MSE News: Nationwide revamps Flexaccount with travel insurance

Any

What the hell is all that "paid" and "unpaid"?? If you have authorised "paid" what???
The terminology is confusing.

If I have agreed overdraft, do I pay anything or not?

I was happy with Nationwide for many years, but 2% and a £1 on overseas withdrawals? That makes it only little bit better then NatWest card from hell!

Also it doesn't actually say whether the travel insurance is any good... ie to what amount it covers lost suitcase etc... there is insurance and insurance... Some of them give you £5 to buy new knickers if your suitcase gets lost and some give you full replacement.

davidgmmafan

Erm corerect me if I'm being dim but won't most customers not benefit from this much vaunted 'benefit' for up to a year since if they were planning a holiday they would've already arranged travel insurance?

Nationwide is having a serious identity crisis IMO. Lets take a quick look at things they've said and ditched.

Proud to be different - I'll let the ample comments online be the rebuttle to this, its gone, done, finished with.

Loans - it used to be the case that, if you were accepted the rate you see advertised is the rate you get. I believe they were the only company doing this, its risk based now so they only have to give that rate to 66% of successful applicants.

Free foreign usage - Removed from cash card accounts a little while ago (they got debit cards so at least some improved service). This new change I do not buy, if the problem is people using the account just for that perk have some sort or minimal pay in level, or some criteria for main current account eg main income paid in and at least 2 regular payments.

Savings - they used to say we don't have bonuses that are temporary. Now they do - just like the rest of the heard.

Staff - I don't know if customers have noticed but staff can't do anything and, on the whole, aren't very knowledgeable. This is because they have to sell, sell, sell and are managed out if they don't hit management targets. As a general point, from personal experienece, staff are not empowered to take action when things go wrong.

Admin/service - ISA's have been a disaster twice in the last few years. The first time they stopped accepting transfers in until things were sorted. Lo and behold this year the same sort of chaos occurred. Its not entirely thier fault, the paper based system is slow and inefficient. But if the same problem occurs twice how come only Santander is in the same league for !!!! ups? Surely they could work to improve the system, or see what others are doing that they are not? Admin generally is terrible, stuff is sent to head office never to be seen again.

New customers only - this went thet way of Proud to be different. At one point they could get away with this stuff cos it was true. Now they've become exactly what they poked fun at.

I think I've covered the main points, Nationwide you are the weakest link, goodbye.

Ps Maybe we're all under-estimating them and this is just a cheap way of getting some low cost customer feedback :P

apt

Although the bloated executive pay is very galling, and compounded by the fact that Beale, Rhodes etc. don't really have mutual values, what is really causing Nationwide to prostitute itself in the ways the the previous poster has described are the large number of mortgage holders it has on an uneconomic 2.5% SVR.

davidgmmafan

You may be onto something there, and I dob believe this is one thing the current board didn't have a hand in. Might be wrong there...

They probably can't get out of that mortgage rate, but I do have concerns about the way they seem to be sacrificing everything else to support that (assuming that is the complete reason). Myself I think this is more than a little due to the fact they want to be a bank (in all but name cos mutual is good for business).

MORPH3US

I will keep my Nationwide account for the free insurance but its got sod all other value to me after November so might ditch it then.

malc_b

The problem with free insurance is that one size does not fit all, especial if it is the extra-small size. Here's what you DON'T get.

No cancellation cover for:

Failure of the tour operator or any provider of transport or accommodation to fulfil the journey booking.

so no scheduled airline failure, or DIY accommodation

Adverse weather conditions.

A pre-existing medical condition unless declared and accepted by us.

And as typical of cheap policies road hold ups are not covered. Section J says the only cover is:

1. An accident or breakdown involving your own vehicle;
2. The scheduled public transport taking you to your departure point not running to timetable.

So it doesn't cover the 4hr snarl up due to the berk 4 miles ahead. I'd always want motorway hold up cover as I always drive the airport, like most people. Plus even if you travel up the night before you still invariably travel on motorway, M25, M4 etc. for Gatwick, Heathrow to get to airport the next morning. Be it 100 miles or 20 miles you can still get snarled up for hours.

And for families it is extra and the cover then is only up to 21. So it's benefit is really only to singles/couples who take public transport to the airport and do the same at the other end too.

P.S. Isn't it strange that this change is only revealed after the NW AGM is over.....

Flex Account policy

davidgmmafan

"So it's benefit is really only to singles/couples who take public transport to the airport and do the same at the other end too."

One is forced to wonder what % of Nationwide's customer fall into this category. Very few I suspect.

Skieasy

I spoke to the insurance company (0845 246 1692) and checked out the travel "benefits" that will come as "free" to continuing Flexaccount holders who comply with their Main Account requirements.

Without burrowing further into the small print, it would cost me an extra £130 to upgrade and maintain the major benefits accruing from my existing annual worldwide travel policy: which incidentally costs me just under £100!

Thanks Nationwide, but no thanks. Time to clear the decks and move on.

Now Halifax Clarity Credit Card and Fairfx prepaid Master Card are looking good for low-cost overseas use, and easy to apply for on-line. Got immediate acceptance for the former with a high credit rating, and opened the latter with a tenner to give it a go.

liv1975

As a careful moneysaver, I've had my Nationwide Flex Account, e-Savings and Cashback Credit Card for years.

Always been in credit (so don't benefit from the "cheaper" overdraft charges).
My mortgage is for 20% of my house value, so don't anticipate requiring a 90% mortgage!!!
Get worldwide Travel Insurance for the wife and I each year for a lot less than the £80 Nationwide claim their European cover is worth.

First TalkTalk whack up my charges unjustly.
Second Sky increase my monthly bill without good reason.
Thirdly Nationwide take away everything that was good about my bank account.

What is going on? If you are careful with your finances, you are punished left right and centre ... if you toss your cash around willy-nilly, there are loads of places to help you out!!!

jonesjw

Remember to vote against the current Nationwide management next year.