Nationwide FlexDirect - 5% interest, free overdraft

innovate

Gromitt wrote: »

That would be fine at long as they gave their consent to a full credit search and electronic identification check.

and dozens of other "ifs"............

blindman

innovate wrote: »

:eek::eek::eek:

You'd be breaking the T&Cs in a number of places, such as:-



Even if everyone in the family were good friends at the outset, it would strike me as sheer lunacy to allow someone else to run a current account in your name. I could think of plenty of other very good reasons why I wouldn't ever let anyone else open a bank account in my name, or why I wouldn't possibly want to run a bank account in someone else's name. Have you even thought of the practical aspects of running an account in someone else's name? Like, what would you do if they ask you to come into the Branch to discuss how to remove the block from your account (which they put on because the same IP address has been accessing several accounts)? All that for £100 a year?!?!

In a nutshell, staying well away from anything that can remotely be considered fraudulent seems a very good idea. Unless, of course, you fancy a spell in prison and a number of problems with your credit files and CIFAS markers.

Scaremongering are we :rotfl:

which they put on because the same IP address has been accessing several accounts

Any proof of this or is it just your thoughts?

I know of several older relatives who have had siblings operate bank accounts.
You must have a very distrustful family:cool:

To all intents and purposes I manage all mine and Mrs B's money. all from ther Same IP address. Never been a problem.

I do not condone getting all family members to open accounts just to get the interest but I think you're going OTT at what the banks does or cares about when you're giving them ££££££££'s

le_loup

Gromitt wrote: »

Although I agree with you, I think I stand a good change of getting the £5 refunded (or perhaps more via a formal complaint) as:

The fee is not included on the website where comparison is made to the FlexAccount which carries no underfunding fee,
The FAQ on the account clearly states no fee is payable for underfunding,
The rates and charges document for FlexDirect clearly states no fee is payable for underfunding, and if such a charge is introduced, will notify me at least 2 months in advance: http://www.nationwide.co.uk/pdf/btp/P7430_RatesAndCharges.pdf

Yes but ....
We've had all this sort of thing discussed on the NW FexclusiveISA. There, people were arguing that something was not possible 'cause it said so in this document or other. We who read, abided by, and used the T&Cs were proved right and NW collapsed and agreed that T&Cs ruled!
We must use our best endeavours to extract as much money as possible but we shouldn't expect to have it both ways.
Sales documents are just that. They can't cover every possibility otherwise they would have to be a reprint of the T&Cs.
... and, I submit Nationwide are not the same sort of crooks that other organisations are.
I must repeat, when you sign up, you confirm you have read the Terms and Condition and you agree to be bound by them.

innovate

blindman wrote: »

Scaremongering are we :rotfl:

why would I be scaremongering about a very serious matter?

blindman wrote: »

To all intents and purposes I manage all mine and Mrs B's money. all from ther Same IP address. Never been a problem.

It's one thing for spouses to share their bank affairs freely. Marriage has legal definitions of asset ownership. However, those legal definitions still do not necessarily entitle one spouse to assume ownership of the other spouse's assets.

It's definitely an entirely different matter when other family members are involved. You have absolutely zero rights to the assets of your relatives (which in some cases includes even your children, not to talk about parents, uncles, aunts, cousins, nephews, nieces etc etc etc) whilst they are alive unless you have a formal Power Of Attorney.
If you think this is scaremongering, you should inform yourself better about the possible dangers, and about the legal realities.

NB. As an aside, I am disgusted about your snipe about your views of the trust that exists in my family. You do not know my family any more than you know me - which is not at all - so you would be well advised to refrain from personal comments about myself and my family. The Internet doesn't protect you from libel charges.

juanmanuelmarquez

when does this offer finish?

latest you can appy for it?

KTF

juanmanuelmarquez wrote: »

when does this offer finish?

latest you can appy for it?

Unless you work for Nationwide you wont know the answer.

212

juanmanuelmarquez wrote: »

Does anyone know when this offer ends? Is it at til the end of the month? As i cant seem to find it on there website...

I'm thinking and interested in puting my Cash ISA money in here, considering it works out to be 4% a year, better than the (2.28% currently recieving) ISA rates!

If there is no time limit, i will probably wait til April and check out the ISA rates and then open this account...

Seems ongoing but obviously they can pull it at any time. Got a big TV advert going now, so I'd imagine it would last for at least a month!

If you take money out your cash isa, you will lose the 'tax free protection'. Although you get greater interest now, in future years you could be worse off (as tax will be deducted, if you're a taxpayer).

Obviously if you can re invest a lot of it into an isa again (towards the end of the 13/14 tax year, or the 14/15 tax year) it won't be a problem, but if you consistently max out your cash isa allowence then you'll be £2.5k/5k etc 'down'

myth123

How long does it take for this account to show up on internet banking? I am already a flexaccount holder and I chose to open a new account. I'm a bit reluctant to transfer any funds into it until I can see the account online/receive my card.

innovate

juanmanuelmarquez wrote: »

when does this offer finish?

latest you can appy for it?

Rates may be withdrawn without notice.

Source: http://www.nationwide.co.uk/current_account/compare-accounts/default.htm

innovate

myth123 wrote: »

How long does it take for this account to show up on internet banking? I am already a flexaccount holder and I chose to open a new account. I'm a bit reluctant to transfer any funds into it until I can see the account online/receive my card.

Was overnight for me for the accounts to show in online banking - - - but you can't fully use them (make payments, set up DDs/SOs etc) until you have received the debit card(s).

You can make internal transfers as soon as the account(s) show online. You can also make deposits into the account(s) as soon as you know the sort code and account number(s).