Bank or Building Society...

LongJohnBaldy

Hello, I have been with same bank for 25 years and earlier this year I was overdrawn for a few hours. They charged me £35.00. Admittedly this is the first big money they have got from me in all that time, that is besides setting up direct debits etc.
My query, I am also with Nationwide BS. Would there ever be a time when I would need a bank more that the building society?
I feel I want to dump the bank but I am afraid of shoting myself in the foot, I also have a disablement meaning I am unable to work and mostly these instututions like to see a work record. Regards.

ReportInvestor

Nationwide BS is a bank to all intents and purposes. It does current accounts, cash machines, credit cards, debit cards, cheques.

It may not do things like safety deposit boxes - but neither do all banks.

You should be OK dropping your ungrateful bank, LJB.

Joe_Bloggs

The online aspect of the Nationwide's banking is pretty good. There is no reason why you can't migrate your banking activities over gradually. Why don't you name the bank you are with and perhaps forum members can suggest the pros and cons of any action.
It may be just wishful thinking but I thought banks would consider credits before debits that appear the same day to avoid screwing their customers. An existing overdraft facility in place may have saved you that fee.
J_B.

newfoundglory

Yeah, I have to agree that Nationwide is basically a bank. I've had my main current account with Nationwide since I was 18... then when I went to uni i opened a second current account with Lloyds TSB... but i'm still far happier with Nationwide than I am with Lloyds.

Plus I have the added bonus on the free debit card usage abroad, which has been very handy!

LongJohnBaldy

The bank in question is The Northern Bank here in Northern Ireland. I think they used to be affiliated to Midland Bank. They are/were owned by Bank of Australia, I'm not sure if the sale went ahead or not.
I did phone and query the charges but of course I was in the wrong.:mad:
Nationwide sent me the forms out, out of the blue to help with a transfer, I have them filled in but held back on returning them.
I want to make sure I do the correct thing before I jump.
I think by trying to keep the two accounts going was the real reason for the overdraw. :rolleyes:

Pottymouth_2

LongJohnBaldy wrote:

Hello, I have been with same bank for 25 years and earlier this year I was overdrawn for a few hours. They charged me £35.00. Admittedly this is the first big money they have got from me in all that time, that is besides setting up direct debits etc.
My query, I am also with Nationwide BS. Would there ever be a time when I would need a bank more that the building society?
I feel I want to dump the bank but I am afraid of shoting myself in the foot, I also have a disablement meaning I am unable to work and mostly these instututions like to see a work record. Regards.

A suggestion - How about keeping the bank a/c open and in credit by £10 - but to all intents and purposes transfer everything to Nationwide and treat it as your current account holder. Then, you have a safety net in that you still have an account open with a high street clearing bank, should you need it. There may be advantages with a high street bank - but I can't think of anymajor ones!

Potty

Pottymouth_2

LongJohnBaldy wrote:

Hello, I have been with same bank for 25 years and earlier this year I was overdrawn for a few hours. They charged me £35.00. Admittedly this is the first big money they have got from me in all that time, that is besides setting up direct debits etc.
My query, I am also with Nationwide BS. Would there ever be a time when I would need a bank more that the building society?
I feel I want to dump the bank but I am afraid of shoting myself in the foot, I also have a disablement meaning I am unable to work and mostly these instututions like to see a work record. Regards.

Sorry - also occured to me that even though you phoned to query - you could try and admit - OK "mea culpa", I am in the wrong - but this is the first time in 35 years - have a heart guys and waive this fee... worth a go - has worked with Credit cards for me in the past...

Potty

dchurch24

You could also mention that penalty charges in contracts are illegal. That has got charges refunded to me every time it has ever happened.

pin

dchurch24 wrote:

You could also mention that penalty charges in contracts are illegal. That has got charges refunded to me every time it has ever happened.

Have you an proof of this? I know this may be the case in England, however Northern Ireland is a slightly different legal juristiction to England and Wales.

LongJohnBaldy

Hello and thanks to everyone who took time to reply.

I like the idea of running the bank account down and leaving a tenner or so to keep it alive, slowly switch all over to building society.
Whilst I would like my money back I'll let them stuff it and be careful in future.
Either that or close the bank account all together. :rolleyes:

Chadsman

Nationwide wont swap old bank notes that have gone out of circulation for new notes, most banks will.