MSE News discussion. Nationwide kills cheap overseas spending

northernstar5

Olipro wrote: »

has anyone noted this: http://www.nationwide.co.uk/about_nationwide/membership_matters/membership.htm#14

500 people... not a massively high target and would certainly force them to listen.

This sounds interesting to me

northernstar5

There is now a group on Facebook -

'Nationwide - we want to keep free use of Flexaccounts in Europe'

Let's all sign up!

siamese0109

Gamegal wrote: »

Hmmm, I STILL read the above as I did yesterday. They are NOT saying ALL transactions in currencies other than in sterling, they are saying it is for transactions in currencies other than sterling made OUTSIDE of the Visa European region which is what it was before. After November 1st instead of paying the 1% which it was they are replacing that (for THAT category) with the 2% + £1 per transaction.

It's worrying however that Nationwide are not, as Olipro commented some posts ago, stating clearly enough that many of us are interpreting the statement as (maybe) I am .. incorrectly.

It's a long time till 1st November & more is coming to light. Certainly Nationwide must be getting inundated with calls & emails over the statement.

I'm a member of many Spanish forums as we own property in Spain & live there around half each year so it was about all we were talking about yesterday.

I thought I recognised the posting style!
I have put this on the Spanish forums but for info here as well.......
I've just contacted the Nationwide on 08457 30 20 10 and they have confirmed that flex account customers will be charged for withdrawals from ATMs in Europe from 1st November :mad:

KCS1503

I don't often get annoyed .... but this proposed change has really wound me up. After reading the comments here and other web sites I've sent a message through the FlexAccount secure email facility.

Could I encourage others to do the same, below is the text of my message.

Thanks,
KCS1503

I am dismayed to read of the proposed changes to the Nationwide FlexAccount, particularly in respect of the imposition of fees (and additional fees) for cash withdrawals and card transactions overseas.

I have held a FlexAccount for over 20 years and I have also been an active saver with Nationwide. My FlexAccount is my main bank account and every month over £xxxx is paid into it. One of the main reasons for staying with Nationwide has been the principles of "value for money", mutuality and fairness which the society have portrayed over the years, in addition to the good customer service levels.

The press release dated 31st July, which I have read from your web site, seems rather misleading (for example one statement says "The reduction of the unpaid item charge by £15 to £15" ...!). Press reports seem to have suggested that the 2% + £1 charge applies to all overseas transactions, whilst your press release to me suggests that it applies outside of the Eurozone and that transactions within are still free. I am also somewhat suspicious of the comparisons you offer with charges from the other banks, for example look at the Santander Zero current account.

With respect to the offer of free travel insurance this "benefit" is of no use to me as far as I can see -
Firstly it only covers Europe (unless I pay extra).
Secondly it only covers couples (unless I pay extra) - I need family cover.
Lastly - anyone with pre-existing medical conditions, (as one of my family has) would almost certainly be excluded or loaded heavily.
I prefer to have the freedom to buy travel insurance that offers what I need, not some predefined package which may not meet my needs.

So please clarify exactly what you proposing, it seems very strange that at a time when other banks (such as Santander and Metro Bank) are working to build their customer base that Nationwide appear to be removing features which their loyal customers have used and valued for many years.

I can understand that Nationwide may wish to stop the free foreign cash transactions for people who are not "good customers" but surely the way to tackle that situation is to offer the free foreign services as a feature for people who meet a certain criteria. For example they have monthly credits which exceed a certain amount or they have savings above a certain level held in a Nationwide account. Even that may lose future “good customers” who just happen to not meet the criteria yet, - surely the aim should be to ensure that a customer stays a customer for life.

I look forward to any clarification and comments about the proposal you may wish to make.

Wake up Nationwide! - you will lose loyal customers if this proposal is carried out.

Musicman

Well I have just emailed them an ammended text from KCS1503, so we shall see what happens.

Well at least if loads of us send one, it will cause them aome annoyance.

jbtapscott

When we sold our house we had to move away from our Virgin One account and we chose Nationwide. - the Building Society now holds the main (and only) current accounts (and a savings accounts) for both my wife and I. We both use these accounts for drawing cash while abroad (probably 6-8 months of the year) andt we are certainly not happy about these new charges.

N/W are offering nothing that is of use to us to offset the charges and therefore we both view this as major reduction in the service offered. As others have said - they are effectively now no different than the mainstream banks.

If they are doing this purely to reduce costs, why didn't they "tweak" downwards the (very good) exchange rate they give on overseas ATM withdrawals?.

SallySunshine

Just found out that my local B.S. offer free withdrawals on their debit card. you only have to put in £200 per month. Why don't Nationwide use that model?

I'm so pleased to see so much activity on here, let's hope Nationwide take notice from their loyal customers.

Off now to e-mail the twerps:mad:

Olipro

seems Vicky Pollard went from being at the counter in Nationwide to behind it.

girdy

Like many other Nationwide customers I will be looking for alternatives
I do not use it as my main account but have a Regular Monthly saver account, Isa and esavers so did not use it only for overseas travel.
Surely this could have been better thought out ?????

Musicman

SallySunshine wrote: »

Just found out that my local B.S. offer free withdrawals on their debit card. you only have to put in £200 per month. Why don't Nationwide use that model?

I'm so pleased to see so much activity on here, let's hope Nationwide take notice from their loyal customers.

Off now to e-mail the twerps:mad:

SallySunshine, what Building Society is this?