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Have Nationwide online Accounts?

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XFool
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Have Nationwide online Accounts?

#186050

Postby XFool » December 10th, 2018, 8:53 pm

I have accidentally stumbled upon the fact there is a potentially serious flaw in Nationwide's online banking UI and processes, it is presumably already known to others. It isn't a security problem.

If you have to file an Income Tax Return with HMRC and use online Nationwide interest bearing accounts, in certain circumstances you could innocently be failing to report your full interest income correctly to HMRC.

Early this year my main PC HD blew up at switch on, without a current backup... The data has since been recovered, at large expense. I have bought a replacement PC and am eventually(!) getting going again. This includes, rather late in the day, trying to complete my Tax Return. I thought it wouldn't be that hard - I was very wrong, for various reasons.

I 'knew' that I could easily view my NW Interest payments for the previous Tax year (2017-18) online, because I had printed such a page off in May via my notebook then put it to one side as I still didn't have my data and PC ready. On December 2nd I printed another copy as I was ready. I also found the original one. They were different! (For the same Tax Year). My only explanation is that the missing interest had come from a closed account and as such the NW UI system just didn't process it anymore. The man at the counter in the branch today didn't know either but seemed to think this was likely.

It gets worse: The NW used to send out annual Saving Account Interest yearly reports (they recently sent a letter saying they are ceasing these). OK, these did not run over a tax year, but they did at least report interest and dates for each saving account. But hang on, they were not contiguous year on year (possibly due to changing accounts?) so they could either overlap, year on year. Or, worse, have a year on year gap. In which case, if interest fell in a gap - due to closing/changing accounts? - it likely would also not be reported to the customer.

Online saving accounts only run for 15 months and there are no customer accessible back copies (unlike current accounts) so, if like me, you are scrambling about at the end of the reporting period you may no longer even be able to check the interest payments online.

Yes, you can order a Tax Certificate for any account via the online system up to 6 years back. But, for a closed account you have to remember it existed and know what its account number was. Then again, when I tried this with a known correct closed savings account ID (Branch Code + 9 digit Account Number) it refused on account of ID format error! This is why I went to the branch. They could apparently see my old accounts on their branch system and ordered the Tax Certificate for me using the details I gave them. The man at the counter said all the account details were correct and that I "was doing everything right". But it didn't work online for me. He didn't know why not and suggested "the browser". I don't think so - I had no apparent problem using the same online system to order a Tax Certificate for another old closed account that had a different ID type (Sort Code + 8 digit Account Number).

If I hadn't accidentally noticed the discrepancy between those two online same Tax Year interest reports I wouldn't have found all this. Could it be other people rely on the NW online 'View your annual Interest' report assuming it is always correct?

Oh dear!

BobbyD
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Re: Have Nationwide online Accounts?

#188579

Postby BobbyD » December 21st, 2018, 10:27 am

I just phone them and ask them to send me a CTC for any account which paid interest in the last FY. The only part of preparing my SA which generally takes anytime is identifying how many active bank accounts I have, they're like bloody rabbits...

panamagold
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Re: Have Nationwide online Accounts?

#188597

Postby panamagold » December 21st, 2018, 11:17 am

This may not be compatible with your banking/computer style but have you ever considered using a dedicated simple financial software program?

For years now I have used Quicken, originally Q98 but upgraded to Q2002, to store all my past and present bank a/c information. I have just opened the 'show hidden files' option and apparently I have a full record of 82 bank a/cs of differing denominations in several financial jurisdictions and at the press of a mouse button can bring up, on screen, a full account of the history and information within the duration of that account including what interest it generated, if any, and when it was credited to the account.

I personally don't file tax returns as I pay somebody to do it for me. However I have always found Quicken to be a handy little gadget particular in the days when I used to idle my time away, stoozing. :idea:

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Re: Have Nationwide online Accounts?

#189818

Postby XFool » December 28th, 2018, 6:55 pm

panamagold wrote:This may not be compatible with your banking/computer style but have you ever considered using a dedicated simple financial software program?

Not seriously, I just use HMRC's online software (and worry about it). But program or no program, you've still got to get the correct information, haven't you?

Perhaps a program will download/scrape all the account information directly from the account, including interest payments?


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