MSE News discussion. Nationwide kills cheap overseas spending

Mikhail

"That's because out of its 3 million+ account holders, 1.4 million use the debit card overseas and 900,000 of those use the account ONLY for that and nothing else – and that costs. So Nationwide wants them gone to ensure it's focusing on people using their account 'properly', as it sees it.""

So deposit £5k to a current account and make 3-5 withdrawal abroad is an inappropriate use!?! NW has a crappy interest rate on all their accounts and no benefit apart from free usage abroad. It is their fault that they can't attract new customers.

John_Pierpoint

apt wrote: »

They cannot remove the insurance while it is currently in force - the policies run for a year. However, there is nothing to stop Santander withdrawing the benefit when it's due for renewal. I think they will drop the benefit as they are no longer actively promoting the account.

When A&L free travel insurance first came out it was world wide and had no age limit. It still works for both on a joint account.:T

Olipro

this is starting to get offtopic; there is a separate thread provided for discussing Nationwide's free travel insurance, however, given that you're not even discussing Nationwide's travel insurance, I would question the relevance in either thread.

gt94sss2

Gamegal wrote: »

Redeeming myself, has anyone posted link to Nationwide's statement in their website today http://www.nationwide.co.uk/current_account/flexaccount-changes.htm

Ouch - looks like Nationwide are making several other adverse changes to their flex account at the same time including:

- longer cheque clearing times
- increased SWIFT/CHAPS charges
- cleared funds will now need to be in your account by close of business on the working day before the payment is due to be made

Regards
Sunil

apt

That will help get rid off even more customers. It's become a thoroughly mediocre product.

System

Along with a £10 charge each time you need to replace your bank card more twice in a year.

gt94sss2 wrote: »

Ouch - looks like Nationwide are making several other adverse changes to their flex account at the same time including:

- longer cheque clearing times
- increased SWIFT/CHAPS charges
- cleared funds will now need to be in your account by close of business on the working day before the payment is due to be made

Regards
Sunil

KCS1503

Can I suggest not just whinging on the MSE forem and hoping that somebody from the Nationwide board may happen to read this.

Write to them, email them, phone them, tell them in branch.
If you're still not happy at least you've tried. Then be prepared vote by withdrawing your business.

Having rung Santander customer services twice I can't say I would be thrilled to move to them but if I have to jump that way, then I will.

KCS.

magpiecottage

Olipro wrote: »

has anyone noted this: http://www.nationwide.co.uk/about_nationwide/membership_matters/membership.htm#14

500 people... not a massively high target and would certainly force them to listen.

We could probably start up a google group to get that many together.

Inactive

" Nationwide offers free travel insurance to FlexAccount customers "

I think that they mean * some * customers.

No huge headlines about the changes in charges abroad.

They really are no better than any of the banks these days.:mad:

RobertinHerts

KCS1503 wrote: »

Can I suggest not just whinging on the MSE forum and hoping that somebody from the Nationwide board may happen to read this.

Write to them, email them, phone them, tell them in branch.
If you're still not happy at least you've tried. Then be prepared vote by withdrawing your business.

KCS.

Wrote to Rhodes, and showed my dismay in branch. The staff have be briefed to say that it would be too expensive to exclude the 900,000 from the free European withdrawals. However others here have suggested alternative means of doing it.

If it's such a big problem why didn't they take action earlier?

Robert