Nationwide FlexDirect £200 switch bonus (Oct 2022)

dealyboy

Something definitely dodgy here !  I would be flabbergasted if this were genuine.

redsockspugie

dealyboy said:

Something definitely dodgy here !  I would be flabbergasted if this were genuine.

I called Nationwide through my app. Spent 90 minutes on the phone with them arguing, and they told me it’s genuine and if I want my current account I need to provide them with this information. Has anyone else here had to go through this? They can keep their £200 if this is what they want.

redsockspugie

redsockspugie said:

Recently set up a FlexDirect account and currently going through switch. already have mortgage with Nationwide. I received an email from them today (EDD@nationwide.co.uk) saying they need additional information from me about my wealth and assets. Verified with customer service that is was a valid email. They’re asking for basically a full inventory of all of my assets down to jewellery, cars, art, savings, pensions etc across several categories. The email threatens that if I don’t provide this form within a week they will suspend services.

Seems like a ridiculously intrusive form for just a current account with no overdraft, and I wish I hadn’t bothered now. They did not say at the time of applying that they would ask for this but apparently I’ve been “picked at random” and that most Nationwide members would over time have to give this information. 

Is this normal? I don’t see why I need to declare any jewellery, and now I’m worried what implication not filling the form will have on my switch which is currently underway.

These are the five categories it wants information about. For each one there is a table I need to fill out with the asset, value, any debt outstanding on the asset and how I acquired it.

Family/ Generational Wealth

This includes things like Family Wealth, Inheritance, Gifts, Divorce Settlement, and Pension/Retirement Scheme lump sum pay-outs.

Personal Backgrounds

This includes things like Residential Property Sales, Savings, Casino/Lottery Wins, Compensation (personal injury or employment), Life/Protection Insurance pay-outs, Antiques/Artwork, Personal Assets (cars, jewellery, luxury items).

Income

This includes things like Salary, Bonus, Commission, State/Local Authority Benefits, Pension/ Retirement Schemes (regular income)

Revenue and Business Activities

This includes things like Business Ownership, Profits from Sales, Products or Services, Business Properties, Fixed Assets, Other Commercial Assets.

Investment Activities

This includes things like Real Estate (buy to let), Stocks/Securities/Equities, Royalties, Patents/Inventions, Franchises.

flaneurs_lobster

Did you say you had zero income in the application? I've had questions about savings but never been asked to itemise my art collection.

redsockspugie

flaneurs_lobster said:

Did you say you had zero income in the application? I've had questions about savings but never been asked to itemise my art collection.

It’s a first for me as well. And no, I stated my salary as my income. on the call they tried to make me feel like I was being dramatic by being alarmed at how intrusive these questions are. Like it was just some routine set of questions they ask all their members at some point.

flaneurs_lobster

Extraordinary. If you'd asked to borrow £10 million to buy a yacht then maybe they'd need a bit more background, but a current account? 

I'd be tempted to tell them to eff-off but then I've already got my £200 (and I don't have a mortgage w/ them). 

AmityNeon

redsockspugie said:

dealyboy said:

Something definitely dodgy here !  I would be flabbergasted if this were genuine.

I called Nationwide through my app. Spent 90 minutes on the phone with them arguing, and they told me it’s genuine and if I want my current account I need to provide them with this information. Has anyone else here had to go through this? They can keep their £200 if this is what they want.

Considering you already have a mortgage with them, and you called through your app, it's likely legitimate although exceptionally irregular. Did they explain why this level of detail was required for a standard consumer current account?

You might consider a branch visit to customer services just to verify this peculiar request in person.

dealyboy

I would hope that somebody more experienced can respond, but to me it has all the hallmarks of a hard phishing attempt ... The email threatens that if I don’t provide this form within a week they will suspend services ... Are they threatening your mortgage arrangement?

I have also opened a FlexDirect recently (receiving the £200) If I had received such an e-mail I would immediately have suspected an attempt at fraud, surely this contravenes data protection law. I don't have the app but I would have contacted Customer Services or Security on 0345 730 2011.

redsockspugie

flaneurs_lobster said:

Extraordinary. If you'd asked to borrow £10 million to buy a yacht then maybe they'd need a bit more background, but a current account? 

I'd be tempted to tell them to eff-off but then I've already got my £200 (and I don't have a mortgage w/ them). 

Exactly. They didn’t ask for any of this when I got my mortgage with them. I haven’t even taken them up on the interest free overdraft!

AmityNeon said:

redsockspugie said:

dealyboy said:

Something definitely dodgy here !  I would be flabbergasted if this were genuine.

I called Nationwide through my app. Spent 90 minutes on the phone with them arguing, and they told me it’s genuine and if I want my current account I need to provide them with this information. Has anyone else here had to go through this? They can keep their £200 if this is what they want.

Considering you already have a mortgage with them, and you called through your app, it's likely legitimate although exceptionally irregular. Did they explain why this level of detail was required for a standard consumer current account?

You might consider a branch visit to customer services just to verify this peculiar request person.

Initially they wouldn’t let me talk to anyone who could advise me about it. When pressed they put me through to someone who guaranteed all Nationwide members get asked these questions. When I pointed out how ludicrous it was at the suggestion that all members itemise their jewellery at art and asked them to formally email me confirming this, they checked with a manager and backtracked - instead saying it is sent “randomly” to members. Given the standard customer service rep didn’t know what this was all about, I doubt the branch would have a clue either.

dealyboy

FYI redsockspugie ... https://www.moneyhelper.org.uk/en/contact-us/money-guidance