MSE News discussion. Nationwide kills cheap overseas spending

MrGumby

glider3560 wrote: »

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

I'd second that.

SpanishBlue

MrGumby wrote: »

I'd second that.

What about people like myself who earn less than £750 a Month (part time workers, pensioners eg) but still use Flex as their main account?

To be fair, they would also need to take into account things like how much you have invested with the Society (in my case quite a lot).

walio

Well, I don't use Nationwide that often, but I was actually going to move my account to Nationwide as I finally managed to get proper debit card from them! And then this came up... So I sent message via online banking:

Good morning,

I was in a process of moving my direct debits, child tax credit, child benefit and salary to Nationwide building society and then I heard that Nationwide will be charging £1 + 2% fee for foreign cash withdrawals. The only reason I liked Nationwide was having ability to use my card abroad without being penalised for it. I do travel a lot and now I hear this service will be gone as of 1st November and will be replaced with insurance that is completely useless to me...
I would have moved my accounts to Nationwide BS much earlier if only Nationwide offered me a proper debit card that I could use instore and make online payments... Only a few weeks ago I got a debit card that I actually intended to use for my day-to-day activity. I would have used Nationwide services earlier if I had that ability, however withdrawing cash from cash machines every time I wanted to do some shopping wasn't an option, I also do most of my purchases online so cash card wasn't very useful to me.

I would like to thank Nationwide for allowing me to use ATMs in Europe without any additional costs until Nov 1st, however I will not bother moving my accounts to Nationwide as planned and will stick to Lloyds TSB.

I guess "proud to be different" doesn't apply to Nationwide anymore, you're just as most banks now... FlexAccount won't be any use to me anymore - no interest paid for the money kept in the account, where banks do pay at least £30-40 a year for my custom...

Thanks and good bye!

ViolaLass

SpanishBlue wrote: »

What about people like myself who earn less than £750 a Month (part time workers, pensioners eg) but still use Flex as their main account?

PLEASE, not 'like myself', it's just 'like me'. No reflexive needed. I find this new trend painful.

Sorry, I know commenting on grammar is not the done thing, as you were.

MrGumby

Heng_Leng wrote: »

RIP Nationwide. I hope Santander wants some more branches...

Santander? That's a joke, right?

It took them 3 months just to send paperwork for the ISAs we opened in-branch on 6 April. Every time we do anything with Santander (Abbey, A&L), we say "never again". This time, we mean it.

patrick0

I'm going to close my Nationwide current account and credit card and get Metro Bank's debit card & Halifax's Clarity credit card. That combination will give me a better deal overseas.

For anyone considering Metro in Holborn, they've just told me that at present there is a 2 hour wait for opening accounts at lunch time - you are better off going outside of the 12-2 period.

Nationwide have a very low SVR on mortgages - they could have easily raised that by 0.5% and still be lower than the other banks. The extra income would have increased their profits significantly. Instead they choose to annoy considerably more customers with this change. It's good that they're getting lots of bad publicity because of it as it helps make the general more financially aware which in turn boosts competition between banks.

I agree that the only way to beat banks is to move when they make changes like this. Having loyalty with a bank these days just results in a poor deal.

System

Not at all, being a long term member at least if they are bought over I'll get some free shares or cash.

Their rates are awful, service poor and now last decent thing is on the way out.

The idea with Building Societies is that they have better rates, better service and lower charges than banks, with Nationwide that's not the case.

MrGumby wrote: »

Santander? That's a joke, right?

It took them 3 months just to send paperwork for the ISAs we opened in-branch on 6 April. Every time we do anything with Santander (Abbey, A&L), we say "never again". This time, we mean it.

KarenBB

patrick0 wrote: »

I'm going to close my Nationwide current account and credit card and get Metro Bank's debit card & Halifax's Clarity credit card. That combination will give me a better deal overseas.

For anyone considering Metro in Holborn, they've just told me that at present there is a 2 hour wait for opening accounts at lunch time - you are better off going outside of the 12-2 period.

Nationwide have a very low SVR on mortgages - they could have easily raised that by 0.5% and still be lower than the other banks. The extra income would have increased their profits significantly. Instead they choose to annoy considerably more customers with this change. It's good that they're getting lots of bad publicity because of it as it helps make the general more financially aware which in turn boosts competition between banks.

I agree that the only way to beat banks is to move when they make changes like this. Having loyalty with a bank these days just results in a poor deal.

If you're talking about the variable rate at 2.5% they can't increase that as it guarantees to be no more than 2% above the BoE base rate, I'm sure they make it higher if they could, reading the mortgage thread most dropping off a fix are sticking with the variable rather than taking a new fix.

I'm going to miss the free overseas withdrawals. When I holiday in the UK which is at least once a year I never take holiday insurance so at least I'll have something I don't usually bother with but I'll have to rethink how I use money overseas.

footintouch

Dear Mr Rhodes

My Nationwide Flex account and joint account represents my main accounts and as I spend a great deal of my time in Greece your policy of free withdrawals has been excellent value for me.
Your proposals for the changes to the Flex account, notably charges for withdrawals in Europe stink and my initial reaction, like many Nationwide customers whose views I have read on various internet forums, is to close all my accounts with your company.
Nationwide have already galloped roughshod over my credit card limit and this is likely to be the final straw as far as I am concerned.
I trust that this wonderful marketing move of yours turns out to be a total disaster.
Oh yes, and kindly place your free travel insurance where the monkey placed the nut.

Dustykitten

I've sent my letter off to Member Services in the hope that the more letters that arrive in the post and have to be dealt with the more our voice will be heard.