Nationwide Refer-A-Friend - Is the incentive recalled if the account is closed early?

Jakg

As above, really.

I know the terms say:

What happens if my friend closes their account after taking advantage of the offer? - select to show or hide related content.

We reserve the right to claim back the £100 from both parties if the recommended customer closes their account within 3 months of our crediting their account with £100. We will do this by debiting the £100 from both yours and their account.

But does anyone know if they do this?

Unfortunately the referee has already closed their account, so the only way round it is to close mine also?

YorkshireBoy

If I understand your post correctly you're trying to avoid them claiming your £100 referrers fee back?

It's a dangerous game you're playing as they may 're-open' your account and place a £100 debit on there, thereby creating an unauthorised overdraft. Obviously they'd write to you informing you of their action, but by then the damage will have been done...both in terms of unauthorised overdraft fees and also to your credit files.

My advice?...sit tight and leave at least £100 in there just in case. I'd imagine if they don't take it within a couple of months they won't take it at all.


EDIT: Your issue is the reason I always refer my 'friends' from my FlexDirect account, rather than my FlexAccount as the latter normally only has a £1 balance (as it's purely used for the free EU travel insurance).

agrinnall

YorkshireBoy wrote: »

EDIT: Your issue is the reason I always refer my 'friends' from my FlexDirect account, rather than my FlexAccount as the latter normally only has a £1 balance (as it's purely used for the free EU travel insurance).

Do the T&Cs give Nationwide the right of set off between the two accounts? If they do then I'm not sure your method has any benefit.

YorkshireBoy

agrinnall wrote: »

Do the T&Cs give Nationwide the right of set off between the two accounts? If they do then I'm not sure your method has any benefit.

I think you've misunderstood (you've possibly never used the RAF scheme?). When competing the form you enter your account details. Obviously if you've more than one account (I have 4) you choose the most appropriate one. And that's the point I was making.

If I've referred from my FlexDirect with £2,500 in it, the worst that can happen is I end up with only £2,400 in there.

If I've referred from my FlexAccount the worst that can happen is an unauthorised £99 overdrawn balance, resulting in charges and damage to both my internal credit rating with Nationwide and also to my external CRA files once they've reported it.

In other words, I don't really care* that they've pulled the £100 back (as is their right under the T&Cs I agreed to). My approach is more of damage limitation.


* Although I'd be annoyed with the referee...and even more so if she was my "partner" (OP has cross posted - with more detail - on the referrals board).

Jakg

YorkshireBoy wrote: »

I think you've misunderstood (you've possibly never used the RAF scheme?). When competing the form you enter your account details. Obviously if you've more than one account (I have 4) you choose the most appropriate one. And that's the point I was making.

If I've referred from my FlexDirect with £2,500 in it, the worst that can happen is I end up with only £2,400 in there.

If I've referred from my FlexAccount the worst that can happen is an unauthorised £99 overdrawn balance, resulting in charges and damage to both my internal credit rating with Nationwide and also to my external CRA files once they've reported it.

In other words, I don't really care* that they've pulled the £100 back (as is their right under the T&Cs I agreed to). My approach is more of damage limitation.


* Although I'd be annoyed with the referee...and even more so if she was my "partner" (OP has cross posted - with more detail - on the referrals board).

My original post was deliberately light on detail - it's my fault my partners account is closed.

You also make a good point regarding the risk of overdrawing or set off - but I made this post to see if anyone had any experience of what actually happens.

If they do actually take the reward back, then offering cash for referrals (as found on the referrals board) is very risky indeed!

YorkshireBoy

Jakg wrote: »

If they do actually take the reward back, then offering cash for referrals (as found on the referrals board) is very risky indeed!

It's totally risk-free if you make them wait 3 months for the kick-back. Doesn't everyone do that? They're very foolish if they don't...more so with the newbies (of which there are a lot!).

Dan83

I've just opened an account in nationwide, I only noticed the refere a friend after I'd done it all, otherwise someone could of refared me and made £100, do any other banks do this refare a friend offer?

Yorkshire_Pud

Dan83 wrote: »

I've just opened an account in nationwide, I only noticed the refere a friend after I'd done it all, otherwise someone could of refared me and made £100, do any other banks do this refare a friend offer?

All is not lost. You will now be able to refer a friend and once they have switched to Nationwide they could refer you and you could open a second Nationwide Current account.

All subject to the usual T&C that you need to read up on;)

Vortigern

Dan83 wrote: »

I've just opened an account in nationwide, I only noticed the refere a friend after I'd done it all, otherwise someone could of refared me and made £100, do any other banks do this refare a friend offer?

If you have (or can open) another current account elsewhere, you can get yourself referred, then switch the other account into your existing Nationwide account and collect the raf bonus.

tg99

Dan83 wrote: »

I've just opened an account in nationwide, I only noticed the refere a friend after I'd done it all, otherwise someone could of refared me and made £100, do any other banks do this refare a friend offer?

First Direct is the only other current account I am aware of that that has a recommend a friend offer.

Jakg

Incentive wasn't recalled in the end.