From: john boyle 
Newsgroups: uk.finance
Subject: Re: Online banking inflexibility
Date: Mon, 26 Jan 2004 19:55:20 +0000

In message , Tim  writes
>"john boyle" wrote
>> I think that Nationwide are claiming to refuse standing orders ...
>> ... because of the high failure
>> rate of reconciliation of Standing Orders due to the failure of the
>> account holders and their banks to input the details correctly
>
>Isn't that excuse a bit silly?
>
>Once a SO has been set up (with correct details), the chances that the
>details will be correct *next* month must be pretty high, yes?

You would think so, but no. The failure is at three levels

a) The wrong bank branch gets it, so they send it back to the remitter 
who credit the account holders account. This might take place 
automatically. Its up to the account holder to fix it, otherwise it 
could go on forever UNLESS a bright spark at the bank notices and steps 
in.

b) The right bank branch gets the dosh but the wrong or incorrect 
account number is quoted. If the quoted account number is valid then an 
unknown person gets the dosh and it could takes ages before the mistake 
turns up. If the account number is invalid it gets sent back to the 
remitting bank, then as in a).

c) It gets to the right account and the wrong reference is applied so 
the recipient cant apply it. They send it back to their bank, then in 
a).

There is supposed to be a system for rectifying c) at the first go but 
it often deosnt work.,



>('cos it has
>been automated...)

See above.

>Conversely, if the a/c holder needs to enter the details separately
>each&every month (making a transfer for each individual month) - won't this
>*increase* the chances of having a mistake one of the months down the line?

No. If you mean by PC banking the my online banks (none Nationwide) have 
Nationwide Credit cards as a preset and you just input your card number 
and save it.

-- 
John Boyle