Nationwide cash card expiry - received new card

lisyloo

This is what most people area saying but is there any T&C that we could see that they are actually offering this perks ?

Halifax Clarity card is here

http://www.halifax.co.uk/creditcards/clarity.asp

• No cash withdrawal fee
• No fee to use it anywhere worldwide
• No annual fee.

Note interest on cash is (typically) 12.9%, which equates to 1% for 1 month or 0.5% for 2 weeks, so very cheap for holidays.

adindas

Thank you for the link.
This T&C is still subbtle. They will use Mastercard wholesale exchange rate (Almost every bank fori ndividual transaction, do etc). But what make the diffrent is they put diffrent change on it.
This T&C does not say that they will not put charge on it.

See again here:
"23.1 If you receive a SWIFT payment in a foreign currency, we will convert the payment into sterling at our exchange rate applicable when we receive the payment. We will then add the payment to your account".

So it does not use Mastercard or wholesale market rates or rates set by government bodies. ]

Anyone who has tried that their Debit card is as good as NW debt card (as it used to be ?)

KingL wrote: »

the Metrobank T&Cs have this to say on exchange rates and then in term 16.7
There doesn't appear to be any mention in the TnCs about them not charging for overseas withdrawals (I wouldn't particularly expect there to be, as presumably such a policy would be subject to change). They certainly say it direct to you when you talk to them in-branch and if they aren't honouring that promise, then word will soon get around.

The terms and conditions are here on their website available to anyone who wants to read them and 'whivh cleraly stathe the banafits' of their accounts, as you require, adindas.

KingL

Using SWIFT payments system is a completely different animal from making ATM withdrawals overseas, which is what the OP was talking about.

Metrobank levy a £17.50 charge for making a SWIFT or CHAPS payment and they have a different exchange rate for incoming foreign currency SWIFT payments, but that's not what's being discussed here....

LongTermLurker

adindas wrote: »

See again here:
"23.1 If you receive a SWIFT payment in a foreign currency, we will convert the payment into sterling at our exchange rate applicable when we receive the payment. We will then add the payment to your account".

So it does not use Mastercard or wholesale market rates or rates set by government bodies. ]

That's nothing to do with withdrawing money - you are talking about receiving foreign funds and having them converted to sterling - nothing to do with withdrawing your money abroad.

apt

bendix wrote: »

I suspect Nationwide made a business decision and realised that - on balance - withdrawing the benefit was worth it.

Fair enough - it's their business.

But as a mutual building society it is not 'their business' but the members'. If it had come out with the honest reasons and done it before the AGM and vote for the Board members I would have had slightly more respect for the Nationwide management. But I still cannot see how it makes business sense for Nationwide to get rid of its USP in favour of 'free' European travel insurance which hardly proved a resounding success for Alliance and Leicester.

Chris2000

If they wanted more customers to use their Flexaccount as their day-to-day current account, they should have provided competitive day-to-day banking services. Instead they dragged their heels and eventually rolled out Faster Payments 2 years late, during which time they earned themselves an extra few days' interest on all money going in/out of those accounts. That's just not good enough.

When they introduced cheaper overseas transactions, they were extremely stupid or naive if they couldn't see what would happen. I suspect they could see it coming but didn't care because they had a new accounts target to meet. If they were genuinely surprised, then they were not fit to be in charge of a large financial services company.

I just hope the management haven't set themselves a target for how many Flexaccounts will be closed before year end, or that could be another easy bonus at their members' expense!

hunsbury0

I use Nationwide as my main a/c for banking eg my salary goes in & all direct debits.
I enjoyed the flex a/c card for going abroad but now there is no incentive for me to stay with NW.
May be I should move to Lloysdtsb on their Classic Vantage a/c & get 4% interest on balances of £5000 -£7000 instead of the misely interest of the NW e - savings a/c.