MSE News discussion. Nationwide kills cheap overseas spending

MiserlyMartin

mervyn11 wrote: »

Oh & by the way Nationwide say they make no money from this !!!!
Not true.....they receive interest on the money in the Flexaccount from which the debit card draws they money yet.....THEY DONT PAY ANY INTEREST TO THE CUSTOMER ON THIS ACCOUNT !!!

I think they have made a very serious PR blunder with this one..........
I am sure another bank etc will be along to pick up those million or so disgruntled customers

Oh they have indeed. Nationwide really have changed so much in the last year or so. They have poured cold water over all their values and principles and the stated 'benefits of mutuality'. They have hardly had a table topping savings product for years. They are rapidly annoying and driving away all their loyal customer base. Building society? Wheres the benefits to their members now?

People are only keeping the flexaccount for the overseas use? I wonder why? Because it pays no interest anymore!!! Other banks do. Yes those evil BANKS NOT building societies. People are moving their savings away because there are far better deals elsewhere. No wonder people are leaving. Whoever is advising and making these decisions at Nationwide needs to be sacked and the old benefits of the flexaccount including interest, re-instated. As we are all members, someone should put a members resolution forward. I'd vote for it. Whos with me?

property.advert

I think their stance is completely fair if customers only use their account to benefit from this facility. However, I think they should retain it for customers who do use their account as their primary account.

MiserlyMartin

Fortyfoot wrote: »

This could be the answer, but you would have to be eligible, see below in red. May be you could get away with opening an ISA?


"It’s easy to switch to a Santander current account.

Existing Current Account customers can upgrade to a Zero Current Account (excludes Instant Plus Account and Basic Account. To do this you will need to call us on the number above or visit your local branch.).
You must be at least 18 years old and be living permanently in the UK..............."

Fortyfoot

Now....... Santander are the bank from hell - be warned. Good luck dealing with them. So what a swap. Keep your flexaccount pay 750 in get travel insurance. Open a santander zero current account for holiday use.

MiserlyMartin

property.advert wrote: »

I think their stance is completely fair if customers only use their account to benefit from this facility. However, I think they should retain it for customers who do use their account as their primary account.

Thats the problem. I think thats a smokescreen. If that were the case they would have retained it. Chris Rhodes says:

"If you bank with Nationwide and support our products we want to give you a reward"

Ok axe the overseas spending and give people travel insurance they probably don't want or need.

For whatever reason, some moron (probably highly paid) at Nationwide has decided on a total shift of marketing target.

They should be sacked.

northernstar5

Originally Posted by northernstar5
There is now a group on Facebook -

''Nationwide - we want to keep free use of Flexaccounts in Europe''
Let's all sign up!

unwina wrote: »

so I just joined this and with me there are now 4 members, mind it was a good job my daughter was home as it took me nearly 15 minutes to find the group, well i didnt really find it she did ... damned technology whizzy wig stuff ;-)

now that there are 33% more members in this group I'm sure that NW will be listening soon ;-)

I won't hold me breath though I'm expecting waiting the board to say we've listened to our customers and are now providing what they said they would want in a forward thinking bank, oops sorry building soc. . ;-)

Well - we've got to start somewhere! And the more ways we put pressure on to Nationwide the better.

So if you use Facebook or know any else that does please get them to add themselves to this group. Thanks

PhylPho

It's a commercial decision by bean counters who've looked at the cost of servicing customers who use NW for overseas travel only. As Martin said, NW doesn't want them: they're an unneeded expense.

Exactly the same business philosophy shapes credit card provider decisions -- in summer 2008 we were invited, on a visit to a main Post Office, to have a glass of wine and sign an application form for a Post Office credit card.

We figured, well, why not? The application was rejected -- because the Post Office can't afford us: our credit history shows we pay off our cc balance in full every month and have always done so. So no way are we or any similar customer going to get a credit card from the Post Office: we're an expense, not a likely source of revenue. We're just so darn creditworthy that offering us credit is pointless. (Though of course, they never actually tell you that.):rotfl:

Doesn't bother me what a business chooses to do, though NW's decision isn't as clever as NW itself seems to think: along with the customers it wishes to dump, there'll also be customers it wishes to keep. Moral for the bean counters: you lose some, and you, er, lose some.

chattychappy

Heng_Leng wrote: »

Just to be aware, unless you joined before November 1997 and have kept your either savings/FlexAccount open without a break, then you have to give money to charity - see here.

That is just to scare people off. It could be revoked as part of a de-mutualisation scheme.

RobertinHerts

As I've not yet posted the letter I've written to Chris Rhodes at Nationwide I've added in the following:

[FONT=&quot]'Until recently I was very happy to recommend Nationwide to anyone who complained about their bank'.

Given that personal recommendation is the cheapest way for a business to gain customers I would hope a professional marketeer would think about this point.

Robert
[/FONT]

Traveller11

A number of years ago the Caravan Club withdrew their 0% Commission Credit Card for Europe and on the first day TEN THOUSAND Members called the switchboard to cancel their accounts.

The 'Reward' of Multi Trip Insurance in Europe is not worth a carrot as the EHIC (European Health Insurance Card) covers you, and having been there and bought the T Shirt I speak with some experience.

I will be off today to make enquiries about the 'Alternatives' and then move all my dealings to a competitor.
With antics like this for its 'Members' it's time the 'Fat Cats' in their Ivory Towers got their come uppence!

roddydogs

Admit it, how many of you swallowed the "Mutual is best" line when you had the chance of a windfall 9 years ago?