MSE News discussion. Nationwide kills cheap overseas spending

Olipro

Yes, the statement is somewhat ambiguous and for that precise reason, I err on the side of it meaning that they are going to be charging the fee on all non-sterling transaction regardless of where it occurs. if I'm wrong their press team are extremely stupid not to have reiterated that EU transactions will remain free, therefore, I doubt they will.

Olipro

Gamegal wrote: »

Maybe they think they have, Olipro!

Then it begs the question of why haven't they rushed to correct journalists reports that they have completely killed free overseas transactions?

I'm not saying it's not possible, I'm simply saying the odds at the moment are rather against it.

Olipro

In any case, I think every legitimate member of Nationwide should write/email in to complain about this completely unfair change.

Had they made a statement that they were going to segregate the Flexaccount into two types; perks for the people who are regularly paying in money and using their other products and no perks for those who are simply using the service purely to get free withdrawals abroad - that would be a completely fair way to operate the accounts and wouldn't give a kick in the teeth to the members they are supposed to care about.

In fact I can think of a plethora of different ways they could be either preventing abuse or preventing usage; for example, they could have allowed 1 or 2 free foreign cash withdrawals per month - this whole thing leaves a very bad taste in the mouth and smacks of simple heavy-handedness and/or profiteering.

magpiecottage

peterstannard

I have 2 Nationwide Flexaccounts and a NW credit card. If I close the 2 Flex and leave myself with just a credit card am I still considered a "member" allowing me to share the spoils should NW ever demutualise?

northernstar5

I phoned Nationwide this pm to lodge a formal complaint through their complaints procedure. Am now through the first two stages - talking to a member of staff and then a supervisor. Someone from the complaints team is ringing for the next stage on monday. I'm not hopeful it will make any difference - but perhaps if as many of us as possible use their procedures they will at least get some idea about the strength of feeling.

nb Last time I checked this was still not on their website

SaveTheEuro

There is a great opportunity for another bank/building society to step in here. They would find people switching to them from Nationwide in their droves.

The "free" travel insurance from Nationwide is a bit of a red herring. It already includes extra charges for people wanting to travel beyond Europe, and I'd like to see the small print on the permitted duration of trips. Once Nationwide have signed thousands up to this who is to say they wont charge a premium on renewal?

Nationwide made a big play of the fact they didn't charge for use of their debit card abroad. Have they no shame?

gt94sss2

SaveTheEuro wrote: »

There is a great opportunity for another bank/building society to step in here. They would find people switching to them from Nationwide in their droves.

Perhaps Metro Bank timed its launch at a good time after all given that it charges no foreign exchange or other fees on currency withdrawals from overseas cashpoints..

Regards
Sunil

Olipro

peterstannard wrote: »

I have 2 Nationwide Flexaccounts and a NW credit card. If I close the 2 Flex and leave myself with just a credit card am I still considered a "member" allowing me to share the spoils should NW ever demutualise?

to classify as a member you must either be depositing or borrowing £100 however, I don't think this applies to borrowing on a credit card, so your best option is to dump £100 in one of their savings accounts.

John_Pierpoint

I have a Nationwide credit card on which I keep a small positive balance; so if they want to close it they have to write to me.
I also have a Flex account and a debit card which I do use here as well as abroad.

I am already considering a Santander credit card, but I understand they won't tolerate pre payments?

Any one know if I could pre-pay a Halifax Clarity credit card and so withdraw cash abroad free of exchange loading and interest charges?