Flex account, we have been ripping the ar5e out of it.

[cooperlola]

Anybody in the UK needs to go to the AGM and speak.  Otherwise, I don't know what one can do.  I'm tempted to try to e-mail the candidates on the list who are not already on the board and find out if they'd be open to a little persuasion!

[mona]

RE: AGM vote

suggest if you do nothing else you vote against the remuneration package proposed for the board

 

 

[Chancer]

Maybe I am in a minority of one but I am actually quite happy with NW for the moment, when I was on the phone to them the woman said that "we note that you are an overseas customer, well at least most of your spending is done there" and tried and succeeded in making me interested in a Nationwide credit card as it seemed to be the answer to my problems and they had a deal going on.

I went into the branch to confirm the details and sign up, other than drawing out cash, all purchases in Europe on the card are and will remain (OK for how long?) fee free just as the Flex card used to be, there was a choice of either a interest free, or perhaps low interest balance transfer or interest free purchases for 6 months, I chose the latter.

OK I now have another credit card and am indebting myself but other than the attraction of being able to pretty much live fee free as I did before 2 things stood out for me, the fact that you can choose to pay off the whole balance or the minimum balance automatically each month from your flex account (when I do use a credit card I invariably incur charges where I forget to pay it off) and that once the 6 month interest free period is over the credit interest if I do bend the card is only 9.9% APR, I was shocked being more used to something like 2.5% a month, they said it was because I was a long standing customer and had maintained my account in good order [:$] Flattery will get you everywhere with me!

Looking back at the charges that I had incurred on my Flex account I reckon  using the Credit card wisely will save me a packet, I now buy everthing on it and often will pay for friends purchases, or bring stuff over for them from the UK in exchange for cash thus avoiding/minimising the only fees that I would now pay.

Even without the credit card NW were still cheaper than all the other banks for those of us spending UK funds in France but of course we were all dissapointed to lose our priveledges, but that is what I had always looked on them as, hence my choice of thread title.

[tinabee]

[quote user="mona"]

RE: AGM vote

suggest if you do nothing else you vote against the remuneration package proposed for the board

 

 

[/quote]

looks like others out there are getting organised

http://ukexpats-nationwide-agm.1055033.n5.nabble.com/

[Chancer]

I read the 6 posts, what a bunch of whingers.

An expat forum where someone complains about being "fed up with having to pay to access my own money!" clearly does not live in the French part of France then [:D]

They will need a few more than 6 to achieve their aim of going viral and forcing a U turn on a commercial decision.

[Rabbie]

[quote user="Chancer"]

They will need a few more than 6 to achieve their aim of going viral and forcing a U turn on a commercial decision.

[/quote] 899,994 to go if the figures in the link are correct[:D]

[Théière]

[quote user="tinabee"]Just received my voting form for the Nationwide AGM - what do people think is the best way to make a protest vote?  I am pretty sure it won't make a blind bit of difference, but it might make me feel better for a couple of minutes [6][/quote]

Ditto, one of the board must be against it......one must have a holiday home.

[AnOther]

[quote user="Rabbie"][quote user="Chancer"]

They will need a few more than 6 to achieve their aim of going viral and forcing a U turn on a commercial decision.

[/quote] 899,994 to go if the figures in the link are correct[:D][/quote]Assuming they all have a Flex A/C, and a debit card, and use it in Europe, not a given by any means for what is a building society playing at being a bank.

[Russethouse]

 Have I got it wrong or is there a kind of irony in people complaining where they have chosen to move to a country where 'free' bank accounts in the UK mold are difficult to find ? How many times have I read complaints about charges for a card, charges for this and for that from French banks ? Isn't that the same as being charged to access your own money ?

 

[mint]

[quote user="mona"]

RE: AGM vote

suggest if you do nothing else you vote against the remuneration package proposed for the board

 

 

[/quote]

Mona, I have just returned after a couple of days away and so have only this morning looked at the voting forms and seen this renewed thread.

I was going to veto all the present members and certainly veto their remuneration package anyway.  And, of course, I shall be doing the same for OH's forms![;-)][:D]

Tinabee, please keep us informed about the other thread.

RH, I hate to fall out with you but I must point out on this occasion that you cannot have any idea how painful all this is to those of us who live here full-time and were effectually railroaded into charges on which we had scant notice and can do nothing about.

Only recently, I had a tip from one of the FX companies that any rate above 1.15 is worth considering.  If I still had free use of the NW debit card, for example, I would definitely have gone to the ATM and taken money out on the few days when the rate was that or above.  Of course, with the charges, it wasn't worth doing.

RH, I really, really don't think you understand what it is like to have your FIXED income reduced by a third and NO income from any savings you might have hit you at one and the same time.

Of course, you are free to air your thoughts and comments but, RH, I HAVE to tell you that I do NOT welcome them.

[cooperlola]

The cheap withdrawals abroad were a nice perk but not a deal breaker for me.  I keep and continue to use my Nationwide account and pay in a quite substantial amount every month (over the threshold for the travel insurance which I can't have but which UK account holders can benefit from) although I do use my Credit card more  than I did before and make transers from the NW account.  However, I can't see that it's whingeing exactly if one asks the question at the AGM as to whether the facility could be reinstated.  If it's a facility which was a positive then why not? 

As far as the voting is concerned once again, I'd like to know what the two alternative candidates can offer which the current board doesn't.  I don't see what's wrong with that, or why it's whingeing.  The voting system is pretty vague and there are no "mafinfesti" explaining what the candidates propose for the future.

[idun]

I have seriously been thinking about changing banks and going to the NW, so how is it really?

Re the charges. Well things change in life, so much changes and it often feels like we always end up paying more with every change. I can't say I like it, but, that is the way it is. If the NW really wants more money in, then they can just adjust the exchange rate to cover this charge anyway. If this is fought and won, then perhaps that that is exactly what they will do.

We have a contract with our current french bank. It is 38€ per trimestre plus we have to pay half for one of the debit cards, we have no credit cards with them. Expensive, it is, could we do it cheaper, yes, The only thing is that a few people are playing silly beggars with us and are debiting our account when the direct debit is cancelled. So our bank has to send this back and would charge if we hadn't got the contract we have got. And that is even though they have no authority to pay these payments in the first place.

[cooperlola]

Well, Idun, charges apart (and I still haven't found a cheaper way to get small amounts of cash out here even though for purchases Capital One works out better) I have few to no complaints about them and have banked with them for 20+ years without problems.  They also were very careful years ago when we applied for a mortgage.  In days banks were lobbing money at people based on salary rather than monthly outgoings, they seemed to be more careful with their client's money so I call that a positive.  I'd like to have the free withdrawal facility back but not having it hasn't suddenly made them a poor place to keep my money.

The fact that there's no longer an interest on their Flexaccounts is a bore, but that won't affect you in the UK as you could open a different type of account if you wished to.

[idun]

I have only used the FX companies to transfer from the France to the UK, but how would they work UK - France. I use TORFX and they have been good with me.

As I said, if they keep free withdrawals, then they will probably change the exchange rate instead, banks are like that[:(]

[mint]

I opened my Flexaccount in 1983 in the Taunton branch.

I was not therefore amongst the people who opened an NW account just on the eve of moving abroad.  And, indeed, it made sense to open a NW account when you ARE moving abroad.  You'd be a fool not to avail yourself of such a marvellous facility.

But, as a long term customer, do I feel ill-used?  You bloody bet I do!

We expats do tend to keep extra in our current accounts for "contingencies" and we aren't generally the ones taking out loans and mortgages for which we cannot pay back.

And YES, I do feel entitled to SOME consideration for my custom over so many years?  Am I wrong to feel this?  Maybe, but then I feel it anyway.

I ran a surveying and architectural practice for a number of years and I did always reward the loyal clients and make them feel valued.

Anything wrong with that?  They might or might not expect it but I felt I wanted to do it anyway.

[Benjamin]

[quote user="idun"]

 banks are like that[:(]

[/quote]

What we have to remember is that Nationwide is not a bank but a mutual institution driven by the needs of it's members and not shareholders. Supposedly!

[Russethouse]

RH, I really, really don't think you understand what it is like to have your FIXED income reduced by a third and NO income from any savings you might have hit you at one and the same time.

Of course, you are free to air your thoughts and comments but, RH, I HAVE to tell you that I do NOT welcome them.

 I'm sorry Sweet, But  I think we'll have to agree to differ. The Nationwide gave a fantastic deal for years, and the publicity about the deal and the increase in its use may have ultimately lead to its undoing. 

A few months ago there was an explanation as to why it had been stopped - its a commercial decision. As Chancer has said, there are ways while not being exactly 'round it'  but that are helpful.

Can any of us  really expect any commercial organisation with a responsibility to its shareholders (in this case members) to run their business to suit a minority ?  Its especially tough when the exchange rate has plummeted so badly.

Of course you still have the right to complain and try to get the facilities lost,  re instated, but if you do my bet is that something else will change to make up the losses, and that may not be to your liking either.  My feeling is that anybody attempting to get the facility re instated would need a strong case made up of facts and figures, so that returning the facility was financially viable.

http://www.guardian.co.uk/money/2010/jul/31/nationwide-flexaccount-charge-withdrawals

Reading the above it looks to me as if Nationwide were being charged by Visa/Mastercard for each transaction and all NW were paying those charges,(admittedly lesser) now the person using the service pays...what is unfair about that ?  Plus the average benefit to customers was £12, I guess the facility was initially meant for holiday makers.

Just FYI - we have a reasonable sum in a savings account in the UK, now the interest is so poor that we actually lose about £5 a quarter on it because of admin charges, when we opened it we were getting in excess of £250 in interest ! All our spending is on CC which we clear each month, that means just one bank transfer - less fees.

Nothing, stays the same !

[Kitty]

I'm with Sweets on this one.

Nationwide introduced the new rules with little notice.  The changes had a major effect on how we live our daily lives in France.  We have had to look elsewhere to access our UK money in France at an affordable rate.  You have to live in France full time to understand how difficult this is.

Many of us only set up a NW account because of the cash withdrawal benefits.  Each of my family had an account and so NW have lost the regular custom of six of us.  I would like to know more about the commercial decision about why they instigated the changes and as the NW are a building society and we are members, we are entitled to know more.  The AGM is a good forum to find out.

I am surprised that this is seen as whinging.

[Russethouse]

 Personally I don't think its whinging, you have a perfect right to get your concerns on the agenda , I hope the group are careful how they frame the question though otherwise it could easily be brushed aside as having been dealt with.

 Why not ask them to consider a compromise and offer to pay 1% ? That would cover the processing fees at least

 I'd like to know why some NW members think its OK for other members, who may never go abroad, should pay the charges from the card processor on the transactions made in France ?

There could be an argument that those people's savings in NW accounts were to its advantage, but is that really the case ? Won't they have done the paperwork before hand ?

[suein56]

[quote user="Cathy"]  We have had to look elsewhere to access our UK money in France at an affordable rate.  You have to live in France full time to understand how difficult this is.[/quote]

Exactly; speaking as someone who has never had a NW account and had to manage all these difficulties by myself, it seems to me you have had a joyous free ride, but now you are being asked to contribute to the costs. As my French friends often say, you live in France you pay.

Welcome to the real world.

[quote user="Cathy"]  Many of us only set up a NW account because of the cash withdrawal benefits. [/quote]

And you have benefitted from it for years. Be content that you have had that.

[quote user="Cathy"] I am surprised that this is seen as whinging..[/quote]

I'm not, really I'm not.

Sue

[mint]

[quote user="Russethouse"]

  I'd like to know why some NW members think its OK for other members, who may never go abroad, should pay the charges from the card processor on the transactions made in France ?

[/quote]

And I'd like to know why the MAJORITY of NW members who never go abroad, already live abroad or who are aged over 70 (or 75, whatever the rules are) should pay for the travel insurance for which they are NEVER going to be able to benefit from?

[Russethouse]

 A) That doesn't answer the question

B) Easy - they made a deal with some insurance provider to provide a bit of fluffy window dressing for their scheme - it may be a bulk deal (doesn't matter what the take up is) or it may be the less people take it up the better for NW. Frankly in my eyes its a pretty useless benefit, but then I get 'sweet you know what' from my bank......

[Benjamin]

[quote user="Russethouse"]

 I'd like to know why some NW members think its OK for other members, who may never go abroad, should pay the charges from the card processor on the transactions made in France ?

[/quote]

A bit like savers subsidising people with mortgages, some of whom are hundreds of pounds per month better off?

It's dangerous picking out individual products.

I'll repeat what I said a few posts ago.

A mutual institution should be driven by the needs of it's members. Unfortunately many of them wouldn't stand up to scrutiny against some of their shareholder accountable peers.

[Chancer]

As the person who started the thread and cose to use the words "ripping the ar5e out of it" and "bunch of whingers" i find myself in the unusual situation of understanding fully both sides.

I also opened my Flex account in 1983 but had previously had a mortgage with NW and saved with them since I was a teenager, I opened the Flex account to use as a budget account paying in an initial deposit and a fixed sum of money in each month to give me an account with the facility to spread the bigger bills out evenly without a borrowing facility if you follow me. I had previously had exactly this with the Midland Bank but they changed it to make it effectively a credit card wit a huge limit and credit card type fees, not at all what I wanted.

I have saved a small fortune since 2004 by using my flex account card first while I travelled the world and then since living in France full time, there was nothing else remotely like it yet initially despite having the Flex account I wasnt aware of the benefits and did not have a debit card on the account, I only have to look at how much I paid in bank charges and lost in currency conversions whilst I was in South Africa, Venezuela and Columbia to remind myself just how much it cost and continues to do so with other banks, I recall being at Caracas airport without any Bolivars, the ATM's would only allow me the equivalent of 15USD each time I used the card and Midland were not only giving a far worse conversion than NW but charging me £2.50 per withdrawal.

I too have seen my income drop by 30% and effectively the complete loss of  interest on savings but that is the price I have to pay for taking the risk of moving to another country, can I really expect the majority of  Nationwide members to continue to allow me to enefit from something which is just not available elsewhere? - I think not, i am however very thankfull for the benefits I have already made from the account and continue to do so with a bit of juggling, its not as if there is any other alternative out there is there?

I called them a bunch of whingers because even at my relatively young age I can remember that one always had to pay for banking facilities, untill recent years I could not even have dreamt of travelling round the world or living full time in another country with just a piece of plastic, I suspect the 6 protester probably live in Spain but like RH I saw the irony of whinging about paying to access your own money (which we all have to do one way or another) whilst living (probably) in a country where the non aisé populace could not even dream of doing so, a bit like the CMU really!

FWIW I continue to profit from the NW far more than I could from another bank/building society and think that they have a dopetd a very shrewd strategy, they are pushing hard the benefits of the NW credit card, those of us that use them wisely will profit from the interest charges paid by the others, many of which will have got a card just to save on charges during their holidays in Europe and that is exactly the time when heart rules head and people borrow more than they should or can repay, tant mieux pour nous [:D]

[idun]

I kept seeing NW and for me that will always be the National Westminster Bank and that is what I thought was being talked about.

When I re read I saw that Nationwide was mentioned, but I'm not sure that it registered as to being the the NW that was also mentioned.

I would not use my local Nationwide. They have few staff and are badly organised. I have been in twice or thrice to see about opening an account and was left waiting too long and was told I would be contacted and was not. Easy way, not to get clients if you don't even have a little common courtesy with possible new ones.