MSE News discussion. Nationwide kills cheap overseas spending

skyshare

Demonising Nationwide for doing something that most other banks have done for years is hard to understand - be grateful that you have been getting something for 'nothing' up to now. You want the convenience of easily getting cash abroad. They are providing a service, you pay for it. Nothing is really free.

Get your money from a bureaux, pay their comission and inflated exchange rates. Subsequently carry lots of cash around with you abroad.

glider3560

skyshare wrote: »

Demonising Nationwide for doing something that most other banks have done for years is hard to understand

The key thing here is "other banks". Nationwide are not a bank. They are owned by us, their members. Why shouldn't we get a say in how OUR society is run and what products we are offered?

skyshare

OK, so they continue losing money by letting 900,000 people use their system for for free. Subsequently interest rates reduce and fees rise to pay for that. You lose out in the long run.

I would rather stick to NW where I have had reasonably trouble free service for years than do a knee jerk change and risk hassle elsewhere. Better the devil you know, the grass isn't always greener etc...

beatsys

They are obviously trying to get rid of what they see as free loaders (rather than potential customers / members) who use it only for travel, and gambling that the existing holders who use it like a proper current account won't move.

Risky, not very clever and decidedly un-mutual.

Once upon a time I had all sorts of stuff from NW but nowadays its just the kids accounts to teach them the principles of saving, and the mortgage.

Its products and service have gradually lost both quality and value for money in the years since the FlexAccount was first launched. A real shame...

glider3560

skyshare wrote: »

OK, so they continue losing money by letting 900,000 people use their system for for free. Subsequently interest rates reduce and fees rise to pay for that. You lose out in the long run.

Why not offer free withdrawals to people who pay in £750 per month and scrap the insurance?

I used to have everything with Nationwide. All my savings and my current account. I actually switched my main current account away from Nationwide over a year ago. The customer service became so poor that a queue would be out the door and across the street on some Saturday mornings. The telephone enquiries staff are useless after 5pm. The savings products are a waste of time, so I withdrew all my money from them. Their ISA administration has been appalling - even the major banks have managed better. The society offers me absolutely nothing anymore and I honestly can't see a reason why I should retain my membership.

g4004

Halifax Clarity card: Looking at the Halifax site, it says the Clarity card is free of FEES worldwide, but I cannot see whereit says 'No Loading'. In fact a FAQ (on all cards), says loading of 2.95%, and does not quote the Clarity card as an exception. Am I missing something, or are we getting fees and loading mixed up ??

John_Pierpoint

glider3560 wrote: »

The key thing here is "other banks". Nationwide are not a bank. They are owned by us, their members. Why shouldn't we get a say in how OUR society is run and what products we are offered?

You can always go along to the AGM - I did once and had a good moan about them giving unsecured loans to fraudsters in the 1989 house price recession.
(Don't think it did much good, the old bill sent along some flat foot who took the attitude I might be in on the scam - The Police don't do fraud very well - there is nothing "action man" about it.)

The board got a good duffing up at the AGM and in the News of the World for going on "jollies" with their wives at our expense, back in the 1980's. However only a third (I think) of the board get re-elected each year and friends of the board can usually be rustled up to vote yes for the existing board. So in reality there has to be something seriously wrong for the ordinary members to have any usable democratic power.

apt

g4004 wrote: »

Halifax Clarity card: Looking at the Halifax site, it says the Clarity card is free of FEES worldwide, but I cannot see whereit says 'No Loading'. In fact a FAQ (on all cards), says loading of 2.95%, and does not quote the Clarity card as an exception. Am I missing something, or are we getting fees and loading mixed up ??

The Clarity card summary states specifically Foreign Exchange Commission 0.0%. The only charge is interest until you repay.

avqs43

I also have an older Nationwide credit card that still, currently, pays cashback at 1% but that's only on UK purchases. They stopped the cashback on foreign purchases three or four years ago. It seems that Nationwide don't want us to go abroad anymore.

apt

avqs43 wrote: »

I also have an older Nationwide credit card that still, currently, pays cashback at 1% but that's only on UK purchases. They stopped the cashback on foreign purchases three or four years ago. It seems that Nationwide don't want us to go abroad anymore.

Are you sure that you still get 1%? I think Nationwide reduced the cashback to 0.25% as well as stopping cashback for foreign purchases. Yet another Nationwide product that was far better than it is now.