Nationwide FlexDirect - 5% interest, free overdraft

ColdIron

pwharley wrote: »

A question for those upgrading from a FlexAccount to FlexDirect.

Did you retain your existing account number?

Yes, same account number and sort code but they will send you a new ATM card

innovate

It appears you can't set up any new payees before you have your new debit card. I got some funny "system problem" message when I tried to make a payment from a FlexDirect account. Luckily, I still have my Flexaccount, so made the payment through there.

legalfreak22

innovate wrote: »

I wouldn't interpret it that way because it doesn't say ..."and no longer hold....".

But who knows what this clause really means. Not so sure even the Nationwide lawyers know what they meant by it.

The fact that it doesn't say 'and no longer hold' may be irrelevant.What counts is the language used. If Nationwide's lawyers don't know what it means then it suggests the clause could be ambiguous. Under the Contra Proferentem rule (ambiguous clause, standard Ts&Cs, no other way to interpret the clause) there might be a case for saying that you can close accounts and then open again 12 months later.

Also, it says 'this agreement'. Any new account would be a new agreement.

Pincher

Just came to my attention. The minimum payment for a credit card was set up using the old FlexAccount VISA Debit card. The new FlexDirect card will have a different card number.

I normally pay manually before the deadline, so the debit does not happen, so I wouldn't have noticed. It's meant for the odd occasion I forget, laid up in hospital, or I go on holiday, and the minimum payment will prevent late fees.

So need to update card details for one or more (can't remember) accounts.

Should have used the old card to pay for the car insurance. They try to charge the renewal premium on the credit card you used last year: well, NOT if the card number has changed.:p

simax

ColdIron wrote: »

Yes, same account number and sort code but they will send you a new ATM card

Apparently the FlexDirect debit cards start 4751, instead of 4543...... no idea why.

callum9999

Pincher wrote: »

Just came to my attention. The minimum payment for a credit card was set up using the old FlexAccount VISA Debit card. The new FlexDirect card will have a different card number.

I normally pay manually before the deadline, so the debit does not happen, so I wouldn't have noticed. It's meant for the odd occasion I forget, laid up in hospital, or I go on holiday, and the minimum payment will prevent late fees.

So need to update card details for one or more (can't remember) accounts.

Should have used the old card to pay for the car insurance. They try to charge the renewal premium on the credit card you used last year: well, NOT if the card number has changed.:p

For what credit card? I've never seen them set up recurring payments from debit cards - it's generally done on account numbers (i.e. direct debit).

wanstall99

Me and my wife have both applied online for this account today and both been rejected . Boohoo!
Was hoping to have at least one of these accounts for the decent interest rate.

Catriona_P

KTF wrote: »

If you have an overdraft then that generally has to be paid off before you can 'switch' accounts.

Or were you thinking of transferring money from the Nationwide account to pay off an existing overdraft?

That assumes they will give you an overdraft that matches the level of your current one and Nationwide (traditionally) tend to be picky over who they give accounts to and I doubt it would be 1.5k.

That was the plan, to transfer money from the Nationwide account to pay off my current overdraft. Does anybody know what the average overdraft is that Nationwide give? From what you're saying this sounds like it would be unlikely to work for me?

Getting out of an OD is so hard when you're paying fees on top.

Pincher

callum9999 wrote: »

For what credit card? I've never seen them set up recurring payments from debit cards - it's generally done on account numbers (i.e. direct debit).

Barclaycard.

plunt

Catriona_P wrote: »

That was the plan, to transfer money from the Nationwide account to pay off my current overdraft. Does anybody know what the average overdraft is that Nationwide give? From what you're saying this sounds like it would be unlikely to work for me?

Getting out of an OD is so hard when you're paying fees on top.

depends how far into your over draft you are and how badly you actually want to work at paying it off!!

there are some options depending on your current fees you pay

1) try and get a credit card with 0% purchases and spend on that going forward thus allowing you to pay off the over draft as a priority and then slowly paying off the credit card

alternatively some OD charges are very high. so you could effectively refinance and get a loan from somewhere like zopa or ratesetters. rates range from 6-12% a year but with zopa you are allowed to pay it back early with no penalties..

but dont use either of the two above if you are not actually serious about trying to get out of your overdraft as messing up either of the above could have a very bad impact on your credit rating and potentially black list you for many years!