Flex Account overseas' charges: tackling Nationwide at AGM

Hazzanet

sofa_surfer wrote: »

:eek:
keep it quiet pls - see what happened after this

Yep, I must have had my Mystic Meg hat on that day!

withnell

What is a bigger "fundamental principle" issue for me is that while Nationwide clearly advertise that they don't provide perks for new members that existing members don't get, they appear to be offering FP in ONLY for new account holders - which clearly contradicts this

orangeslimes

Hazzanet wrote: »

I sort of agree that it's not unreasonable to pass on the charge, but when you look at what Nationwide have done to the FlexAccount product over the last 6 or so months, it begins to add up:

1) They amend the monthly pay in to get the top tier of interest.
2) They abolish credit interest.
3) They tell non-debit card holders that they can't withdraw less than £30 at the counter.
4) They raise the overdraft rate to 17.9%.
5) They introduce a previously waived fee on overseas spending/withdrawals (except 'Europe')
6) They'll increase the fee later in the year.

This is the society that sold itself as being proud to be different, and worthwhile dealing with because it is a mutual. I just struggle now to see what the difference is between Nationwide and LloydsTSB, Barclays, Natwest et al. It's supposed to be run with its members in mind, and I feel that the pith is being taken now.

Sorry about the rant.

Just to agree with that - the overseas withdrawal stuff isnt that bad exactly. The non debit card £30 counter thing particularly annoys me (espec as their machines do things like eat cheques every so often) I think it is also unfair especially to elderly people(and younger people) who prefer people to machines.
Also to add to the gripes I think it is annoying that they apply faster payments to accounts for new customers and not older ones- surely a building society should reward its members?

So yeah i don't think i would sign the exact motion suggested in the opening post but I do think that most of the changes made by Nationwide in recent months are ones that do not benefit its members (at least the savers and current accoutn holders)!

bristolleedsfan

never-in-doubt wrote: »

Mortgage and savers are the ones causing the banking customers to pay this fee cos they just take, take, take giving nothing back!

Iquote]


You obviously havent read the posts on here spanning months where countless people have lined up to say that they only have a Flexi-Account so as to enjoy the free ride when they go abroad. :huh: ( An apparent subsidy at the expense of the majority of Nationwide members who dont go abroad. :mad: )

olly300

bristolleedsfan wrote: »

never-in-doubt wrote: »

Mortgage and savers are the ones causing the banking customers to pay this fee cos they just take, take, take giving nothing back!

Iquote]


You obviously havent read the posts on here spanning months where countless people have lined up to say that they only have a Flexi-Account so as to enjoy the free ride when they go abroad. :huh: ( An apparent subsidy at the expense of the majority of Nationwide members who dont go abroad. :mad: )

How do you know the majority of Nationwide Flex account holders don't go aboard ever?

My only issue with the measure is as someone who uses their flex account regularly - I have lots of direct debits and other bill payments coming out of it - why do I have to provide a subsidy to those who only use their accounts when they go abroad?

And yes their FP service is a joke which is why I use other bank accounts as well primarily one with another BS who have this facility.

Also the savers are the ones who are funding the mortgage customers. Current accounts by their nature are accounts where people don't keep their money in long term hence their name.

Hazzanet

http://nationwide.twofour.co.uk/talkback/

"Live Online TalkBack event Tony Prestedge, Group Development Director, will be online answering your questions about issues affecting Nationwide members on Thursday 26th March 2009 between 6.30 and 7.30pm
To send in a question before the live event, just enter your name (which will appear on screen if your question is selected), your e-mail address* and then click ‘Submit’. You should then type your question into the box that automatically appears.
You’ll need to come back during the live event to see if your question is being answered.
If the TalkBack has already started, or is about to begin, follow the above steps and you will be able to submit your question live.
A full transcript of the event will be available on our website shortly afterwards.
Tony will try to answer as many questions as possible to cover the broadest possible range of issues in the time available. We will be unable to answer every question and request that all questions are kept concise and are broadly relevant to other Nationwide members."

p00hsticks

never-in-doubt wrote: »

My term of the word shareholders includes management - after all, they are shareholders in every sense but the shares! as i said, learn the banking system then argue with me/

Never in doubt,

That's twice you've told me to learn the banking system. Can I suggest that in turn, you find out the fundamental difference between shareholders, employees and members ?

MORPH3US

I too agree that withdrawals should remain free for people paying in their salary each month and using the current account as their main account.

The main (only) reason I got a nationwide account is because of the free withdrawals. However I now use it as my main account but as someone said above, there is now no benefit at all to keeping it...

Halifax are paying customers £5 per month to use their current account... think i'll head over to them after my holiday in May.

simax

This is why I have moved to Lloyds TSB... got a Vantage account that pays 4%... with my balance means £200 a year in interest to me..... Yeah I'll pay a few quid for my card transactions now in Spain, but I'll still be better off with the extra interest in my account:T

will-in-estoril

Well, I've certainly got a debate going!

I suppose that the free overseas' withdrawal facility for me epitomised how different Nationwide was from the main banks: remember, in the 1980s and 1990s Abbey National and Bradford & Bingley (now Santander), Halifax (now Lloyds TSB) and others literally sold out and became banks, whilst Nationwide successfully resisted attempts to do so.

Nationwide continued to do things differently (like increasing my overdraft limit automatically on one occasion, so that I did not incur unauthorised charges).

What worries me now is that this differentness is becoming less marked, and that shortly there will be nothing to set Nationwide apart from the big banks. It does not leave much hope for other, smaller building socities.

I am not saying that every policy change should be subject to an AGM vote; that would be absurd and paralyse the company. However, I am concerned that a gulf is emerging between senior managers and members, which, if wide enough, will only succeed in destroying the whole building society ethos, ie member-driven. This all comes at a time when our banking system is in crisis, and where it is (or was) thought that building societies represent(ed) perhaps the last bastion of prudence and common sense, precisely because they have kept their feet on the ground.

I would still like to put a motion forward, to remind the board that the 'little people' (its members) are still around and do matter, and will not allow detrimental changes to be driven through without due regard to what we think.