Farewell, Nationwide.

dealsearcher

The Nationwide should not state that: 'the new commission charge of 2% and £1 cash withdrawal fee are lower than those charged by other standard or free current accounts in the market'. This statement is factually incorrect as some other banks have lower charges. For example Santander charge 1.5% for ATM debit card cash withdrawals abroad.

To say that the Nationwide are lower than all the other banks is incorrect and they should not be stating this. It gives an incorrect impression to prospective new customers that they are still one of the best banks in the market for overseas ATM transactions. They are not.

dzug1

dealsearcher wrote: »

. For example Santander charge 1.5% for ATM debit card cash withdrawals abroad.

To say that the Nationwide are lower than all the other banks is incorrect and they should not be stating this. It gives an incorrect impression to prospective new customers that they are still one of the best banks in the market for overseas ATM transactions. They are not.

Santander's standard offering is:

Spending penalty: £1.25. Load fee: 2.75%. Cash withdrawal: 1.5% min £1.99

That's a lot more than Nationwide.

dzug1

adindas wrote: »

You will only need travel insurance if you travel abroad. If you travel abroad you need overseas perks.

There's a lot of people currently wished they had travel insurance for their UK trips - and the NW policy does include the UK

dealsearcher

What is the 'load fee' for? I don't think it is for cash withdrawals. The 'spending penalty' is also not for cash withdrawals. You are confusing the issue. The cash withdrawal fee for Santander is 1.5% with a minimum fee of £1.99. The Nationwide fees will exceed £1.99 with a withdrawal of £50 or greater. Stop trying to confuse the issue!

dealsearcher

The free travel insurance only applies if you conform to the following terms or are under the age of 21:

deposit a minimum of £750 each month (excluding internal transfers from other Nationwide accounts) into your FlexAccount between April and July 2010 and be 74 or under.

dzug1

dealsearcher wrote: »

What is the 'load fee' for? I don't think it is for cash withdrawals. The 'spending penalty' is also not for cash withdrawals. You are confusing the issue. The cash withdrawal fee for Santander is 1.5% with a minimum fee of £1.99. The Nationwide fees will exceed £1.99 with a withdrawal of £50 or greater. Stop trying to confuse the issue!

The load fee is on the exchange rate on all transactions - 2.75% as against NW 2%

Agree the spending 'penalty' doesn't apply to ATM transactions

hartsdown

Just been told:

"If you withdraw £100 at a foreign ATM you will be charged 2% of £100 and £1.

Regards

Natasha Heimers
Nationwide Customer Consultant
Internet Services"

This contradicts information given to several people on a bulletin board I post on

dealsearcher

dzug1 wrote: »

The load fee is on the exchange rate on all transactions - 2.75% as against NW 2%

So Santander charge 1.5% fee + 2.75% exchange rate transaction for cash withdrawals? The 2.75% charge is not clear on the Santander website for cash withdrawals.

I stopped my main banking with Abbey (Santander) a couple of years ago because of their abysmal customer service. It does seem that the Nationwide are unfortunately going the same way gradually.

dzug1

hartsdown wrote: »

Just been told:

"If you withdraw £100 at a foreign ATM you will be charged 2% of £100 and £1.

Regards

Natasha Heimers
Nationwide Customer Consultant
Internet Services"

This contradicts information given to several people on a bulletin board I post on

I suspect the reason is that you can't - at 99.9% of foreign ATMs - draw out £100 in cash. You can draw out the approximate equivalent in foreign currency. Getting an advisor to understand that you are talking about the 0.01% of machines that will give you sterling is a major problem.

dzug1

dealsearcher wrote: »

So Santander charge 1.5% fee + 2.75% exchange rate transaction for cash withdrawals? The 2.75% charge is not clear on the Santander website for cash withdrawals.

I stopped my main banking with Abbey (Santander) a couple of years ago because of their abysmal customer service. It does seem that the Nationwide are unfortunately going the same way gradually.

Yes. On their standard account. Banks sometimes obfuscate fees and exchange rate loadings, pretending the latter isn't a fee.

There's also their zero account which has no charges - but getting that is subject to very strict criteria. Having a mortgage with them is the main one.