New Nationwide Switch - both new and existing?

mab3000

I have finally received my switching bonus, although like others mine is £25 short. 

General_Grant

I wonder whether the difference between receiving or not the additional £25 is dependent on whether the switch was to a long-standing account or one being opened specifically for the switch.

Daliah

creditavenger said:

Have the other MSErs who received payments that were £25 short switched into new accounts rather than existing ones?

I switched into a an account I have held since 2015. My total Nationwide membership has run for decades. The account I switched to had very little activity for the last couple of years, and I had received a Refer-A-Friend bonus into it in 2015. When I reported the issue in Branch, I was asked whether I had had a switch bonus before but I had not. The team processing the switch bonus is nigh on impossible to talk to for us mere mortals, so I am still waiting for an explanation, and my missing £25.

sec79

Hi, I applied for a flex account on 31 August, and requested the switch day to be 24 September. I set up 2 direct debits on my existing bank account to be switched over. Unfortunately only one of these payments has gone through. the other DD won't be take until 5th October. Are there are direct debits I could set up which would take payment by 24th September please ie such as charities? I'm aware for a new DD it can take 10 days to set up. I think I read somewhere if you had a paypal account that could be set up as a DD quickly. Thank you in advance

Fingerbobs

sec79 said:

Hi, I applied for a flex account on 31 August, and requested the switch day to be 24 September. I set up 2 direct debits on my existing bank account to be switched over. Unfortunately only one of these payments has gone through. the other DD won't be take until 5th October. Are there are direct debits I could set up which would take payment by 24th September please ie such as charities? I'm aware for a new DD it can take 10 days to set up. I think I read somewhere if you had a paypal account that could be set up as a DD quickly. Thank you in advance

I used Comic Relief as one of mine. I requested a monthly payment date of 1 week + 1 day from the date I set up the DD, and the first payment was indeed taken on that date, just 8 days later.

(Confusingly, I received two confirmation emails; one stating that the first payment would be taken on 24th September, the other stating that the first payment would be taken on 24th August. The August date turned out to be correct in my case. )

AlwaysLearnin

We got £125 each to switch in to existing sole accounts.  We also got £125 for switching to a newly opened joint account. We didn't however switch to the joint acct as part of the application, but a few days afterwards (waiting for DD's to be taken), so it may have been classed as an existing account by 'the algorithm'.

Daliah

AlwaysLearnin said:

We got £125 each to switch in to existing sole accounts.  We also got £125 for switching to a newly opened joint account. We didn't however switch to the joint acct as part of the application, but a few days afterwards (waiting for DD's to be taken), so it may have been classed as an existing account by 'the algorithm'.

According to the offer terms, it's not the account that determines your entitlement but your membership, although you do need to switch into a FlexAccount, FlexPlus or FlexDirect (in other words, not into a FlexBasic). The terms also state that You’re an existing Nationwide member if you have a Nationwide current account, savings account or mortgage (excluding buy to let and commercial mortgages)

There is no explanation in those terms for why existing members who switched into an existing eligible account would be paid £100 rather than £125. It's disturbing that there are more and more people who clearly should have got £125 only got £100. 

Merry_Mawkin

I too was credited with only £100 in switch yesterday phoned and was informed a form at their end had to be completed and the extra £25 should be credited to my account in the next 5 days. So get phoning the 0800 number.

AlwaysLearnin

Daliah said:

AlwaysLearnin said:

We got £125 each to switch in to existing sole accounts.  We also got £125 for switching to a newly opened joint account. We didn't however switch to the joint acct as part of the application, but a few days afterwards (waiting for DD's to be taken), so it may have been classed as an existing account by 'the algorithm'.

According to the offer terms, it's not the account that determines your entitlement but your membership, although you do need to switch into a FlexAccount, FlexPlus or FlexDirect (in other words, not into a FlexBasic). The terms also state that You’re an existing Nationwide member if you have a Nationwide current account, savings account or mortgage (excluding buy to let and commercial mortgages)

There is no explanation in those terms for why existing members who switched into an existing eligible account would be paid £100 rather than £125. It's disturbing that there are more and more people who clearly should have got £125 only got £100. 

I know that. I was just trying to answer posters enquiries

masonic

masonic said:

soulsaver said:

masonic said:

Herbalus said:

masonic said:

Saria said:

masonic said:

Saria said:

Sorry, I know this gets asked a lot!

I've set up 2 DDs on a Lloyds account, they are showing but not paying out until the 10th. I'm going through the application process for a Flexdirect account, but it doesn't look like it's giving me the option to pick a switch date. 

Would I be fine to finish my application now or would it be better to wait and try again after the 10th?

If you are applying for a new account then the switch won't start until after the account is fully opened. Nationwide are sending terms and conditions through the post to be signed and returned prior to opening the account which will tend to delay things by at least a week. The only benefit of applying to switch during the application is that you'd qualify even if the offer is subsequently pulled, but if there is a delay opening the account and you cannot complete the switch within 30 days then you'd not qualify for the offer.

I already have the Triple Access Saver with them (already had the online banking account from my old Flexdirect which I switched in the past). So I'm assuming it won't take that long to open and switch my account.

I was an existing member too, with online access already set up, but didn't have a current account with them. I applied for a FlexDirect account a week ago and it still hasn't been opened. I received a text message from Nationwide on Friday telling me I didn't need to send any ID documents, but did need to sign and return a hard copy of the T&Cs they had sent me in the post, which I have not yet received.

So I reckon it will be at least 2 weeks before my account will be open and I can start my switch.

Interesting. I opened an online saver a few days ago, and restored online access from when I previously held a nationwide current account (closed over 3 years ago now, could be 5 years), and I was able to open a new current account shortly later which is now open and visible online. No need to sign anything. Maybe you’ve been unlucky.

I'm indeed feeling unlucky as the promised T&Cs turned up today, together with an acknowledgement form, some other paperwork, and a FSCS declaration sheet they also insist I must sign and return before they can complete the opening of my account. I guess something must have gone awry during my application process if nobody else has been subject to this extra step.

I guess you've tried opening an alternative Flex ac, see if you could be lucky this time?

I opened a sole FlexDirect account, my first current account I've held with Nationwide in a few years.

I received the following secure message today after querying the next steps a few days ago: "I can see that you are already ID confirmed on our system, therefore we do not need you to provide any ID. With regards to the T&C's agreement, this can be done online upon opening the account as oppose to being sent in the post. You should receive confirmation in the post shortly as well as your card and pin."

Next I received a SMS: "Update: Your FlexDirect application Paperwork has been sent to you. Please fully complete and return. Once received it should take up to 5 working days to process."

So the left hand doesn't know what the right hand is doing. I posted the completed T&Cs acknowledgement form and FSCS declaration sheet today.

After asking again for an explanation for the conflicting messages, I have now received what looks like a convincing response: "When requesting a new current account, if you already hold a current account with Nationwide, we may be able to proceed without needing to obtain your signature as we would already hold it and have confirmation of the terms and conditions linked to that original account.  As this was your first current account with Nationwide we would require your signature and the associated documents prior to proceeding. Your new account would then be opened within five days of the paperwork being received back with the Society."

So coming back to my original point, new current account customers should be prepared for the account opening process to take around 2-3 weeks (5 working days to receive documents through the post, 2 working days return postage in prepaid 2nd class envelope, and 5 working days for NW to process the signed paperwork). Therefore if a switch is requested during account application, it is cutting it fine to have this completed within the 30 days specified in the offer terms. It would be safer to apply for the switch once the account is visible within online banking.