NW Flexaccount - 'main account' question during application

firsttimestudent

Hi,

Today I applied for a 2nd Flexaccount today, was offered a Debit Card & Chequebook, hurray! They said they'll ask for identification/signature, and after that I should receive my Debit Card & chequebook in the next few working days.

My question now is, during my application, I was asked about my Current Account details (like do I already have a Debit Card, which bank, how long I've been there). One of the questions was "Do you want to use Flexaccount as your main account and transfer your bills and regular credits into Flexaccount", which I ticked yes, thinking that it'll allow me a higher chance of getting a Debit Card.

1. Now honestly I do not want to transfer things from my current account (I know, a bit dishonest....). Do I really have to do that? Will I get forms to sign, and if I don't sign it, will it matter (i.e. change it back to a cashcard account)?

2. They offered me a £700 O/D. How do I alter it, so that I can have a much lesser overdraft? (I think I'll only need £50 or £100 the most). Do Nationwide report overdraft limits, as available credit, to Experian?

Thanks!!!

milfordmadness

firsttimestudent wrote: »

Hi,

Today I applied for a 2nd Flexaccount today, was offered a Debit Card & Chequebook, hurray! They said they'll ask for identification/signature, and after that I should receive my Debit Card & chequebook in the next few working days.

My question now is, during my application, I was asked about my Current Account details (like do I already have a Debit Card, which bank, how long I've been there). One of the questions was "Do you want to use Flexaccount as your main account and transfer your bills and regular credits into Flexaccount", which I ticked yes, thinking that it'll allow me a higher chance of getting a Debit Card.

1. Now honestly I do not want to transfer things from my current account (I know, a bit dishonest....). Do I really have to do that? Will I get forms to sign, and if I don't sign it, will it matter (i.e. change it back to a cashcard account)?

2. They offered me a £700 O/D. How do I alter it, so that I can have a much lesser overdraft? (I think I'll only need £50 or £100 the most). Do Nationwide report overdraft limits, as available credit, to Experian?

Thanks!!!

Lol, they'd send you forms to sign but to be honest wait til you get everything sorted and through the post then ring em and say, i'd rather not transfer just yet and leave things as they are - regards to o/draft yes they update cra's and it is classed as "available credit"...... but o/d's aren't a bad thing to have right now with everyone getting tight on lending.....

Its unlikely you'll get downgraded to a card cash account.... you've been accepted. Just dont do anything yet, wait and be patient and deal with it later when you get paperwork/card etc

d61mts

Don't know about the overdraft issue, but on the transfer front, it may be worth sticking £100 in the account (can be removed soon after), as if you'd have chosen it as a 2nd account that's what they'd have asked you to do instead of switching your bills.

noh

You can request a change to the overdraft limit using online banking.

firsttimestudent

Hey, thanks so much for your replies!

d61mts wrote: »

Don't know about the overdraft issue, but on the transfer front, it may be worth sticking £100 in the account (can be removed soon after), as if you'd have chosen it as a 2nd account that's what they'd have asked you to do instead of switching your bills.

So what should I do now? I anticipate that I'll receive letters through the post, is that correct (or can I just go to a branch)? How do I let Nationwide know that I do not want to transfer, and instead just want to pay £100 into it and use it as my 2nd account? Will this affect their decision to grant me a debit card?

Robert_Sterling_3

firsttimestudent wrote: »

.
One of the questions was "Do you want to use Flexaccount as your main account and transfer your bills and regular credits into Flexaccount", which I ticked yes, thinking that it'll allow me a higher chance of getting a Debit Card.

Now honestly I do not want to transfer things from my current account (I know, a bit dishonest....)

You lied to Nationwide.
Not a good opening gambit I think.

milfordmadness

firsttimestudent wrote: »

Hey, thanks so much for your replies!



So what should I do now? I anticipate that I'll receive letters through the post, is that correct (or can I just go to a branch)? How do I let Nationwide know that I do not want to transfer, and instead just want to pay £100 into it and use it as my 2nd account? Will this affect their decision to grant me a debit card?

Just hold fire and wait for letters to arrive. Then after account has been opened you simply ring and say you don't want to transfer accounts just yet as you have things to sort out - however make sure you fund the new account.

milfordmadness

Robert_Sterling wrote: »

You lied to Nationwide.
Not a good opening gambit I think.

He already has an account though, he has history with them! Its not really a lie! Like your bank saying to you "what do you want the loan for", you say "home improvements" but if you go to the pub and spend £20 on a round, using the same funds have you lied because you never told the bank you would use it for "personal entertainment"?

Same difference, its a play on words :T

firsttimestudent

milfordmadness wrote: »

Just hold fire and wait for letters to arrive. Then after account has been opened you simply ring and say you don't want to transfer accounts just yet as you have things to sort out - however make sure you fund the new account.

Hey thanks. Would I need to sign any thing when the letters arrive? Would it also include a account transfer form - if yes, what do I do with it?

Kavanne

firsttimestudent wrote: »

Hey, thanks so much for your replies!



So what should I do now? I anticipate that I'll receive letters through the post, is that correct (or can I just go to a branch)? How do I let Nationwide know that I do not want to transfer, and instead just want to pay £100 into it and use it as my 2nd account? Will this affect their decision to grant me a debit card?

firsttimestudent wrote: »

Hey thanks. Would I need to sign any thing when the letters arrive? Would it also include a account transfer form - if yes, what do I do with it?

I did this in early Jan.

You will get a letter to sign to open the current account.

With that you will also get an account transfer form. I did NOT sign and return this. I ONLY returned the letter to open the account.

Everything opened OK and I have my debit card and cheque book.

firsttimestudent

Thanks!

So you just returned the account opening form without the account transfer form.

Did you inform Nationwide about that?

Congrats on getting the Debit Card!!