Warning: Nationwide not a "bank?!"

LongTermLurker

Fedz wrote: »

Regardless a building society IS owned by it's members & NOT shareholders ... blah, blah, blah, their's nothing wrong at all with people wishing to save & or borrow money from a financial institution that doesn't pay out to shareholders that aren't even using it's services ... blah, blah, blah.

I don't get this persistent argument - what's wrong with paying shareholders who have risked their money to prop up a particular financial (or any other) institution? If it wasn't for companies paying shareholders dividends, there'd be no oil exploration, emerging markets wouldn't be emerging and most of the companies you buy from or do business with every day wouldn't exist. Stop knocking the shareholder model.

Building Societies and Banks are run differently. The end.

roddydogs

How many people slagging NW off for various things, i.e the new rules about overseas spending, etc, voted to stay mutual when you had the chance of a windfall a few years ago?.
Now youve got the worst of both worlds.

LongTermLurker

roddydogs wrote: »

How many people slagging NW off for various things, i.e the new rules about overseas spending, etc, voted to stay mutual when you had the chance of a windfall a few years ago?.
Now youve got the worst of both worlds.

Not sure that's valid, because they offered cheap foreign usage while being a mutual when no bank did so.

I think there is a place for building societies. The biggest problem with Nationwide is that they are reversing their "proud to be different" ethos.

System

It may still convert or get taken over - If anything, these changes make it much more likely. Their greatest defence against it was being more competitive that banks.

Any dividends are likely to cover the costs for the occasional overseas holiday maker.

roddydogs wrote: »

How many people slagging NW off for various things, i.e the new rules about overseas spending, etc, voted to stay mutual when you had the chance of a windfall a few years ago?. Now you've got the worst of both worlds.

datostar

Chadsman wrote: »

How much detail does a bankers reference go into- that someone keeps their current account in good order, how much is paid in/out or...?

Limited. The requester states how much is sought. Reference will say something on the lines, "Client should be good for £xxx)"

datostar

Heng_Leng wrote: »

It may still convert or get taken over - If anything, these changes make it much more likely. Their greatest defence against it was being more competitive that banks.

Any dividends are likely to cover the costs for the occasional overseas holiday maker.

I went into my local branch a year or so ago to close an old passbook account with a few hundred in it. The lady on the counter persuaded me to leave £150 or so in it as it was an 'old account' which would still qualify for any windfall on de-mutualisation or takeover. Newer accounts won't qualify as they changed their t&c's. I'm still waiting, but maybe the staff also live in hope!

glider3560

datostar wrote: »

I went into my local branch a year or so ago to close an old passbook account with a few hundred in it. The lady on the counter persuaded me to leave £150 or so in it as it was an 'old account' which would still qualify for any windfall on de-mutualisation or takeover. Newer accounts won't qualify as they changed their t&c's. I'm still waiting, but maybe the staff also live in hope!

It doesn't matter how old the account is, but how many years you have continually held qualifying accounts with the society.

roddydogs

glider3560 wrote: »

It doesn't matter how old the account is, but how many years you have continually held qualifying accounts with the society.

It does, as after a certain year you had to sign away you right to a windfall to charity, you also need a minimum of £100 for a certain amount of time.....not an old a/c with a few pounds that youve topped up to £100.

Fedz

With all due respect to Nationwide I don't give a toss whether they're a bank or building society!

Out of my basic current accounts Nationwide is the only one that gives you an embossed Visa debit card & not a silly Visa Electron (electronic use only).
Nationwide's online banking (unlike the Co-op) shows pending outgoing transactions as does Halifax but, they (Halifax) also give you a Visa Electron debit card!
Co-op you can't print proper statements out unlike Nationwide & Halifax.

All these little things are important to people who simply want a basic current account with a debit card that does it all ... easy!

Recent example:
My mate who has a Halifax Easycash Basic current account went to get a mobile contract from the shop in town he showed them his Halifax debit card, nah wouldn't have it!
He showed them his Co-op Cashminder basic current account debit card ... again ... nope!

I showed them my Nationwide (basic bank account) debit card & hey presto no problem ... straight through. Go figure :rotfl:

davidgmmafan

They do give a debit card now, as a sweetener to cashcard customers when they took away free overseas cash withdrawals from them. However for years they ignored these customers, therefore I conclude they only changed this when it suited them. If they listenend to members/customers as much as they claim to this would've been changed years ago.