Furious 20+ year NationWide customer - Can't have our money easily.

leboof

Warning to other NationWide Customers if you want your money.

My partner and I, having already had a catalogue of run-ins with NationWide in the last 12 months due to incompetent practices and empty promises to put things right... too much to go into here, were subject to the savage rate cut from 1.75% to 0.5% on the regular saver account.

We decided we wished to close these particular accounts and move the funds to another bank. Having logged into our internet banking, there was no way of transferring the money out or even to a different savings account. I couldn't see how to close the account either. Called the help desk, and was told about the somewhat buried (and they verbally agreed it was not obvious to find) 'close account' link. On selecting the link the only option you have was to send them an email to move it to another suitable account in Nationwide or receive a cheque in the post! Eh?

Call #2 to the help desk, they were very sketchy on the procedure, and advised we could have a cheque but did not know how long it would take us to get it, "call your [my] local branch, they'll know better" was their advice. Now the nearest branch is almost a 50 mile round trip if I want a cheque over the counter. It appears receiving a cheque is the only option to get our money out. Hold on a minute, this is a bank that can't transfer money to somewhere else unless you have a current account? Don't know their own processes, and they suggested we both open a current account, to enable us to transfer the funds! Ridiculous archaic so called financial institution.

That's the last NationWide, you've lost two customers and all of our accounts, but you don't care do you as we are just two of your many customers who will no doubt say here how brilliant you are.

So remember, this is a warning, not a thread to state you have never had any problems and they are brilliant.

lippy1923

If you had a current account with them they could send money anywhere you want electronically or you could do it yourself online/ mobile etc.
You have a savings account, not a bank account, so not able to do normal banking things, so your options are to transfer to another nationwide account (internal transfer) or take a cheque and take your money elsewhere.


Opening a current account just to take money elsewhere is pointless, they are just fishing for business (something they have to do)
Just opt for the cheque. Nobody can predict how long this will take if you don't go into a branch to get it there and then. Postal services can vary and nobody has a crystal ball.

xylophone

That's the last NationWide, you've lost two customers and all of our accounts, but you don't care do you as we are just two of your many customers who will no doubt say here how brilliant you are.

I wonder.....https://forums.moneysavingexpert.com/discussion/5548965

However, in your situation, I wouldn't have cut off my nose to spite my face.

It appears that neither of you have a Flexdirect account?

You might have opened a sole each and a joint, transferred £2500 into each (and passed £1000 from an external source into/out of each monthly), used these current accounts to FP any amounts required to external bank accounts. opened the Flex regular monthly saver each which pays 5% and permits deposits of up to £500 a month......

Don't get mad, get even......:D

Freecall

I think that you will find that all of the mainstream banks make the process of closing accounts somewhat circuitous.

Apart from the obvious thing that they are in the business of increasing their client base to which they can sell products rather than reducing it, there is another reason.

All banks (indeed virtually all businesses) are concerned that in this day and age of immediate internet access, one bad PR event can lead to a coordinated movement to move clients away. Imagine for example that the Chief-exec of Nationwide was caught doing something inappropriate, within hours it goes viral and half their customers suddenly decide to click a 'close account' button.

Giving time for reflection and a more considered response by it's customers, businesses can to a certain extent, protect themselves.

That is probably not what you wanted to hear but it is the way it is (probably the way it has to be) in the age in which we live.

In the meantime you can always pay your balance to another account if you so wish.

Yorkshire_Pud

I think its always been a requirement to have a FlexAccount with Nationwide before one can access or open their other products?

If you later close the FlexAccount whilst still holding other products then there's a problem as the account balance can't be transferred.

Is this what's happened?

They certainly aren't brilliant but they are OK and do respond to complaints and have paid me compensation when they messed up:) and nothing when they didn't agree (once).

ColdIron

I have never had any problems and they are brilliant

Yorkshire_Pud

ColdIron wrote: »

I have never had any problems and they are brilliant

Actually now you come to mention it they are brilliant!

Because even when you lose you win with Nationwide, just be nice and if you have a problem they do their best to sort it and if they fail will give some compensation if the claim is reasonable.

Being nice does get results and if not there's always the FSA.

Very nice in Branch too.

bowlhead99

leboof wrote: »

Hold on a minute, this is a bank that can't transfer money to somewhere else unless you have a current account?

In the 'good old days' it was quite common practice that if you would like services such as the ability to make electronic payments out to third parties or other banks, or to write cheques yourself, you would get a 'current account' - free to set up - from your bank or building society to allow you to do that.

If you only wanted to park money in savings and did not need to access the money (other than by other internal transfers to your other accounts at the bank or building society or by taking the money out at the counter) you would use a savings account. So, in your case you decided to do that.

The regular-saver type accounts have never been designed to make electronic payments out to other banks, they have been designed to help you regularly build up your savings pot. You have been using the Nationwide for 20 years so it's surprising you were expecting to be able to ping your money elsewhere direct from the savings account. When you started with them 20 years ago or first opened the regular saver, did they allow you to do that?

Now the nearest branch is almost a 50 mile round trip if I want a cheque over the counter. It appears receiving a cheque is the only option to get our money out.

Sounds like it is if you won't open a current account to give you a full suite of banking services such as the ability to wire money to other people or your accounts at other banks. And getting it 'over the counter' is not the only option, presumably you have a mailing address?

Don't know their own processes, and they suggested we both open a current account, to enable us to transfer the funds! Ridiculous archaic so called financial institution.

You are aware that their current accounts can be set up quite quickly online if you are already set up for online services?

And that the two of you each setting up current accounts with them would allow you to each have £2500 earning 5% interest, and give you each access to another regular saver account offering 5% on up to £500 a month, both well in excess of the account that you're fleeing, and higher than the amounts paid by anyone you'd be moving to (at least for the first £5000 and £1000pm). And opening a current account would allow you to ping all your Nationwide money anywhere you like at the touch of a button?

I am not sure why that is seen as 'ridiculously archaic'. Nor why it would lead you to dismiss them as a 'so called financial institution'. Clearly, they are a financial institution.

Having logged into our internet banking, there was no way of transferring the money out or even to a different savings account. I couldn't see how to close the account either. Called the help desk, and was told about the somewhat buried (and they verbally agreed it was not obvious to find) 'close account' link. On selecting the link the only option you have was to send them an email to move it to another suitable account in Nationwide or receive a cheque in the post! Eh?

So having said there was no way of getting the money out or to another Nationwide account, by the end of the paragraph it turns out that you could simply use a close account link to close the account that you would like to close. Simply sending them a secure message to have them move the money to an account of your choice within Nationwide; so your money isn't stuck in the account you no longer want. And if you want to take the money outside the building society they'll write you a cheque for it. You could use that cheque to open up an account somewhere else.

That's the last NationWide, you've lost two customers and all of our accounts, but you don't care do you

It is somewhat ironic that you are suggesting that Nationwide should regret losing your business, and that if they wanted to keep you as a happy customer they should have changed the terms and conditions of their accounts just for you, and implemented some practices to make it much easier for you to end your relationship with them and put your money in their rivals' accounts...

That sounds a little messed up to me. You mention you have had a catalogue of complaints. Maybe you are just difficult to please?

leboof

bowlhead99 wrote: »

You mention you have had a catalogue of complaints. Maybe you are just difficult to please?

Paying me the wrong interest rate on an account, being told I was indeed correct, calling several times to put it right, then calling several times again as they did not put it right, yes, I guess I'm not easy to please.

jennyjj

leboof wrote: »

Paying me the wrong interest rate on an account, being told I was indeed correct.

Now, that is a topic worthy of disussing. You coulld make a great contribution here if you shared the details of their error so that others could check and maybe benefit from your experience. It would maybe give you a warm glow too.

Eco_Miser

Yorkshire_Pud wrote: »

I think its always been a requirement to have a FlexAccount with Nationwide before one can access or open their other products?

I have been a Nationwide customer for over twenty years, however I before this year I had neither a FlexAccount nor any other current account with them, so that's not right.