MSE News discussion. Nationwide kills cheap overseas spending

Biggles

Olipro wrote: »

I find your post equally ambiguous. are you saying the 2% applies to ALL non-sterling transactions regardless of country or are you saying it applies to non-sterling transactions outside of the EU.

Er, which bit do you find ambiguous? I found 'a 2% charge for transactions in currencies other than sterling' quite clear. The Euro is a 'currency other than sterling'.

smk77

I'm going to use my Flex account when in Canada later this month. It's the first time I'll have used the account for transactions abroad...when I get back I'll definitely ditch the account as it really serves me no purpose now...

thistledome

I don't travel abroad but often buy things in US$ and CAN$ online. Will this charge apply to online shopping?

Olipro

yes, it will apply to online transactions in foreign currency

Dr_Cuckoo3

Musicman wrote: »

SallySunshine, what Building Society is this?

Cumberland as mentioned earlier in this thread

apt wrote: »

The Cumberland BS if you prefer to move to its branch area instead. The dreaded Santander does not charge if you use its ATMs in Spain and pay in £1,000 per month.

looks like the sheep will have to flock elsewhere

Nationwide only offered this to persuade it's members to support its wish not to convert to PLC :cool:

Bit like a !!!!!phile waiting outside a school with a bag of sweets

Remember Nationwide always sends its AGM pack in an A4 envelope when there is a carpetbagging threat - A5 size when there is no threat

Thats what Nationwide thinks it's members are worth and I opened my account in 1990 (before carpetbagging was popular, I suspect most people posting here are post signaway members

What is Stuart Bernau up to these days ?

magpiecottage

Some things to ask when complaining to Nationwide:

1) "You told us on television in 2008 that the purpose of charging extra for foreign currency is a 'tip' and used to 'kit out the staff room like a playboy billionaire's yacht' - that is not is a misuse of members' money".

(Actually, if they want a tip, it is that next time I go off to where the sun shines I won't need my FlexAccount so they can put it somewhere where the sun doesn't shine!)

2) The whole point about their television campaign was that Nationwide considered the foreign currency charge unfair. The FSA has a set of principles for all businesses to follow as part of its rules.

Principle 6 says, "A firm must pay due regard to the interests of its customers and treat them fairly." It is therefore breaching principle 6 by doing something which it has publicly acknowledged that it believes to be unfair.

3. Even if its competitors do not agree with that view, because it believes it, it has to act in accordance with it because of Principle 1, which says, "A firm must conduct its business with integrity".

These principles will, I think, need to be relied on in the pursuit of a complaint against Nationwide because they show that this is not simply a matter of exercising commercial judgement.

There is a counter argument in principle 8, which says "A firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client."

In theory this could be used to argue that some customers are taking advantage of the free overseas withdrawals but using others for general banking.

I don't think that works because the free withdrawals simply reflect the fact that you happen to be in another country. It is the same service that you would get in, say part of the UK, and available to all members.

By contrast, the insurance has a cost which must be paid somehow and one way or another all customers will pay for it even if, for whatever reason, they do not travel or do not qualify. So the new arrangement is, in fact, arguably a breach of Principle 7 whereas the old one was not.

someone

I've sent my complaint about this off

Best line was

In addition to this, even as a member who joined after the sign way clause was introduce, would happily vote to demutualise. I feel a company might actually try to earn its customers by providing what they want.

BTW, is the sign away reversible by some sort of vote?

glider3560

someone wrote: »

BTW, is the sign away reversible by some sort of vote?

It could be a matter for an SGM (Special General Meeting), which is called by 500 eligible members paying a £50 deposit (which is refunded when the meeting reaches a quorum).

However, for the vote, the paperwork will say "Your board recommends you vote AGAINST this resolution". Like sheep, most people just sign the box at the top which lets the director choose how to vote (i.e. against the proposal). This can be seen in every AGM, where the majority vote FOR all the proposals.

RobertinHerts

roddydogs wrote: »

How many of you didn't vote to De-Mutulise when you had the chance a few years ago?

I voted against Demutualisation as I wanted Nationwide to remain for the benefit of members. Well it delayed it for a few years anyway:(

Robert

peterdowd

Now that Nationwide are charging for Cash Withdrawals abroad, does anyone know what the best alternative is.

I know that A&L (now Santander) do not charge for cash withdrawals in Spain at Santander branches.