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what is faster payments

When making a Faster Payment it is vital to use the correct sort code, account number and name of the person or business you want to pay. Once a Faster Payment has been submitted it cannot be cancelled (Faster Payments does not apply to Direct Debits).

When making electronic payments, please follow the guidance below:

  • Always double check the sort code and account number when sending a payment.
  • Check the amount and payment reference, particularly if you are paying a business or paying a bill
  • If you are setting up a payment to a large organisation through our Internet Bank, please look it up using our organisation search to ensure you use the correct account details.
  • Once a payment has been sent it is not possible to cancel it. If you think you have sent a payment to the wrong account it is important to act quickly. If you are unable to recover the funds with the receiver directly, please contact us immediately.
  • Likewise, if you have received money into your account that

    you think might have been sent to you in error, contact us immediately.

If you have made a payment incorrectly and have been unable to resolve this direct with the receiver, you need to either telephone Nationwide Direct or visit any Nationwide branch and we will attempt to recover the funds, however there is no guarantee that this will be possible.

Nationwide subscribes to the Payment Council's Code of Best Practice: Misdirected Payments. For Nationwide customers this means that once you inform us that an electronic payment (made via Bacs or Faster Payment) has been made in error, within two working days we will contact the receiving bank in order to try and recover the funds. The receiving bank then has a further 18 days to respond to the request to return funds (20 days in total). Once a response is received from the receiving bank we will notify you of the outcome of the investigation.

If funds cannot be recovered we will include information in our notification to you on the options you have available.

Category: Bank

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