MSE News discussion. Nationwide kills cheap overseas spending

ViolaLass

marklee wrote: »

The representative spun the line that "Nationwide would reward loyal customers in future"

Oh goodie, nice to know they're planning to do so at some point. In my email to them, I pointed out that I have been with then for 12 years and the last time I felt 'rewarded' was about five years (Members ISA bond with an interest rate HIGHER than the non members bond, rather than equal).

Olipro

davidgmmafan wrote: »

There are many ways round this issue, I fail to understand if mere customers like us can see this why the highly paid boffins on the board didn't. My best guess would be that they don't give a !!!! so long as those fat pay cheques keep rolling in.

because unfortunately, executives generally aren't that switched on when it comes to the capabilities of bank systems and it all depends on whether such ideas enter their head or whether their techs actually mention these sorts of things are possible.

Depending on how well their internal infrastructure is setup, implementing our suggestions could well be an annoyance for the tech team to do, and this whole thing could actually be their fault in terms of them opposing more detailed changes because they didn't like the prospect of having to pull their fingers out, in which case they need to start chopping off heads and employing people who are actually decent programmers.

gozomark

davidgmmafan wrote: »

Those, who are the majority looking at posts here and on TIM,

what is TIM ?

Olipro

gozomark wrote: »

what is TIM ?

ThisIsMoney, it's a site run by The Daily Mail, fortunately it's not quite as bad as the newspaper.

BinB

Thanks Nationwide, the wife and I are off to Spain in September for the sunshine and ain't coming back until December I will withdraw the cash on my debit card I need before 1st November and when I get back I will tell Nationwide to put the 3 very flexable account's we hold where the sun doesn't shine.

I have £1000 in our flex account and receive NIL in return, and now you want to charge me £7 for withdrawing €300 of my money.

Enter the Fairfx card, preload with £1000 for free and get £5 bonus (via this web site) and pay €1.5 per withdrawal 83 pence at today's rate?

Sorted, job done.

Megalomaniac

marklee wrote: »

The representative spun the line that "Nationwide would reward loyal customers in future" (pfff) and to try and retain my custom, suggested:

- If I move to Metro Bank, that I retain my NW current account and just use the MB account when going overseas.

So they suggested that you go open an account at another bank and use it solely for transactions abroad...? Really...?

Blimey!

marklee

Olipro wrote: »

if they pay fixed fees for cash withdrawals, the fact they want 2% + £1 is an insult, since it's fixed, why not levy 0% + the fixed fee, utter cheek.

The comment from the Nationwide representative was that they have to pay a fixed fee plus a conversion charge. The percentage that they pay is lower than what they will charge customers, but the fixed amount that they pay is higher than what they will charge customers.

He also said that the proposed structure was designed to introduce incentivisation to make larger withdrawals in one go, but to not penalise people massively if they make smaller withdrawals.

In effect, they would use the percentage amount from larger withdrawals to cross-subsidise the smaller ones.

To be fair to NW... I still disagree massively with the change, but I was impressed that they got someone who seemed reasonably knowledgeable and intelligent to phone me and talk to me about the change and the reasons for it in quite some depth... He still didn't convince me though.

marklee

Megalomaniac wrote: »

So they suggested that you go open an account at another bank and use it solely for transactions abroad...? Really...?

Blimey!

Yes, they actually did. I was in disbelief. Not sure if it's an 'official' line or a desparate suggestion of a CS rep to try and retain a customer.

apt

I like the way Nationwide has the brass neck to resurrect its 'Proud to be Different' slogan on the document announcing these 'improvements'. 'Now collecting tips on foreign spending just like the others' would be more truthful.

Olipro

marklee wrote: »

Yes, they actually did. I was in disbelief. Not sure if it's an 'official' line or a desparate suggestion of a CS rep to try and retain a customer.

I'm pretty sure that the announcement about them introducing a commission came with the tagline that they felt it unfair that a lot of customers were using them for overseas withdrawals and still banking with someone else... now they're recommending you do it to Metro bank.

Truly beggars belief