Chancer Posted July 31, 2010 Share Posted July 31, 2010 Very bad new peeps [:(]http://www.guardian.co.uk/money/2010/jul/31/nationwide-flexaccount-charge-withdrawalsI guess it has been too good to be true all these years.Looks like I will now have tobe far better organised, make transfers well in advance and start using my French bank account, thats going to upset the people in the supermarket queues, its bad enough waiting for the carte d'identité details to be recorded but faced with a UK passport the cashiers at Lidl and Aldi and the queue behind are really going to start the old "oh la la la la la la". Link to comment Share on other sites More sharing options...
Chancer Posted July 31, 2010 Author Share Posted July 31, 2010 Quote:Previously, only a third of our current account customers used their card abroad, and many used it only for that, holding their main current account with another provider, bringing little or no benefit to the society and its other members," said Rhodes.Well it is my main account and has been for over 30 years but once the dust settles I will move to whoever gives the best deal, and will probably end up having to keep moving every few months just like savings accounts.They wont lose a third of their customers but even if they did I guess its better than for the other members to subsidise them. Link to comment Share on other sites More sharing options...
Théière Posted July 31, 2010 Share Posted July 31, 2010 Write in and complain, last time they tried it the number of complaints made them reverse the desicion quickly. Vote out the people responsable at the next AGM Link to comment Share on other sites More sharing options...
mint Posted July 31, 2010 Share Posted July 31, 2010 Yes, too good to last. It will mean going back to FX companies and changing large amounts at any one time though I appreciate that not everyone can change thousands rather than hundreds at a time.I was not too happy that people with mortgages pay only 2.5%, thus losing the bank millions as they themselves have claimed, and OH and me getting next to nothing on our savings.Who wants to be prudent? Save not spend? Accumulate not speculate? Put something aside for a rainy day, etc?All these old values that were tried and trusted have now been turned on their heads.Coming out with me to hit the sales and spend, spend, spend, anyone? Link to comment Share on other sites More sharing options...
Théière Posted July 31, 2010 Share Posted July 31, 2010 Yes but they are offering travel insurance so if people take up that option it will cost the society even more. I can't use it as my main account as I need a business account which they don't offer and 5 days or more to clear a cheque, who are they kidding. As someone stated the TV adverts cost a fortune and are rubbish. Their service is slow, their queue's longer so if they do this our 3 accounts will be moving elswhere. Link to comment Share on other sites More sharing options...
Chancer Posted July 31, 2010 Author Share Posted July 31, 2010 [quote user="Théière"]Write in and complain, last time they tried it the number of complaints made them reverse the desicion quickly. Vote out the people responsable at the next AGM[/quote]What year did this happen Théière? Link to comment Share on other sites More sharing options...
Théière Posted July 31, 2010 Share Posted July 31, 2010 Was it last year? I remeber a news broadcast saying the society reversed it's descision after complaints. Link to comment Share on other sites More sharing options...
Chancer Posted July 31, 2010 Author Share Posted July 31, 2010 In which case you must have been dreaming, a year or so ago they announced that they would be charging for foreign transactions which whipped up some histeria, wheareas in fact it was for outside the eurozone, the change went ahead as planned.I had a feeling that the writing was on the wall then when they said that they were committed to maintain free cash withdrawals in Europe, I have only ever seen this phrase used when the reverse is actually planned.My local authority in Sussex had picked up the dustbins from your back garden since time immemorial then one year whilst trying to justify why we had to leave our new recycling bins on the boundary they added "we are committed to maintain the current back door refuse collection service", they, like the Nationwide just forgot to add for another 12 months only! Link to comment Share on other sites More sharing options...
5-element Posted July 31, 2010 Share Posted July 31, 2010 Does anyone know when that new regime is going to start? Is it....as from today??? I couldn't find out from the article, unless I missed it.What a perfect drag.[:(] Link to comment Share on other sites More sharing options...
BJSLIV Posted July 31, 2010 Share Posted July 31, 2010 Does anyone know when that new regime is going to start?The article says ......Nationwide says the new charges, effective from 1 November, will still mean customers withdrawing cash abroad are better off than those from other banks, but some may see it as a betrayal. Link to comment Share on other sites More sharing options...
woolybanana Posted July 31, 2010 Share Posted July 31, 2010 Don't see why nationwide customers should be different from any other bank? Link to comment Share on other sites More sharing options...
mint Posted July 31, 2010 Share Posted July 31, 2010 I live near a cash machine so I intend to draw out as much as pos (whilst watching the exchange rates) BEFORE 1st Nov. Link to comment Share on other sites More sharing options...
Doodle Posted July 31, 2010 Share Posted July 31, 2010 [quote user="5-element"]Does anyone know when that new regime is going to start? Is it....as from today??? I couldn't find out from the article, unless I missed it.What a perfect drag.[:(][/quote]From 1st November '10. This is Money website is suggesting Caxtonfx or Fairfx and you can get a free card via this website with Fairfx however, it is of no use at the moment if you don't have a UK address (which I don't have) although it does say they will be open to international customers shortly (I do hope so!).Chris Link to comment Share on other sites More sharing options...
Chancer Posted July 31, 2010 Author Share Posted July 31, 2010 It said the 1st November in the article IIRC. Link to comment Share on other sites More sharing options...
Chancer Posted July 31, 2010 Author Share Posted July 31, 2010 [quote user="woolybanana"]Don't see why nationwide customers should be different from any other bank?[/quote]Well they were always trumpeting that it is a mutual society owned by the members not shareholders and hence could offer benefits like this that no other bank did but clearly they are now of your opinion Wooly. Link to comment Share on other sites More sharing options...
woolybanana Posted July 31, 2010 Share Posted July 31, 2010 Surely, other members must have been subsidizing the foreign withdrawals service? Link to comment Share on other sites More sharing options...
5-element Posted July 31, 2010 Share Posted July 31, 2010 [quote user="BJSLIV"]Nationwide says the new charges, effective from 1 November, will still mean customers withdrawing cash abroad are better off than those from other banks, but some may see it as a betrayal[/quote]Many thanks, BJSLIV, panic must have blinded me.[:)] Link to comment Share on other sites More sharing options...
5-element Posted July 31, 2010 Share Posted July 31, 2010 [quote user="sweet 17"]I live near a cash machine so I intend to draw out as much as pos (whilst watching the exchange rates) BEFORE 1st Nov.[/quote]Likewise, and I won't even bother watching the exchange rates, as I always pick the worst time anyway. On the strength of advice on this (or maybe another?) forum, a couple of months ago I urged OH to transfer a largish (for us) sum of money from the UK, quickly before parity set in. He got an 1.11 rate, since then it has hit new highs!. "You and your forums!"... he swore he would never listen to me again... Link to comment Share on other sites More sharing options...
mint Posted July 31, 2010 Share Posted July 31, 2010 [quote user="5-element"]"You and your forums!"... he swore he would never listen to me again...[/quote]You mean he actually "listens" to you? I swear mine never does.......[:D] Link to comment Share on other sites More sharing options...
AnOther Posted July 31, 2010 Share Posted July 31, 2010 This is very upsetting news although not wholly surprising [:(][quote user="woolybanana"]Don't see why nationwide customers should be different from any other bank?[/quote]Why, because when all banks offer carbon copy servicies and facilities it's called a monopoly and because for many the card facilities they offered will be the sole reason that they opened an account with them in the first place. It was for me and for what little good I think it will do I will be writing to them in protest as I do use them as my main UK bank and have a not inconsiderable sum sitting in their coffers, not to mention depositing my not to be sniffed at salary with them each month also. You might as well ask why say P&O passengers get a better deal than Brittany ferries (if the do), it's a specious argument not worthy of you.The free travel insurance of course will only be available to UK residents.The hunt is on then for an alternative method of transfer but outside the traditional brokers I'm not hopeful.Perhaps we need a sticky entitled RIP Nationwide, long live..........? dealing exclusively with that search.I blame Martin Lewis [:@] Link to comment Share on other sites More sharing options...
bubbles Posted July 31, 2010 Share Posted July 31, 2010 Just come across this thread.I was having a really good day up until then!Well, Nationwide is our main bank.We spend possibly 10 months a year in the eurozone.We will be 65 in a couple of years.We are French resident.This means we won't have the advantage of free travel insurance but will be clobbered for charges when withdrawing our cash.Would it really be too complicated for them to differentiate between those of us who pay in their salaries/pensions and those who just use the account for foreign travel benefits?I'm going to write to them NOW and complain.(using the online messaging facility - suggest you all do that too - swamp their website) Link to comment Share on other sites More sharing options...
Chancer Posted July 31, 2010 Author Share Posted July 31, 2010 I reckon that they have indeed waken up to how many of us living in Europe have been profitting from their very favorable terms.This is the second time Nationwide has downgraded the overseas benefits of the FlexAccount. In May last year the building society began charging a 1% fee on transactions outside Europe, but said cash withdrawals on the continent would remain free. It said that, in tough economic times, it had to pass on the 1% fee for currency conversions charged by Visa outside Europe.Today it is doubling that fee and removing the exemption for Europe. On purchases in shops and restaurants abroad, debit card customers will pay a 2% conversion fee, while at ATMs there will be a 2% fee plus a £1 flat rate. The fee for credit card purchases abroad will remain 1%.Unless the situation has changed and I am sure that they would have said so, they incur no charge from Visa within the Eurozone, the 1% charge for the rest of the world is passed on and remains unchanged whereas transactions in Europe will now be charged at 2%I can see their rationale, they are still very attractive for UK based customers when they holiday abroad and still competitive within Europe compared to the other banks, with the addition of free travel insurance they will probably increase their profitable customer base.Other indications that this was on its way were the refusal to open new accounts unless a salary was paid in each month and IIRC no longer allowing accounts to be opened from, or perhaps transferred to Foreign addresses.Very sad but I have done very well out of them for the last 6 years. Link to comment Share on other sites More sharing options...
sueyh Posted July 31, 2010 Share Posted July 31, 2010 Just sent off my letter of complaint.Suey Link to comment Share on other sites More sharing options...
Doodle Posted July 31, 2010 Share Posted July 31, 2010 [quote user="bubbles"]Just come across this thread.I was having a really good day up until then!Well, Nationwide is our main bank.We spend possibly 10 months a year in the eurozone.We will be 65 in a couple of years.We are French resident.This means we won't have the advantage of free travel insurance but will be clobbered for charges when withdrawing our cash.Would it really be too complicated for them to differentiate between those of us who pay in their salaries/pensions and those who just use the account for foreign travel benefits?I'm going to write to them NOW and complain.(using the online messaging facility - suggest you all do that too - swamp their website)[/quote]Totally agree with your comments bubbles and I made my complaint this morning. Link to comment Share on other sites More sharing options...
tinabee Posted July 31, 2010 Share Posted July 31, 2010 [quote user="sueyh"]Just sent off my letter of complaint. Suey[/quote] Me too Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now