MSE News discussion. Nationwide kills cheap overseas spending

avqs43

fightbacknow wrote: »

For those who don't actually bank at Nationwide and just use the account for the benefits and are going to close their accounts because of this then off you go because obviously that isn't the type of customers that Nationwide want and probably a reason for this change in account benefits.

Some of you are being rather narrow minded as Nationwide does offer rewards for banking with them, for example if you're ever in a position where you needing a loan, as an account holder you can get a 7.7% rate loan (UK's lowest) excellent 90% mortgage products for first time buyers as well as this new travel insurance covering UK and European travels. Clearly withdrawing the overseas free withdrawals, Nationwide are looking for loyal customers and those who actually pay in to their accounts and therefore should be rewarded with some of the above offers, customers that just used the account for overseas withdrawing actually cost the building society a lot of money and therefore are not worth having as customers.

I don't blame them for taking this reward away and will continue to bank with them and always look at their products first before other banks and building societies (which are usually a lot quicker to remove offers than the four/five years Nationwide have been doing this!)

If there are 900,000 Flex account holders who have no other dealings with NW other than to use the card abroad, that would be OK, but I gain from the general tenet of the posts that there are a lot of people who have other investments with NW but only use the Flex as their secondary account. If they all take their money elsewhere (and I could be one of them) it may well be as I said earlier about Beeching. He cut the capilliaries (branches) that served the arteries (the mainlines), leaving us with a poor rail service which forced people away from rail and into cars. NW may well end up paying the price for curtailing a small loss leader, only to lose the bigger fish.

Is it also possibly true that other banks are paying such low interest rates, as they don't need savings depositors because they have a surfeit of money paid to them by the government (i.e. us) to bail them out and now, is just a consolidation period?

fightbacknow_2

bwstafford wrote: »

I have 2 Flex accounts. I shall take all money out, but leave accounts open. That will cost them, yet without any benefit for them. They will still be sending out nil statements.

Do you think they are bothered about a year of statments, they will just close your account when it hasn't been used for that long!

It makes me laugh when people say that in the bank I work in, do you reallllly think that makes any real difference on Nationwides profits? they could not care any less if you are going to do that, but go on, be the big man...ooh the cost of all those statments!

apt

fightbacknow wrote: »

Do you think they are bothered about a year of statments, they will just close your account when it hasn't been used for that long!

It makes me laugh when people say that in the bank I work in, do you reallllly think that makes any real difference on Nationwides profits? they could not care any less if you are going to do that, but go on, be the big man...ooh the cost of all those statments!

It is clear that Nationwide could not care two hoots about many of its members, and its overpaid senior management has long forgotten to whom its organisation is supposed to belong.

SaveTheEuro

I have made my complaint. I have to admit it is with some sadness. The Nationwide always seemed a top notch business that you could respect. I am still taken back by their sudden hypocrisy.

fightbacknow_2

Traveller11 wrote: »

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 didn't know the EHIC covered you for holiday cancellation, lost bags, death, early curtailment, ash cloud etc... Oh, because it doesn't! Hence the need for travel insurance. And when holidaying in most EU countries it's usually a better idea to stick to the private clinics rather than the public, non English speaking slow hospitals.

Dustykitten

Having had a flexaccount for 20+ years I fall into the category of the whole bank going downhill. Over the past couple of years we have moved out our ISAs/Bonds/Kids savings all to get better deals eleswhere. I liked them being mutual but it doesn't seem to mean a thing now.

I lost even more respect for them when they started using Little Britain characters in their ads. Sorry but that is not the image I want from my bank. How much does that cost too?

I guess though the success of this site (and others) has been the sting in the tail for us. Martin has been encouraging everybody to get an account to use abroad for a good while and it has probably just proved too expensive for them (with the wasted money on the ads). I think they are ditching the England football team as well.

For now we'll keep our accounts (and credit card for travel use) as I don't fancy the Standandstare account but there won't be any surplus funds in there.

BTW does the 'counter speaker' system in branches make your ears buzz - I can't bear to be at the counter.

Inactive

Dustykitten wrote: »

I lost even more respect for them when they started using Little Britain characters in their ads. Sorry but that is not the image I want from my bank.

.

Agreed 100%, they are pathetic.

MiserlyMartin

avqs43 wrote: »

Is Santander really as bad as is being portrayed. My Giro/National Giro/National Girobank/Alliance & Leicester account, which I have had since 1972 has just transferred to a "Santander" account with no apparent problems. It has only happened within the last week and so I have had liitle time to assess the situation.

With A&L, my pension has been credited regularly and any DD's and SO's have been implemented satisfactorily. I can draw money from the post office or any other cash point without any problems.

What have people found in the past about Santander? Can I expect a dive in service or services?

Yes you can. They are a total nightmare, on course to be voted the bank with the worse customer service on MSE's poll. And well deserved. They haven't a clue what they are doing that goes from banks accounts to credit cards. Nationwide may be losing loyal people but at least they still have some form of customer service

MiserlyMartin

fightbacknow wrote: »

For those who don't actually bank at Nationwide and just use the account for the benefits and are going to close their accounts because of this then off you go because obviously that isn't the type of customers that Nationwide want and probably a reason for this change in account benefits.

Some of you are being rather narrow minded as Nationwide does offer rewards for banking with them, for example if you're ever in a position where you needing a loan, as an account holder you can get a 7.7% rate loan (UK's lowest) excellent 90% mortgage products for first time buyers as well as this new travel insurance covering UK and European travels. Clearly withdrawing the overseas free withdrawals, Nationwide are looking for loyal customers and those who actually pay in to their accounts and therefore should be rewarded with some of the above offers, customers that just used the account for overseas withdrawing actually cost the building society a lot of money and therefore are not worth having as customers.

I don't blame them for taking this reward away and will continue to bank with them and always look at their products first before other banks and building societies (which are usually a lot quicker to remove offers than the four/five years Nationwide have been doing this!)

You see I was a loyal fan of Nationwide and alwasy recommended them to anyone. The flex account was my main bank account, brilliant for everything and the free cash withdrawals another good perk, which I only used about once a year. Slowly all those benefits disappeared leaving only the foreign cash withdrawals left as the remaining perk. Many people have decided enough is enough so moved to accounts that actually pay interest a while ago, but kept the flex for holidays. So no wonder people just used it just for that purpose!!!!!! Its their own stupid fault.

If Nationwide offered a good all round flex account as before then they would not be in this mess. The foreign cash axing was the straw that broke the camels back. Now people are off.

Inactive

What angers me most about all of this is; they obviously had this all planned well before the recent AGM, yet they chose to keep it from their members until just after the vote closed.

Deceitful or what?:mad: