Nationwide FlexDirect £200 switch bonus (Oct 2022)

AmityNeon

redsockspugie said:

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 in 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.

EDD appears to stand for Enhanced Due Diligence, a step further than standard KYC (Know Your Customer). Selection is most likely not random, but based on a risk-based approach to ongoing monitoring under AML regulations.

For whatever reason, you may have been identified as high-risk.

redsockspugie

dealyboy said:

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.

Sorry missed this. I asked what would the implications be on my mortgage were I not to fill the form. They said the mortgage would not be affected but it would impact any other current or future banking product. This was a call through the nationwide app. I did not follow any numbers or emails that was in the email itself. Customer service in the app confirmed it was a genuine request.

redsockspugie

AmityNeon said:

redsockspugie said:

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 in 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.

EDD appears to stand for Enhanced Due Diligence, a step further than standard KYC (Know Your Customer). Selection is most likely not random, but based on a risk-based approach to ongoing monitoring under AML regulations.

For whatever reason, you may have been identified as high-risk.

Thanks. I figured this might be the case as I googled EDD as well. Can’t think why. The irritating thing is that I was first told all Nationwide members get it, then told it was random, but EDD suggests otherwise. And there is just no recourse for the bank misinforming you.

dealyboy

OK, I'm pleased your mortgage is not threatened.

I am not familiar with calling through the app and I hope I'm not too condescending to say that you give me the impression of somebody who knows what they are doing and who is aware of potential harmful agents. It is puzzling! very puzzling! there was no hint of this in the T&Cs, the switch being undertaken under the standard Current Account Switch Service.

Nevertheless FYI ... https://www.nationwide.co.uk/help/fraud-and-security/

AmityNeon

dealyboy said:

It is puzzling! very puzzling! there was no hint of this in the T&Cs, the switch being undertaken under the standard Current Account Switch Service.

EDD likely falls outside the scope of the CASS and would be covered by the standard banking T&Cs of Nationwide (as well as all regulated institutions). Nationwide should still complete the switch, but it appears that unless the requested information is provided, they will eventually suspend and/or close the current account.

As for the switch offer, there is one exclusion that could potentially apply in this case (but hopefully will not):

You, or any of your accounts held with us, are subject to a financial sanction or restraint order. Or we are aware or reasonably suspect that fraudulent activity has taken place.

AmityNeon

The switch actually may or may not be completed, based on this clause:

3.4 We will stop the switch and/or suspend redirection activities if we have reasonable grounds to suspect fraud perpetrated by a third party or we consider it appropriate for your protection or to comply with our statutory duties. Unless we are unable to contact you or there is a legal reason or other circumstances beyond our control preventing us from doing so, we will tell you before taking this action and provide our reasons for doing so. If we are unable to contact you beforehand, where possible we will do so as soon as we can afterwards. You are responsible for all losses incurred by you if you have acted fraudulently.

dealyboy

Hi AmityNeon ... thank you for your clarifications.

AmityNeon said:

The switch actually may not or may not be completed, based on this clause:

3.4 We will stop the switch and/or suspend redirection activities if we have reasonable grounds to suspect fraud perpetrated by a third party or we consider it appropriate for your protection or to comply with our statutory duties. Unless we are unable to contact you or there is a legal reason or other circumstances beyond our control preventing us from doing so, we will tell you before taking this action and provide our reasons for doing so. If we are unable to contact you beforehand, where possible we will do so as soon as we can afterwards. You are responsible for all losses incurred by you if you have acted fraudulently.

It is disappointing that apparently NW were not more forthcoming in their reasons for requiring extraordinary information from their customer, if this is the case.

redsockspugie

Thanks for the advice. I have emailed Nationwide asking for their rationale in writing. I am perplexed though given that my salary is my only source of income, and I already have a mortgage with them. Can’t think why applying for a simple current account would trigger such an arduous risk process, if it is indeed risk-based. Either way, it’s poor customer service when they can’t even give me a consistent answer.

Really your help and conscious not to outstay my welcome and hijack this thread! I will nonetheless report back when I get a written response from NW in case anyone else on here comes across the same thing.

For now it looks like I’ll pass up the £200 and their regular saver, and wait for the next switch offer elsewhere! 

dealyboy

... hope it works out, there are many more fish in the sea ... and thank you for informing us.