Jump to content
House Price Crash Forum
Sign in to follow this  
TheCountOfNowhere

Nationwide Outage

Recommended Posts

Haven't seen this reported on here....so forgive me if it was.

It seems the nationwide building society banking system was down a large part of the day.

Did anyone get affected by this ?

It seems very common these days....are these really IT issues or liquidity issues ?

Share this post


Link to post
Share on other sites

I dont know. A bit worrying. The remainder of my cash savings are in there (the only one that hasnt reduced my rate, oddly) Plus they are balls deep in the mortgage market now. The biggest lender apparently.

Does seem theyve gone all out growth with very little thought for sustainable modelling.

Share this post


Link to post
Share on other sites

Haven't seen this reported on here....so forgive me if it was.

It seems the nationwide building society banking system was down a large part of the day.

Did anyone get affected by this ?

It seems very common these days....are these really IT issues or liquidity issues ?

Well, take your pick.

It could be that the nationwide had run out of money intraday and could only stem the flow of money rushing out of accounts by temporarily blocking its online banking system, but also managed to keep this a secret from the wholesale banking markets,

OR

it had a computer glitch for a few hours.

Share this post


Link to post
Share on other sites

according to the radio report i heard was not just online but in branch too.

was surprised not to see any mention of it here.

it seems odd for so many different banks to suffer problems over the last three or four years.

most likely is just the computer systems but i do wonder sometimes.

seems to be working for me tonight.

Share this post


Link to post
Share on other sites

I know a couple of people that work in IT @nationwide in Swindon, from stories they tell I would not be surprised its some kind of IT screwup.

But hey its only punters money, you werent going to spend it anyway!

Share this post


Link to post
Share on other sites

I know a couple of people that work in IT @nationwide in Swindon, from stories they tell I would not be surprised its some kind of IT screwup.

But hey its only punters money, you werent going to spend it anyway!

Didn't notice any problem today (didn't log into internet banking) but I did have a problem around 10am yesterday. Seemed ok again when I checked in the afternoon though. Probably just IT gremlins... :blink:

Share this post


Link to post
Share on other sites
It could be that the nationwide had run out of money intraday and could only stem the flow of money rushing out of accounts by temporarily blocking its online banking system, but also managed to keep this a secret from the wholesale banking markets,

I imagine they have more deposits coming in than going out.

Edit: Money/more

Edited by RufflesTheGuineaPig

Share this post


Link to post
Share on other sites

according to the radio report i heard was not just online but in branch too.

was surprised not to see any mention of it here.

it seems odd for so many different banks to suffer problems over the last three or four years.

most likely is just the computer systems but i do wonder sometimes.

seems to be working for me tonight.

Nationwide outsourced IT functions to Indian workers who, I am reliably informed, have skillsets and CVs which are often in stark contradiction with one another. Expect it to happen regularly.

Share this post


Link to post
Share on other sites
:rolleyes:

Being one of the few banks not to be caught playing casino, not needing a bailout etc, they are likely to be picking up a lot of deposits from other banks.

As one of the few building societies left, they are seen as more responsible, and a safe harbour.

I know it was on the news that they picked up a load of deposits when that bank had the big computer crash for weeks. If you are borrowing money you borrow from the cheapest. When depositing money, with interest rates being negligible, people get nervous these days and look for somewhere safe.

Especially after the Cyprus bail-in.

Share this post


Link to post
Share on other sites

http://www.bbc.co.uk/news/business-22267610

Customers of Nationwide were unable to access account information after computer problems struck at the building society on Tuesday.

The mutual, owned by its members, said that an IT issue affected services including its online bank. A message on its website told customers that online banking was unavailable.

The problem was solved by late afternoon.

-----

Share this post


Link to post
Share on other sites

http://www.bbc.co.uk/news/business-22267610

Customers of Nationwide were unable to access account information after computer problems struck at the building society on Tuesday.

The mutual, owned by its members, said that an IT issue affected services including its online bank. A message on its website told customers that online banking was unavailable.

The problem was solved by late afternoon.

-----

How come if I own the Nationwide, as a member, they refuse to increase their mortgage rates and their savings rates ?

I'm sure their other owners would agree. :lol:

Share this post


Link to post
Share on other sites

How come if I own the Nationwide, as a member, they refuse to increase their mortgage rates and their savings rates ?

I'm sure their other owners would agree. :lol:

You make a valid point. I'll put this idea directly to them later today. :rolleyes:

Share this post


Link to post
Share on other sites

Haven't seen this reported on here....so forgive me if it was.

It seems the nationwide building society banking system was down a large part of the day.

Did anyone get affected by this ?

It seems very common these days....are these really IT issues or liquidity issues ?

Or a cyber attack?

Share this post


Link to post
Share on other sites
How come if I own the Nationwide, as a member, they refuse to increase their mortgage rates and their savings rates ?

I'm sure their other owners would agree.

If you don't send in your voting form (or vote online) then the chairman gets to make your vote for you.

Most people are too lazy to vote, so the chairman get most of the voting power and votes for whatever he likes.

Hence why the board and paid so much.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 243 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.