Nationwide Cash Card +

trrk

This has really left me in the lurch as I'm currently travelling overseas (and will not return to the UK until 2011) and using my cash card as my main source of money. I have been contacting Nationwide by email (though online banking) about this and keep getting those cut and paste responses which is getting really fustrating! Might have to call soon but am not keen on an expensive phone call from overseas. Any ideas what I can do?

System

Nationwide have now begun phasing out the cheque guarantee function on their full function Visa Debit cards, so there will be very little difference between it and the Cashcard + once issued (other than the overseas withdrawal facility).

The reason Nationwide don't mind overseas use at retailers is that Visa Debit will generally be processed as a credit card abroad, so Nationwide will get part of the 'interchange fee' that credit cards cost retailers.

When used at an overseas cashpoint, Nationwide will be charged by the machine's owner for each withdrawal. So each use will cost the society money.

monkeybiscuits

Let me get this right - most of the posters on here are furious that Nationwide are (I presume entirely legally) withdrawing what is/was a cracking deal for the customer, because it was costing the society a tonne of money... I'm no bank manager, but withdrawing this facility makes total sense to me. Why would Nationwide want your custom if all you're doing is taking advantage of the account? Would you be entirely happy with someone who came into your shop and only ever took the lossleading special offers, and didn't buy anything else? Of course not. They want you off their books because unless you've got other products with them, you're not a worthwhile investment. This is obviously prudent banking, and frankly you should be happy you were lucky/smart enough to take advantage and got away with free / very cheap foreign withdrawals for so long. It's even more amazing that some are almost indirectly blaming Nationwide for its competitors' high foreign withdrawals charges!

master811

monkeybiscuits wrote: »

Let me get this right - most of the posters on here are furious that Nationwide are (I presume entirely legally) withdrawing what is/was a cracking deal for the customer, because it was costing the society a tonne of money... I'm no bank manager, but withdrawing this facility makes total sense to me. Why would Nationwide want your custom if all you're doing is taking advantage of the account? Would you be entirely happy with someone who came into your shop and only ever took the lossleading special offers, and didn't buy anything else? Of course not. They want you off their books because unless you've got other products with them, you're not a worthwhile investment. This is obviously prudent banking, and frankly you should be happy you were lucky/smart enough to take advantage and got away with free / very cheap foreign withdrawals for so long. It's even more amazing that some are almost indirectly blaming Nationwide for its competitors' high foreign withdrawals charges!

That's all very well but you could argue that Nationwide are a Building Society and not a Bank, so they are in the business of benefiting their members, not their shareholders in the same way a Bank would.

In my case, I actually don't really need the free overseas withdrawal as I already have a Debit Card with them anyway, but it will be annoying to no longer have a proper Cash Card as well as it's nice to have a card which can only be used to withdraw money (although rarely used).

dzug1

master811 wrote: »

That's all very well but you could argue that Nationwide are a Building Society and not a Bank, so they are in the business of benefiting their members, not their shareholders in the same way a Bank would.

Well maybe - but then you could argue that they should benefit the members who contribute the most more than those members who are just there for the free ride.

wr1ght

matty_art wrote: »

I've just had my letter through today.

I only have the account to take money out abroad, it's a convenient way not to have to carry a load of cash with you. Now, I may as well close the account, unless in order to get a debit card I get my pay paid in there and automatically transferred out to my main account each month, which doesn't seem worth the effort.

There's no point in trying to open an account with an e-savings account in order to get a debit card is there?

i have the cash card account for exactly the same reason as you, i applied online for there debit card and got one also offered me a credit card. I dont use as my main account but try to pay something in each month. Try it

dezza

Sorry if this has been asked before - but it states on the letter that if the Cashcard account hasn't been used for 12 months then the cashcard+ will not be sent out.

I haven't used the card in 12 months - would that mean I get to carry on using the old card, and if so would I still be able to use the card abroad in cash machines?

Thanks

glider3560

dezza wrote: »

Sorry if this has been asked before - but it states on the letter that if the Cashcard account hasn't been used for 12 months then the cashcard+ will not be sent out.

I haven't used the card in 12 months - would that mean I get to carry on using the old card, and if so would I still be able to use the card abroad in cash machines?

Thanks

Card will probably either be sent out when you use the account again OR the old card will be cancelled and no new card issued until you request it.

dezza

glider3560 wrote: »

Card will probably either be sent out when you use the account again OR the old card will be cancelled and no new card issued until you request it.

Thanks for your reply - I thought this might be the case.

Granada210

monkeybiscuits wrote: »

Let me get this right - most of the posters on here are furious that Nationwide are (I presume entirely legally) withdrawing what is/was a cracking deal for the customer, because it was costing the society a tonne of money... I'm no bank manager, but withdrawing this facility makes total sense to me. Why would Nationwide want your custom if all you're doing is taking advantage of the account? Would you be entirely happy with someone who came into your shop and only ever took the lossleading special offers, and didn't buy anything else? Of course not. They want you off their books because unless you've got other products with them, you're not a worthwhile investment. This is obviously prudent banking, and frankly you should be happy you were lucky/smart enough to take advantage and got away with free / very cheap foreign withdrawals for so long. It's even more amazing that some are almost indirectly blaming Nationwide for its competitors' high foreign withdrawals charges!

This is a fair point except that Nationwide have always used this benefit as the main promotion for its account. It has always been very prominent in its advertising so to take it away is very harsh. It is just a kick in the teeth for less well off people who are unable to get the full debit card. Also for students like my daughter who save like mad for a cheap trip abroad in hostels etc and will now have her spending money not go as far because of this change. She won't be able to get the full debit card. As somebody else said, they are not a bank but a building society and shouldn't be making vast profits like the banks