Farewell, Nationwide.

GregH

glitter123 wrote: »

I've been with Nationwide for around 20 years. I don't need their free travel insurance as I already get that elsewhere. Now they have announced they are closing all agencies, and that is all we have in our town, i'll be heading elsewhere. Why on earth would I want to travel 7 miles to the nearest branch to pay in a cheque when there are numerous other big boys in our High Street? Sometimes people are queuing out of the door of our agency. They can obviously afford to lose lots of "members".

I completely agree with you glitter. The biggest effect of these changes is the closing of the angencies, i live in a small town with a high proportion of retired people who rely on the local Nationwide agency.

I have been a member for 15 years, i regularly travel abroad but i also use my flexaccount as my 'pocket money account' so i regularly use it in the UK. I think it is unfair how they have imposed these changes on everybody and the interest rates are a joke. Therefore my flex account, savings account and credit card are to be closed imminently.

skintbint_2

agree with the other posters on here - i use a Nationwide Agency and the nearest will be 15 miles away come January so will be closing mine too

torrenter

I can't see that closing current accounts could ever be of any benefit to you. If for example your current account of 20 years was your first current account, closing could possibly, dramatically reduce the length of your credit history as shown on your credit report. As it's rated as a Credit Product.

Plus, in time you may find that the bank you move to no longer offers the best rates or products on the market and your previous bank or building society is now on top. Reapplying, chopping and changing accounts will add up to many searches to your credit file. I wanted a Monthly Savings Account with Barclays back late last year, but they still credit searched me because I wanted online access to the account.

Also, I think I've only been into a Nationwide Branch once since opening my FlexAccount back in February. The account's just been upgraded and I'm happy that overseas charges will still be lower than using my Debit Cards from either HSBC and Barclays. If I need to go into a branch I will just go to Barclays or HSBC. What's stopping people using the telephone or internet? Applications for credit always seem to result in a credit search, whether's it's in branch, over the phone or internet. The typical case of either "Computer says No" or "Yes"

apt

Torrenter you're easily pleased if you are happy to handover 2% plus £1 to Nationwide when there are other providers who charge either no fees or under 1% for the same service.

12bdebt3

This is a shame. I am with Nationwide, one of the main reasons I got the account was so I could have free cash withdrawals abroad. I have never had a problem with their customer service, I have numerous savings accounts with them and I've taken out a loan with them too. I can't afford a holiday for another years or 2 anyway, if I move bank accounts then I will still have to pay a charge for withdrawals abroad.

dazza.mk

torrenter wrote: »

I can't see that closing current accounts could ever be of any benefit to you. If for example your current account of 20 years was your first current account, closing could possibly, dramatically reduce the length of your credit history as shown on your credit report. As it's rated as a Credit Product.

? This will mean that people will only be able to answer they've been with their main bank for 6 months rather than 20 years, but the 'credit history' relating to the Ntaionwide account will remain until it 'expires' from the credit report rather than being wiped at closure

The_Edge

I have had a Nationwide Account for over 15 years, and for the past 12 years I have been working all over the World. I have always remained loyal, my salary continues to go back to the UK and I consider myself a good Customer.

I am currently working in Eastern Europe, even though my Nationwide Account is registered at my Parents address in Portugal, meaning I can at least grab my post once a year!

Nationwide save with me as a Customer as because I am not registered as a UK resident, I am not eligible for free Travel Insurance & I do pretty much all my banking online, so they save on the cost of a stamp in sending me a statement every month.

Being overseas, I didn't see this coming - and carried on using my card as normal. It has been a busy month so I haven't had much time to check my Accounts - and now find I have been stung with over 30 GBP in charges, with more to come!!!

To say I am angry is an under-statement, but being abroad now they have me over a barrel. Plus, trying to move my Account as I now have so few ties with the UK it may be difficult to obtain another Account.

What are the chances though? I can move my Nationwide Account to a UK address, how difficult would it then be for me to get another UK Bank Account with no utility bills etc?

Any help is gratefully received!!

torrenter

apt wrote: »

Torrenter you're easily pleased if you are happy to handover 2% plus £1 to Nationwide when there are other providers who charge either no fees or under 1% for the same service.

Well when I originally applied for a FlexAccount it was way back in Dec '09 but they didn't grant it with a Debit Card, only Cash card. Had at the time had a couple of recent credit searches by Barclays. Back then I believe the charges on Cash Withdrawals abroad were a little cheaper than now. But although I thought about rejecting the offer, the damage was already done wasn't it? Credit search etc. I later found out the Cirrus Cash Card was better anyway, lol. For withdrawing cash abroad that is.

But of course I know that presently there are better deals. I'm planning on applying for the Halifax Clarity Christmas Eve. 1 day and 1 year later than my last Credit Search. I wonder if I'll get the 12.9% rate. They seem to give the higher rates to at least a few customers with a good or excellent credit rating. Typical doesn't mean they will give the rate to EVERY applicant with a perfect credit rating. Just means they have to give the rate to 2 out of 3 applicants. Fingers crossed.

torrenter

dazza.mk wrote: »

? This will mean that people will only be able to answer they've been with their main bank for 6 months rather than 20 years, but the 'credit history' relating to the Ntaionwide account will remain until it 'expires' from the credit report rather than being wiped at closure

Well I just read somewhere that the length of your Credit History, as shown on your Credit Report would be affected directly by cancelling your oldest accounts. i.e If you have unused accounts close the youngest first as they disappear off your report. As you see it anyway.
But acting like this would generally only apply if had more than one credit card account. Most people stick with one current account at a time.

However you'd think they would still know that you had an old current account elsewhere. In fact, I think I remember someone at Experian telling me that old accounts will still show but say 'settled', or show a closed date? As in not being active.

But at the same time, in contrast to this I recently cancelled an overdraft on one of my accounts. It now doesn't show on my report. Could this mean that they couldn't see how I handled it? I doubt it. There really should some clarification by the agencies and banks on this. But the less you know the better for them I guess.

missile

The_Edge wrote: »

I have had a Nationwide Account for over 15 years, and for the past 12 years I have been working all over the World. I have always remained loyal, my salary continues to go back to the UK and I consider myself a good Customer.

I am currently working in Eastern Europe, even though my Nationwide Account is registered at my Parents address in Portugal, meaning I can at least grab my post once a year!

Nationwide save with me as a Customer as because I am not registered as a UK resident, I am not eligible for free Travel Insurance & I do pretty much all my banking online, so they save on the cost of a stamp in sending me a statement every month.

Being overseas, I didn't see this coming - and carried on using my card as normal. It has been a busy month so I haven't had much time to check my Accounts - and now find I have been stung with over 30 GBP in charges, with more to come!!!

To say I am angry is an under-statement, but being abroad now they have me over a barrel. Plus, trying to move my Account as I now have so few ties with the UK it may be difficult to obtain another Account.

What are the chances though? I can move my Nationwide Account to a UK address, how difficult would it then be for me to get another UK Bank Account with no utility bills etc?

Any help is gratefully received!!

NW like most UK travel insurance policies is aimed at holidays from (and in) the UK. A bit nieve to think it would cover your situation.

You do not say what the £30+ charges are for?

If you "home" is Portugal, get a bank account there.