Warning: Nationwide not a "bank?!"

EarthBoy

Bernice50 wrote: »

NOT IMPRESSED NATIONWIDE - ENCOURAGING YOUNG STUDENTS TO DEVELOP POSSIBLE BAD SPENDING...HAVE ALWAYS PROMOTED SAVING AND BEING THRIFTY - FEEL TOTALLY UNDERMINED.:mad:
..

Your reaction is totally over the top. No over-draft comes with the cashcard+ account, so how can Nationwide possibly be encouraging bad spending? The cashcard account has always been a basic current account which allows you to set up standing orders and direct debits, and pay bills etc. It has never been a cash only account. The CashBuilder account, on the other hand, has always been a purely savings account which allows nothing except deposits and withdrawals.

If you didn't want your son/daughter to spend on the account then it was the wrong one for them, and you should have opened the CashBuilder instead of the Cashcard account in the first place.

Bernice50 wrote: »

OF COURSE TEENAGER IN HOUSE IS VERY PLEASED AND CAN'T WAIT TO PURCHASE SOMETHING IN SHOPS AND ONLINE....

If you don't want them to do this then don't pay any money into the account. They can't spend what they haven't got. Problem solved. Even with a purely savings account, like the CashBuilder, there's nothing to stop them withdrawing all the money and spending it all.

Bernice50

Earthboy!!! I am not overreacting - Are you a Parent???
The ? new Cashbuilder Account was not even mentioned to us a couple of months ago AND as the Cashcard account was recommended in Martin's newsletter some time ago (Accounts for 16-18 yr olds) - we went into the Bank for advice - following which WE understood we had the basic current account which only let young people draw cash from the ATMs not to be used as a DEBIT CARD!!!
This is why we opened this particular account - it was never a current account for paying bills etc etc - So please don't judge my actions......

glider3560

Bernice50 wrote: »

Earthboy!!! I am not overreacting - Are you a Parent???
The ? new Cashbuilder Account was not even mentioned to us a couple of months ago AND as the Cashcard account was recommended in Martin's newsletter some time ago (Accounts for 16-18 yr olds) - we went into the Bank for advice - following which WE understood we had the basic current account which only let young people draw cash from the ATMs not to be used as a DEBIT CARD!!!
This is why we opened this particular account - it was never a current account for paying bills etc etc - So please don't judge my actions......

But the account IS one for paying bills - it accepts standing orders and direct debits.

There is no reason why having a debit card would affect your child's ability to manage their money. How is withdrawing the cash and paying cash in a shop any different from paying on a debit card?

And Nationwide are NOT a bank (even if they behave like one).

AnonymousForObviousReason

Bernice50 wrote: »

Earthboy!!! I am not overreacting - Are you a Parent???
The ? new Cashbuilder Account was not even mentioned to us a couple of months ago AND as the Cashcard account was recommended in Martin's newsletter some time ago (Accounts for 16-18 yr olds) - we went into the Bank for advice - following which WE understood we had the basic current account which only let young people draw cash from the ATMs not to be used as a DEBIT CARD!!!
This is why we opened this particular account - it was never a current account for paying bills etc etc - So please don't judge my actions......

Bernice50!!!! You're posting on an open forum asking for advice, don't scream/whine when you get it - that's rude and we're not your children.

From what I see, ability to breed doesn't actually give the knowledge of how to parent (not saying that's you ... unless it was you with that horrible screaming brat in the restaurant that ran all over the place last weekend).

If you can't or don't feel you can trust your child (which is how you come across), simply take them to the bank, close the account and you act as the cash point. However, a number of friends that never had responsibility did themselves a great deal of long lasting financial damage when they got that freedom (same story with sex).

Do as you wish.

EarthBoy

Bernice50 wrote: »

...
The ? new Cashbuilder Account ...

It's not new. It's been available for at least 15 years.

Bernice50 wrote: »

......AND as the Cashcard account was recommended in Martin's newsletter some time ago (Accounts for 16-18 yr olds)........

Martin's advice would have been quite clear what sort of account it was.

Bernice50 wrote: »

...WE understood we had the basic current account ......This is why we opened this particular account - it was never a current account for paying bills etc etc ......

These two statements contradict each other. You do have the basic current account. A current account can be used to pay bills by direct debit, standing order and one-off bills online. The cashcard account has always been such an account. The debit card is a new facility which has recently been added to it.

LongTermLurker

Bernice50 wrote: »

Not very happy with this bank...16yr old rec'd an 'unwanted' upgrade to a cashcard + account - previously just opened a cashcard only
I rang them and was informed by an enthusiastic person that he/she could now use the new card - was told in letter to cut up the existing one...to BUY IN SHOPS and ONLINE what he/she wanted if he/she had funds !!
I said we had only opened this account a couple of months ago and purely because it was a CASH only!! However it appears that there is another account they could have offered which is called CASHBUILDING - asked why he/she couldn't have been 'swapped' to this one and enthusiastic person became monotone....

NOT IMPRESSED NATIONWIDE - ENCOURAGING YOUNG STUDENTS TO DEVELOP POSSIBLE BAD SPENDING...HAVE ALWAYS PROMOTED SAVING AND BEING THRIFTY - FEEL TOTALLY UNDERMINED.:mad:

I really don't understand your problem - don't you trust him/her? (Do you know which it is? There seems to be a lot of he/she indecisiveness...). Isn't a 16 year old a suitable candidate for learning to look after their money? As a student, I'd expect him/her/it to be an intelligent individual. Why not give them the benefit of the doubt, teach them about personal finances, possible point them at this site and throw off the apron strings?

OF COURSE TEENAGER IN HOUSE IS VERY PLEASED AND CAN'T WAIT TO PURCHASE SOMETHING IN SHOPS AND ONLINE....

Clearly a "wanted" upgrade by the account holder then...

btw, no, I'm not a parent, before you ask; I know one or two though, and would like to think I'd give my child more support than distrust.

zppp

Bernice50 wrote: »

Earthboy!!! I am not overreacting - Are you a Parent???
The ? new Cashbuilder Account was not even mentioned to us a couple of months ago AND as the Cashcard account was recommended in Martin's newsletter some time ago (Accounts for 16-18 yr olds) - we went into the Bank for advice - following which WE understood we had the basic current account which only let young people draw cash from the ATMs not to be used as a DEBIT CARD!!!
This is why we opened this particular account - it was never a current account for paying bills etc etc - So please don't judge my actions......

Stop over reacting. Was there a reason for your post, i.e. do you have a question or is this just simply a vent?

masonic

Bernice50 wrote: »

Earthboy!!! I am not overreacting - Are you a Parent???
The ? new Cashbuilder Account was not even mentioned to us a couple of months ago AND as the Cashcard account was recommended in Martin's newsletter some time ago (Accounts for 16-18 yr olds) - we went into the Bank for advice - following which WE understood we had the basic current account which only let young people draw cash from the ATMs not to be used as a DEBIT CARD!!!
This is why we opened this particular account - it was never a current account for paying bills etc etc - So please don't judge my actions......

At the age of 16, I wouldn't have tolerated this level of interference from my parents. Your teenager is already old enough to leave home and pursue an independent life. Don't you think it might be a better for him/her to experience running a bank account sooner rather than later?

slup_2

Bernice50 wrote: »

I am not overreacting - Are you a Parent???

I'm a parent... My kids aged 12 and 16 both have NatWest Adapt current accounts with debit cards.

I see nothing wrong with it whatsoever. I feel sorry for your kids to be honest if you don't even feel you can trust them with a debit card...

Couple of scenarios for you.

1) Small purchase... Let's say they want to spend a couple of pounds on something. Your solution would have them withdraw £10 from an ATM, make the purchase, then potentially waste the rest of the cash as it burns a hole in their pocket.

2) Large purchase... Let's say your son/daughter needs to go buy their new bus pass. £36.50 for the month in my neck of the woods, so again, they'd have to withdraw £40 and then carry cash around instead of just using their card. Which is safer?

Incidentally, my twelve year old does number 2 above once a month and has done since last September (at the age of 11) when he started secondary education!

He also uses his card online at a number of reputable retailers.

Better to educate them in responsible money management *and* modern technology at the same time?

Bernice50

You are all missing my point here...the account had limited facility when opened and NOW has an additional facility.....to be used as a Debit Card -
this was not what was advertised and discussed:money:

And No - it was it isn't a case of mistrust - its a case of Banks misleading you with product information

And No -How would a 'screaming brat running all over the place' be able to manage a current account with full debit card facilities!!!

I wasn't on hear to 'vent' merely to warn of new conditions attached to a straightforward cash in/out account but obviously feel some of you are R