Nationwide - FUMING

Basher said:
But as stated, taking money has little affect on the service provision to other customers, withdrawing does, hence they need to cap this.
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No it doesn't, a bank can pull in extra money from other branches/central storage - and this would at worst take 6-12 for it to arrive (unless you are on the Shetland Isles)
 
Basher said:
And I'm sure this is factored in to the limit they have set.
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I doubt it, else the limit would not be £500.

As mentioned before Lloyds are happy with anything sub £5k with no notice (though they advise you to call them first for anything above 3.5k just to be sure), and no extra checks are done until 9-10k is taken out at once but they do want a days notice [but say that often they can still do it same day depending on branch] (beyond this they have to by law carry out some money laundering checks I think).


Nationwide are not exactly small, there is no reason why they cannot have similar limits to Lloyds.

If it looks like a bank, smells like a bank, and does things of a bank ... it is for all intents and purposes a bank, even if it wants to be called a building society.
 
rypt said:
I doubt it, else the limit would not be £500.

As mentioned before Lloyds are happy with anything sub £5k with no notice (though they advise you to call them first for anything above 3.5k just to be sure), and no extra checks are done until 9-10k is taken out at once but they do want a days notice [but say that often they can still do it same day depending on branch] (beyond this they have to by law carry out some money laundering checks I think).


Nationwide are not exactly small, there is no reason why they cannot have similar limits to Lloyds.

If it looks like a bank, smells like a bank, and does things of a bank ... it is for all intents and purposes a bank, even if it wants to be called a building society.
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But the Nationwide evidentally don't. So that's that then.
 
I actually had this EXACT problem - £2.5k for a car, was told to leave 48hrs notice. Just transferred the money into my current account at the counter, called the guy and explained that I couldn't pay unless I could do a bank transfer on the internet at his house supervised and all was settled.

To be honest, I live in a smallish town and should've checked first and I don't really have much of a problem. As has been said, they aren't a bank although the limit is pretty low - would've thought £1k would've been at least a better compromise.
 
kgi said:
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.
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Well your opinion on the matter is fairly irrelevant, thier business model allows them to offer a certain level of service, you don't really know what they can and can't offer so your personal opinion on what is a reasonable amount is basically complete guff. If you bothered to read through the rest of the thread you might have noticed that someone who worked in a building society posted re: the amount of cash they have on the premesis.
 
kgi said:
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.
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Firstly its a building society

secondly they aren't stopping you from withdrawing your money, they are just asking you to give them sufficient notice if you want it in the form of bits of paper. The physical notes are held in a finite amount so by taking a large % of this amount without the required notice could (on some days) affect the serivce they can offer to other customers - this is why they tell you in advance that you have to give them notice and set a maximum amount for withdrawls without notice.
 
kgi said:
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.
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You aren't, banks don't work like that.

They spend your money on investments, the bank has no where near enough liquid funds to cover the amount of peoples deposits. If everyone starts withdrawing their money the bank would collapse, you could kill a major bank in a day if a ran on the bank begun.
 
I live in a market town, my local branch is so far down the pecking order they cannot authorise loans, overdrafts etc, but i took out £4k with no notice.

HSBC by the way, if they told me i had to wait without good reason i would take my business elsewhere if possible.
 
that really shouldn't be an issue I was moving some money around went into my Loydds TSB no notice took out 3.5k then walked down the road and put it in another bank. Just had to show my drivers licence which is fair enough.
 
Building society Robber "Hello will you have £150k at the bank on Tuesday, the thing is I am buying a new supercar with cash"
Building society teller "Yes we will, sir"
 
Burnsy2023 said:
2.5K Isn't not as if it's a huge amount, but apparently they don't keep that much on the premises. BS :mad:
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well they 'do' have other customers apperently. vicious rumour i know....:p

that said when i regularly get large amounts of money out of the bank i can go to the TSB and they do it there and then no problems.:)
 
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