Nationwide explains 72-hour rule for payments into accounts | Personal Finance | Finance
Nationwide Building Society has clarified its payment rules after a customer reported an issue. The person said their payments to their credit card were “still pending”. Writing initially on December 16, they said they had made a payment the day before that had been paid, yet three payments from the day before were still showing as pending.
Nationwide responded by saying: “Payments can remain pending for up to seven days, after which time they’ll automatically drop back into your available balance if not taken by the merchant.” The customer responded to clarify that they were referring to a payment they had made to their credit card rather than a payment made with the card.
The mutual replied to this sharing another rule. The group said: “Payments made to your credit card can take 72 hours to clear. So we can look into this further securely, please start a chat on your banking app, through your internet banking or by visiting our website.”
The customer then asked what had happened to the funds that had been debited from their account when they made the payment. Nationwide said in response: “The funds will be applied to your credit card straight away, however it can take up 72 hours to clear and show on your account.
“So we can discuss this further, please give our credit card team a call on 03456 00 66 11.” Nationwide customers may also want to check if they qualify for a £175 bonus scheme.
The building society is offering a one-off £175 payment if you switch to a current account with them. You can get the cash when switching from a non-Nationwide bank account to a new or existing FlexDirect, FlexAccount or FlexPlus account.
To get the bonus, you need to carry out a full switch using the Current Account Switch Service. A full switch includes closing your old account.
You have to complete your switch within 28 days of requesting it. You then have to pay in at least £1,000 into the account and make one debit card payment, both within 31 days of opening the account or apply for the switch.
Once you have met all the qualifying criteria, the £175 will be paid into the Nationwide account you have switched into. The payment wil be made within 10 days of you meeting all the requirements.
