THESE DETAILS REFER TO STERLING ACCOUNTS ONLY
Using the Direct Deposit Service on your sterling account
The following steps detail how you can enjoy the flexibility and ease of our Direct Deposit service.
Setting up the Direct Deposit Service
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Move your funds when you want, how you want |
You can instruct us to collect a regular fixed deposit at an interval of your choice (monthly, quarterly etc.), and/or you can instruct us to collect variable amounts as and when you require. |
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Making collections easier with Telebanking |
If you would like to make variable collections,
we recommend that you set up our Telebanking
service on your account.
This allows you to authorise collections via telephone, fax,
and when registered, via our Internet Banking service. If
you don’t have Telebanking on your account then your
variable collection instructions must be given in writing. |
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Setting up your instruction |
It will take 6 working days to set up this facility. If you have asked for an immediate collection to be made this will take a further 3 working days before the funds are deposited into your account. This allows us to setup the Direct Debit instruction with your UK bank or building society and to then make the collection of funds from your account . If the commencement date for your regular collection falls within this 6 day set up period, your first deposit will be collected on the 9th working day following receipt of your instruction. |
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Collection |
Making regular collections - these are made 3 working days in advance to ensure the funds are deposited into your account and earning interest for the date that you specify Making irregular collections - these take 3 working days in each instance. Providing that your instruction is received before 3:00 pm (Mon - Fri, excluding public holidays) then the transaction will be processed that day and confirmation posted to you. |
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Interest
and withdrawal |
Your deposit will start to earn interest on the day of collection
and these funds will be available for withdrawal on the 6th
working day following processing of your instruction. |
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Amendments to your Direct Debit instruction |
If
you need to amend or cancel your regular collection amount or frequency
you can do so at any time by advising us in writing. If three
deposit collections are returned by your bank as unpaid due to insufficient
funds during a twelve month period, your Direct Deposit facility will
be automatically cancelled. If this should happen Nationwide International
will advise you in writing. |
Please note: This service is only available for transferring sterling funds from a UK, Isle of Man or Channel Island bank or building society current account to your account at Nationwide International Limited. A direct debit cannot be set up on an account held outside the UK, Isle of Man or Channel Islands or on certain savings accounts.