of 1ps/2ps/5ps all to the value of £1 and she got told "You can only pay in 5 bags a day."
2)My girlfriends friend tried to withdraw £5 from her account to get told "You cannot withdraw that amount over the counter".
I mean seriously, wtf? :/
1) My girlfriend tried to pay in our change from the penny jar, all sorted out into bags of 1ps/2ps/5ps all to the value of £1 and she got told "You can only pay in 5 bags a day."
2)My girlfriends friend tried to withdraw £5 from her account to get told "You cannot withdraw that amount over the counter".
I mean seriously, wtf? :/
The difference is that, in contrast to any other service/store where you might be stopped from buying too much stuff that will affect other customers' service, at a bank you are asking your OWN money - you are not limiting the supply of service/products to others. Therefore the issue lies with the bank, it's their problem and they need to sort it out.
I had the same problem when buying a car for a similar amount. I got my dad to get it from Lloyd's TSB he didn't have even have to pre-warn them. Just walked in with ID and they gave it him.
Different banks have different policies I guess. If you don't like it change banks (or building societies).
Different banks have different policies I guess. If you don't like it change banks (or building societies).
Any amount of money i keep in a current account i expect it to be available when i need it. I am not getting any interest on it, so why shouldn't it be sitting in a big bundle waiting to get picked up.
If they want to put limits on it then they should pay interest of anything above that amount.
I'm pretty sure i have drawn £5k for a car with no questions asked.
Any bank really should have a stupid amount of money in the vault (£100k +).
The northern bank robbery had over £25million!
If they want to put limits on it then they should pay interest of anything above that amount.
I'm pretty sure i have drawn £5k for a car with no questions asked.
Any bank really should have a stupid amount of money in the vault (£100k +).
The northern bank robbery had over £25million!
It's common knowledge that you have to give the bank notice and I think you'd be wrong to go in the branch and take it out on them when the staff are just working under policy.
It is BS that they don't have more than £2.5k , it isn't BS that they can't just give you all their money in the safe. Pretty logical to me
It is BS that they don't have more than £2.5k , it isn't BS that they can't just give you all their money in the safe. Pretty logical to me