An interesting dilemma

eastendannie1

I have had a Nationwide Flexaccount for 20 years. I have written to them (following the article here on reclaiming bank charges) for all charges made to my account in the past six years. However - I am also aware that if I reclaim these charges (many have been punitive on Nationwide's part), then they will probably close the account and then I will have lost 20 years history with my bank. Furthermore, I am conscious that Nationwide could become a PLC in the next few years and then I would have lost out (potentially) on the benefits of that.

Any ideas on the best course of action?:

tom188

Well i guess youd better decide.

The bank charges or the potential windfall benefits?

In the current climate you are more likely to get the former than the latter, but the latter could be worth more than the former.

heppy23

I just wonder what you think the benefits of 20 years history with your bank are?

BASFORDLAD

there arnt any!

Phoenix79_2

BASFORDLAD wrote:

there arnt any!

Having a long relationship with your bank is always a plus point when applying for credit elsewhere.

BASFORDLAD

Only up to the point of 6 years.

gt94sss2

eastendannie1 wrote:

I have had a Nationwide Flexaccount for 20 years. I have written to them (following the article here on reclaiming bank charges) for all charges made to my account in the past six years. However - I am also aware that if I reclaim these charges (many have been punitive on Nationwide's part), then they will probably close the account and then I will have lost 20 years history with my bank. Furthermore, I am conscious that Nationwide could become a PLC in the next few years and then I would have lost out (potentially) on the benefits of that.

Any ideas on the best course of action?:

1. Open a current account with someone else just in case Nationwide close yours.

2. Open a savings account with Nationwide and put at least £100 in it now, so that if Nationwide do close your account you will still qualify for any potential windfall if they become an PLC and your 'membership' of the socety will be unbroken.

Regards
Sunil

Fait_accompli

gt94sss2 wrote:

1. Open a current account with someone else just in case Nationwide close yours.

2. Open a savings account with Nationwide and put at least £100 in it now, so that if Nationwide do close your account you will still qualify for any potential windfall if they become an PLC and your 'membership' of the socety will be unbroken.

Regards
Sunil

That's exactly what I would've suggested. The best way to remain a member and get your charges money back.