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

[AnOther]

Virtually all the major banks will open an offshore account for non UK residents however it's a bit of an OTT solution for those who only want to draw against a pension or transfer the odd bit of capital. For that the NW facility was perfect and without parallel.

[mint]

Also, and Erns will correct me if I am wrong, I think the off-shore banks do not have quite the same regulation as banks on the mainland. 

I believe that instead of £50k, your protected funds are only £15k per account.

[AnOther]

Offhand I couldn't tell you sweets other than I do know that each has it's own rules and that in IoM it's 50k.

[cooperlola]

[quote user="sweet 17"]

, your protected funds are only £15k per account.

[/quote]What do you mean only?  That's actually plenty for most normal people![:D]

[mint]

ONLY £15k as opposed to AS MUCH AS £50k, you naughty Coops!  But I suppose I lay myself right open to that![:D]

As for Mr Moneybags AnOther, he wouldn't be impressed with £50k either, I guarantee you![I] 

[AnOther]

I guarantee you I would sweets [I]

Where did 'Mr Moneybags' come from ?

[cooperlola]

[quote user="AnOther"]Where did 'Mr Moneybags' come from ?

[/quote]Somewhere in the North Sea?

[AnOther]

[quote user="AnOther"]

Someone is listening, message from 'er indoors;

Chap from NW just rang re your "feedback".  He will call again on Thursday

Watch this space [blink]

[/quote]Well no return call today as promised however I wasn't hoping for much as this is what someone else has received in reply to their complaint: (my highlighting)

We do appreciate your loyalty to Nationwide and are constantly striving

to find the best possible ways to deliver real value to our members.

You have asked why customers who use their FlexAccount as their main

account can't continue to use their cards abroad without charges.

Commission free card use abroad has been a long standing benefit of

Nationwide’s FlexAccount but, even though it has been available for

more than ten years, only around a third of our current account holders

have used it each year. Over time we have found it has provided a huge

benefit to a tiny minority of our current account members, such as

regular business travellers. At the same time it has benefited others

by only a modest amount and it has not benefited the majority of our

current account members at all. It is simply not an equitable way to

share member value. However, the majority can benefit from free travel

insurance if they make FlexAccount their main account and the value

they would receive will be shared more equitably.

We have a responsibility to manage the business in the most prudent and

sustainable way for our membership as a whole and a key part of our

corporate strategy is to encourage more members to use their

FlexAccount as their main current account. We believe the free

multi-trip travel insurance is more likely to encourage people to use

their FlexAccount as their main account, particularly as it covers

holidays booked in the UK as well as in the rest of Europe.

The future introduction of 2% commission for debit card use abroad and

the £1 cash withdrawal fee also have to be seen in the context of the

charges made by our competitors. Nationwide’s planned charges are still

lower than those made by the majority of our high street competitors.

Very importantly, the changes only apply to FlexAccount customers and

not Nationwide's credit card customers. Nationwide credit card

customers will continue to be charged a 1% fee outside Europe and no

foreign usage charges within Europe.

I do understand your concerns and I acknowledge that you are not alone

in really appreciating the existing arrangements. I have tried to give

you the fullest possible explanation of the rationale behind the

changes. We did not take this step lightly, but we have to put in place

benefits that are more equitable, prudent and sustainable.

A rather different slant then that not enough have been benfitting from free withdrawals !

[mint]

Own up, please!

Hands up all those people with Flex accounts who haven't been using it for free withdrawals whilst living in France or whilst travelling within the Eurozone?

See, Erns, it's simply NOT true or else no one's owning up?

[Russethouse]

 Its a fairly reasonable letter however giving one person free travel insurance doesn't make it very attractive to me......what happens in the case of joint accounts ?

However I wonder what the charges are for cash withdrawals on the Credit Card ? Could that provide a way round ?

[cooperlola]

Sweets, hereabouts I'm sure that's the majority reason but whether that is so across the board I wouldn't know. 

My CA debit card includes travel insurance so that's of no interest to me.

Still it's unlikely I'll move my account - too much hassle when one has no ties with the UK although I am looking into MPP's suggestion.  I don't think, for instance, that I can have a Nationwide debit card now I live in France, RH.

[mint]

Coops, do you mean you don't have a NW CREDIT card?  Because, if you have a Flex account, then you MUST have a debit card?

Yes, now you're in France, you won't be eligible to apply for a credit card from any UK based financial institution.  They just won't let you have one.

[AnOther]

[quote user="Russethouse"]

Its a fairly reasonable letter however giving one person free travel insurance doesn't make it very attractive to me......what happens in the case of joint accounts ?

However I wonder what the charges are for cash withdrawals on the Credit Card ? Could that provide a way round ?

[/quote]It's only the primary A/C holder who is covered but you can pay a subsided fee for a spouse.

Cash withdrawals still attract minimum fees of £1 plus 2% commission even if you have pre-loaded the card with credit as you are paying for the Visa service not the actual cash you are withdrawing. Card providers may impose other fees charges are in addition to that so not a viable alternative.

[Russethouse]

 No better then - shucks !

[Chancer]

So only a third of their members were taking advantage of the flex account broad, but they think that the majority will benefit from the free (not) travel insurance!

According to them not enough of us were ripping the ar5e out of it, so I guess we only have ourselves to blame [Www]

I was totting up today whilst driving how quickly one can be smothered by small increases, and being les vacances lots of them are being announced at the moment, another 3 or so % on electricity, which judging by what the 4.9% actually cost will be more like 5%. Motor insurance to rise by 5%, water bills having another 30% for pollution/upgrade to reseau.

For those of us with UK income now an extra 2 or 3% extra cost for anything we buy in France, OK buy more in the UK, oh forgot VAT is going up (when will that be by the way?) etc etc. My income is fixed and I live on the real breadline keeping my living expenses to the absolute minimum but even to stand still I have to make more and more sacrifices like no more alcohol or haircuts since January.

And then my positive side kicked in and said "not long ago you were getting €1.03 to the £" on many days the rate dropped more than the 2% or so that Nationwide have announced.

So life is still pretty rosy really [:D]

[cooperlola]

[quote user="sweet 17"]

Coops, do you mean you don't have a NW CREDIT card? [/quote]Yes, of course I did mean that.  I should remember always to read my stuff properly before posting it.  Glad you were awake.

[Doodle]

Received my letter today if anyone is interested pm me and I'll scan a copy over but basically saying:

'over time we have found it has provided a huge benefit to a tiny minority of our current account members such as regular business travellers. At the same time it has benefitted others by only a modest amount and it has not benefitted the majority of our current account members at all. It is simply not an equitable way to share member value' etc etc.

Chris

[AnOther]

[quote user="knee gel"]Received my letter today if anyone is interested pm me and I'll scan a copy over but basically saying:

'over time we have found it has provided a huge benefit to a tiny minority of our current account members such as regular business travellers. At the same time it has benefitted others by only a modest amount and it has not benefitted the majority of our current account members at all. It is simply not an equitable way to share member value' etc etc.[/quote]Sounds like a carbon copy of what I posted a couple of days ago but it begs the question that if it is only a 'tiny minority' who have benefitted why is it an issue at all and I think the damage done will be well out of proportion to it.

I might have respected their decision a bit more if they had been honest and simply said that they were stopping it because we were indeed 'ripping the ar5e out of it'

[Gardener]

I know this site has been mentioned previously but this link may help you find the next less expensive way of spending abroad.

http://www.moneysavingexpert.com/travel/cheap-travel-money

This is also quoted from money saving expert

Chris Rhodes, Nationwide's product and marketing director, says: "The changes are to stop people getting the account just to use overseas. If you bank with Nationwide and support our products we want to give you a reward.

"What I don’t think is right is to cross-subsidise customers who choose to stay with Lloyds, for example, but use us for travel."

His aim appears to be to stop people using Nationwide as a cheap spare 'holiday account',which may be fair enough, but in doing so, as stated before, they do seem to be throwing the baby out with the bathwater . He has not discerned the difference between holiday customers and those who genuinely bank with Nationwide but now live abroad.

The 1.4 million customers cannot all be just travellers.

[tinabee]

I have just suggested to Nationwide via their on-line suggestions page, that they offer a special account with no fees for use of cards in Europe, specifically for members who live permanently or partially in Europe and use the Nationwide as a proper current account (i.e. pay in so much per month). Santander offer this type of account - so I can't see why Nationwide shouldn't offer the same service. 

[cooperlola]

Surely that's the point we should all make in our letters (as I'm sure all those less lazy than I have already done) - that there must be a way to keep this facility for those of us who pay decent amounts regularly into our accounts and have had them for years (in my case since my former builing society got turned into a bank so I think that must be about 15 or so?)  For those of us living abroad the travel insurance isn't an option anyway is it?  I know several people who use their NW accounts for nothing but travel so by all means get rid of them but not those for whom the NW is their main bank.  Modern systems must surely be able to identify the rest of   us?

EDIT : In  other words, what Tinabee just said.[:D]

[5-element]

Thumbs up, Tinabee, that is a great suggestion.

[Russethouse]

 Of course they might argue that you a) change to Santander b) they are still giving you a huge advantage over other customers - what would be an equal benefit to their UK based customers with similar amounts in their accounts?

Just playing devils advocate..[6]

[tinabee]

[quote user="Russethouse"]
 Of course they might argue that you a) change to Santander b) they are still giving you a huge advantage over other customers - what would be an equal benefit to their UK based customers with similar amounts in their accounts?

Just playing devils advocate..[6]
[/quote]

It looks likely that my other bank account with RBS (which contains practically no money at all) will be moving to Santander within the next 12 to 18 months as my branch is being sold. But I would like to offer Nationwide the opportunity to keep my business [;-)]

[AnOther]

To qualify for the 'free improved' benefits already requires that you pay in a minimum of £750/mth.