Nationwide BS, how about 40% EAR/APR Overdraft Charges?

eskbanker

[Deleted User] wrote:

Pehaps you would like to critique this?

Not just now thanks, I'll wait until it's finished....

System

As a side note, will the only difference between the Flexaccount and Flexdirect be the 1% credit interest after these changes?

eskbanker

SPalin wrote: »

As a side note, will the only difference between the Flexaccount and Flexdirect be the 1% credit interest after these changes?

FlexDirect is positioned as being primarily managed online, whereas they're happy to service FlexAccounts in branch - I don't know to what extent Nationwide would actually try to prevent FlexDirect transactions being conducted in branch but there is a noticeable difference between the two accounts at:

https://www.nationwide.co.uk/support/support-articles/services/service-grid-flexdirect
https://www.nationwide.co.uk/support/support-articles/services/service-grid-flexaccount

System

eskbanker wrote: »

FlexDirect is positioned as being primarily managed online, whereas they're happy to service FlexAccounts in branch - I don't know to what extent Nationwide would actually try to prevent FlexDirect transactions being conducted in branch but there is a noticeable difference between the two accounts at:

https://www.nationwide.co.uk/support/support-articles/services/service-grid-flexdirect
https://www.nationwide.co.uk/support/support-articles/services/service-grid-flexaccount

Have also noticed by the direct version strangely qualifies for main account status regards of how often it's credited too. Not that the exclusive products look up to much.

JuicyJesus

eskbanker wrote: »

I don't know to what extent Nationwide would actually try to prevent FlexDirect transactions being conducted in branch

If you can accomplish your transaction with a machine, they'll refuse to do it over the counter. People have moaned about this on here before, but it's the trade-off you get for the better interest rate etc.

jasmin10

I'm gutted. I have been with Nationwide for over 20 years as they have been so great with everything and therefore have 4 savings account (for children and 2 for other things and currently empty), my mortgage and a Flex account that for the past 3 months or so have been overdrawn using my arranged overdraft (which it has never gone over).

the most I have ever been charged for using my overdraw at £600 is £6 odd.

Now with this email notification I have received their calculator which says if I use my overdraft for eg £500 for 28 days prior to 11 November it would cost me £6.68 at 18.9% EAR Variable. After 11th November it goes up to £13.05 a month 39.9% EAR variable. These figures and rates have been taken off the email it has sent me. I'm soooo gutted.

Shame as it has always been good when I have had an urgent large expense to make. I literally have zero cash left after paid for everything and bought food. If I didnt do my surveys which is my money for little extras like a trip out or a birthday gift or something I would be stuffed.

No way can I afford these sorts of charges so I need to get myself sorted out quick and for it never to be used again.