RIPPED OFF ! Nationwide Flex Account

hev_2

Just for info - my DH walked into Nationwide and paid in a £16k cheque.

The cashier discreetly leant forward and asked if he was going to just leave it in his current account because that was not the best thing to do.

I'm really happy with the Nationwide, but perhaps OP got shoddy service (been fantastic in five totally different areas for me) or a manager having a bad day due to it being end of financial year.

Hope this is all resolved for you, but be warned about that 1p. If you open a dispute with Nationwide they tend to close the account anyway.

uktim29

kenwalker wrote: »

Had the OP simply walked into a branch, asked for and completed an application form for the account and handed over their money that would have been a different set of circumstances and they could have been accused of "stupidity" or "foolishness" but in this case they placed themselves in the hands of the Manager and that's where the duty of care arose. They believed that they had been given the best advice for their circumstances and therefore saw no need to look into it further.

This may well have been the case.

The op put £25,000 in at some point but did not say he went in and asked the best account to put £25,000 in to earn interest. For all we know the op could have asked to open a normal account or made it sound like thats what they wanted. It's perfectly possible, after all the op managed to start this thread in "I won, I won, I won" rather than the vent section.

kenwalker

uktim29 wrote: »

This may well have been the case.

The op put £25,000 in at some point but did not say he went in and asked the best account to put £25,000 in to earn interest. For all we know the op could have asked to open a normal account or made it sound like thats what they wanted. It's perfectly possible, after all the op managed to start this thread in "I won, I won, I won" rather than the vent section.

The OP was expecting 4.5% interest on the full deposit so it doesn't look like he went into the branch asking for an ordinary account or if he did he came away thinking that he was going to get 4.5% interest on the full balance. The investment was discussed with a Manager who had a duty of care as previously explained.

Blacksheep1979

Sorry but the op is a fool I bet he didn't ask the best account to put that money in, merely asked to open an account. Furthermore he managed to miss on each statement that the interest was far less than the expected £100 or so for 12 months!!!!! Once you may overlook but 12 times - come on.

DBC_2

Blacksheep1979 wrote: »

Sorry but the op is a fool I bet he didn't ask the best account to put that money in, merely asked to open an account. Furthermore he managed to miss on each statement that the interest was far less than the expected £100 or so for 12 months!!!!! Once you may overlook but 12 times - come on.

The interest is only added once a year (December 31st). So they would not have noticed it on their monthly statements.

uktim29

kenwalker wrote: »

The investment was discussed with a Manager who had a duty of care as previously explained.

Where does it say this?

The op said he put £25,000 in. He hasn't said he discussed this with the manager, where are you getting this from? He could have opened an account with no mention of any amount, then put £25,000.

kenwalker

uktim29 wrote: »

Where does it say this?

The op said he put £25,000 in. He hasn't said he discussed this with the manager, where are you getting this from? He could have opened an account with no mention of any amount, then put £25,000.

I'm getting it from the first post which states - "We opened one March 2006 with about £25000 in it was looking forward to getting 4.25% interest at the year end thats what we were told by the branch manager."

"opened with about £25,000" suggests to me that he opened it with about £25,000.

"that's what we were told by the branch manager" suggests to me that he discussed it.

N79

While I do agree with the majority of the posts that what the OP did was not really a very sensible course of action I can confirm that the nationwide do sometimes mislead customers and open incorrect accounts.

My story:

I wanted to open a basic account that I could pay into over the counter. At the time, a few years ago, I was going out of the office with friends twice a day to a local coffee bar and we all bought a take away coffee. (Bear with me - this is relevent.) One day I realised that this habit was costing me thousands of pounds a year and I needed to break the habbit. Initially I found this hard as going out was how we took our breaks. I decided that the best way to motivate me was to go every break into the nationwide next door and pay the money into an account while they bought coffee. This way I could see the money building up and I would be able to spend it on weekend breaks, thus giving me the motivation I required. I explained this to the lady in nationwide and asked for an appropriate account. They opened some savings account but when I went to pay in my first "coffee money" I was told that the account I had did not allow deposits of coins over the counter! The account was thus useless and I had been missold.

Yes, it was buried in the terms and conditions which I had scanned but not read in depth. Lesson learned - but Nationwide still got it wrong.

N79

(PS I then broke the habbit without the account just proving that it had all been a waste of time in the first place!)