Nationwide to charge for all Flexaccount Foreign withdrawals

alanrowell

http://www.guardian.co.uk/money/2010/jul/31/nationwide-flexaccount-charge-withdrawals

Nationwide will announce today that customers using its debit cards at cash machines outside the UK will in future pay a commission charge of 2% plus a £1 flat fee

Not good

Ethel_2

I have just phoned the Nationwide to make sure the news report is true.

Sadly, it is. So we no longer get interest on our current account nor the benefit of free use of our debit cards in Europe.

Hope Martin can recommend an alternative account soon.

After 25 years of being a FlexAccount customer it is time to move on.


:mad:

Coveredinbees!!!!

So it was free world wide, then EU only and now not at all. I've only been staying to get a payout and that seems like it will never happen.

Nationwide - Proud to be the same

photome

Dont you think it is partly down to the 2 million plus accounts that only put money in for use abroad

Nationwide has been frustrated by the number of customers who use the FlexAccount purely for travel purposes and who maintain their principal bank account elsewhere. Of the 3.5 million people with a FlexAccount, only 1.2 million use it as their main account.

Have to say I am guilty of that

They are going to give free travel insurance though

Today's increase in charges is being offset by the offer of free travel insurance, but only for those who use the FlexAccount as their main bank account. Nationwide says that to qualify, customers have to pay their monthly salary (minimum £750) into the account. It is also offering personal loans at a typical APR of 7.7% – which beats every other provider in the market – but, again, only for "every day" account holders.

Ethel_2

photome wrote: »

Dont you think it is partly down to the 2 million plus accounts that only put money in for use abroad

Nationwide has been frustrated by the number of customers who use the FlexAccount purely for travel purposes and who maintain their principal bank account elsewhere. Of the 3.5 million people with a FlexAccount, only 1.2 million use it as their main account.

Have to say I am guilty of that

They are going to give free travel insurance though

Today's increase in charges is being offset by the offer of free travel insurance, but only for those who use the FlexAccount as their main bank account. Nationwide says that to qualify, customers have to pay their monthly salary (minimum £750) into the account. It is also offering personal loans at a typical APR of 7.7% – which beats every other provider in the market – but, again, only for "every day" account holders.

I'm sure that is partly the reason, but they are penalising the loyal customers who have been using the Flexaccount as the sole or main current account for many years. Why can't they charge those who don't pay their salaries in and keep it free for those that do?
There must be a simple way to do this.

dimetime2

Nationwide is a mutual building society and there to benifit the members whom belong to it. It seems strange that they want to punish its memebrs for using one of its services.

Talk with your feet - Leave them!

Ethel_2

dimetime2 wrote: »

Nationwide is a mutual building society and there to benifit the members whom belong to it. It seems strange that they want to punish its memebrs for using one of its services.

Talk with your feet - Leave them!

I am looking at the alternatives now.

Inactive

Very bad news, of course they wait until after the Annual Vote to announce this.:mad:

Chester85

I'll !!!!!! off to Santander I think, nearly all major places have Santander bank machines and in the US you can use Bank of America

I've had a Nationwide account since the days it was the Co-operative Permanent and now I'm being punished for the sake of the people who use it to travel

So for 40 years I'm plonked in with everyone else and now have to pay, don't see why there can't be a way around this

The insurance is worthless to me as I get much much better insurance from American Express with my pension

C_Mababejive

I too have been a NW member for decades and if this crisis we have had over the past couple of years has taught me a few things its;
1)Loyality is stupid
2)Saving is stupid (within limits)

I shall look elsewhere and chop NW if i have to.

When is this happening??

ferf1223

you would think they would have done better to have restricted the Flex Account to being a main account only and leave those terms the same and bump those of us (including me) who use it only for holiday money down to a different account type with the new charges.

Maybe they can't actually do that, but it would have made more sense. I agree with those who have had it as their main account for years, why are they being penalised?

Now I kind of feel guilty about using the card only for holiday money...but it's not my fault that I was allowed to open the account for this purpose, so...

Exceedingly glad we have a mortgage with Santander now and swapped to the Zero current account.