MSE News discussion. Nationwide kills cheap overseas spending

anon24

The reason the Nationwide had to stop this is because it is costing them millions of pounds every year with all the people who opened it for usage abroad only i.e once a year they would deposit their money and use on holiday. Its a shame that peopl like this have ended up making the rest of us who have a main current account suffer as we should be the ones who get to benefit from the free usage, not the bandwagoners who only ever opened it for once a year usage. I am a staff member with Nationwide and believe me I know the time that these sort of people waste!!! Nationwide is a business and is there to make money! Might I just point out free travel insurance now and also still working out the cheapest for the charges abroad!

Olipro

anon24 wrote: »

The reason the Nationwide had to stop this is because it is costing them millions of pounds every year with all the people who opened it for usage abroad only i.e once a year they would deposit their money and use on holiday. Its a shame that peopl like this have ended up making the rest of us who have a main current account suffer as we should be the ones who get to benefit from the free usage, not the bandwagoners who only ever opened it for once a year usage. I am a staff member with Nationwide and believe me I know the time that these sort of people waste!!! Nationwide is a business and is there to make money! Might I just point out free travel insurance now and also still working out the cheapest for the charges abroad!

Rubbish, you could very easily have maintained the perk by attaching conditions to it in much the same way you did on the travel insurance... minimum balance and/or minimum average balance, this was either a complete lack of foresight, lack of technical competency in IT, or they simply don't give a toss.

apt

anon24 a mutual might as well become a bank if its main aim is to make profits (and line the pockets of Beale and co) rather than provide a service for its members. Also please stop repeating the Nationwide propaganda that it is still cheaper. There are multiple cheaper options than 2% plus £1. Olipro is correct that the society could have dealt with !!!!!!!!!!s in a way that did not involve scrapping the Flexaccount's USP and making it laughable considering its previous advertising.

Marksfish

anon24 wrote: »

The reason the Nationwide had to stop this is because it is costing them millions of pounds every year with all the people who opened it for usage abroad only i.e once a year they would deposit their money and use on holiday. Its a shame that peopl like this have ended up making the rest of us who have a main current account suffer as we should be the ones who get to benefit from the free usage, not the bandwagoners who only ever opened it for once a year usage. I am a staff member with Nationwide and believe me I know the time that these sort of people waste!!! Nationwide is a business and is there to make money! Might I just point out free travel insurance now and also still working out the cheapest for the charges abroad!

To be fair, I think if Nationwide had just added the charge that is levied by VISA for using the atm, then this wouldn't be so much of an issue. But.... Nationwide don't just want to pass on the charge they receive for using the facility, they also want to add on their own little slice of the cake in the form of a charge per transaction. Couple that with the fact they will not be increasing daily withdrawal limits so people can take out larger sums without being double penalised and the big money grabbing machine that is the UK banking industry comes into play.

I have been making my transfers with the company I mentioned earlier and my payments are arriving in Spain 2 days after money leaves my UK Barclays account, so don't have any need for the (un)Flexaccount any more, nor my other accounts which are slowly being emptied.

Mark

davidgmmafan

To be honest I feel sorry for ANY Nationwide staff member, it won't be too long before your brain explodes trying to reconcile the things they tell you about being a business and needing to make money, and how mutuals are better than banks because they have no share holders and blah blah blah.

Totally agree with post 616 if it was truly at cost there would be no real argument. The problem is Nationwide is now doing the very thing it used to accuse the banks of doing. They may charge very slightly less but its still asking can we make money out of this, rather than should we make money out of doing this?

The fact that they hvaen't reconsidered shows how utterly clueless they are. Its the board who are to blame, THEIR decision, if the facts were as they say then there are a million and one ways to close the loophole which would've weeded out the !!!!!!!!!!s/astute money savers.

virgo17

anon24 wrote: »

I am a staff member with Nationwide

Really? Never would have guessed :rotfl:

CharlieBilly

You could say "goodbye"

You wont be missed

b2bshoesbag wrote: »

Painful!!!

fxfrancaic

In response to my complaint via Nationwide's internet service, I received a letter that is full of platitudes but little substance. It also gave me a reference and a statement that unless I responded within 2 months, the case would be closed. I responded with a carefully comsidered and worded complaint despatched by registered post - no response from nationwide. (Am I really surprised?). Another electronic message going out trying to keep the complaint number open. In the meantime, bearing in mind I consider myself a loyal customer with a single UK banking account with Nationwide, I am reinstating paper statements, reducing my savings and getting some funds previously credited to Nationwide paid derect into a French bank account. All previous flex account expenditure will now be via the nationwide credit account and cleared automatically by direct debit from my flex account. So, nationwide now has higher overheads, less savings to re-invest and lower inward funds. Sorry, nationwide, but you offered me a service - free cash withdrawls overseas - and I used it. I also use your direct debit and standing order facilities- am I abusing them??????

jonnythurston

Well what can I say. After years of plugging nationwide they have gone and screwed me. I have just applied for a Fairfx card and will be using that along with the nationwide cc.

However don't think my current account will be remaining with nationwide for much longer. I didn't mind not earning the interest as I easily saved that from the foreign spending. Now however I am getting no benefits from it, so why should I bother to use it?!

Such a shocker from nationwide. Why do all banks seem to think everyone wants some crappy travel insurance with their current account. it is so cheap to buy anyway, why risk getting a half baked one from a bank. Not convinced they would pay out anyway.

Oh well. hopefully they will realise their mistake before too long and I can go back to be being a happy nationwider.

virgo17

jonnythurston wrote: »

Oh well. hopefully they will realise their mistake before too long and I can go back to be being a happy nationwider.

You would like to think so, but don't hold your breath!