Nationwide b.s bad news

[carper2]

The Nationwide Building society last night announced plans to slash overdraft charges and offer free travel insurance.

But in a shock move, it will abandon its unique policy of offering free debit card transactions overseas.

For me that is bad news as I use my Card every year. It is the easiest and cheapest way of paying for things and also getting cash from a ATM.

It means that I don't have to carry a lot of money with me, I will now have to find another way of getting my spending money.

Les

 

[carper2]

Just found this on the website.

Nationwide starts banking war with promises of cheaper overdrafts and other perks

By TONY HAZELL

Last updated at 10:47 PM on 30th July 2010

Comments (69)

Add to My Stories

Nationwide Building Society has announced plans to slash overdraft charges and offer free travel insurance

Millions of consumers are being wooed by the promise of cheaper overdrafts, free perks and better service following the outbreak of a summer banking

war.

Britain's biggest building society Nationwide plans a full-scale onslaught to steal customers from the tarnished high street banks.

Last night it announced plans to slash overdraft charges and offer free travel insurance.

But in a shock move, it has abandoned its unique policy of offering free debit card transactions overseas.

From November customers will be charged 2 per cent for every cash withdrawal and all spending.

Nationwide's shake-up follows the launch of Metro Bank, the first new high street bank for 150 years. Metro has promised to offer unrivalled levels of service including allowing customers to open an account in just 15 minutes.

Spanish-owned Santander also entered the fray yesterday promising to hire

600 frontline branch and call centre staff in response to a Money Mail campaign that highlighted its failing customer service.

Every year, only 6 per cent of consumers swop their current account, despite widespread discontent over poor interest rates, high charges and abysmal customer service.

Consumer group Which? welcomed the promise of better service and cheaper overdrafts but condemned Nationwide's decision to charge for overseas spending.

James Daley, editor of Money Which?, said: 'Many families have two or three overseas holidays a year. This will make a big difference to them.

'It sounds lovely that Santander are employing 600 staff, but it regularly comes bottom of our customer satisfaction survey so we will wait to see what difference this makes.'

A Santander spokesman said last night: 'We have been very focused on fixing

the issues the Daily Mail has highlighted in recent months, particularly where our service has fallen short of what we'd expect.'

Read more: http://www.dailymail.co.uk/news/article-1299100/Nationwide-starts-banking-war-promises-cheaper-overdrafts-perks.html#ixzz0vIC2MARw

Les

 

[KeithJ]

Hi Les

I just read that too.

I shall definitely cancel my card and find another one - not sure which is best at the moment - will have to see what Martin Lewis says.

Not sure whether the same applies to their Credit Card. If so will cancel that too and probably switch to the Post Office

I estimate that I have saved more than a hundred pounds over the last few years using Nationwide.

Keith

 

[DerekBrad]

I used a Santander Zero card this year in France;no charge for use abroad and a good excange rate for Euro purchases. (Up to 1.22 Euros to the

 

[Guest]

And yet nationwide sent out a letter to all holders of the CASH CARD back in April! As both myself and my wife received said letter from them. note cash card not debit card, so it was only ever good for withdrawing money from ATMs and not for paying things over the counter. Which is why we used them.

The new card whilst not a debit card,will be usable over the counter even abroad, although how that works I have no idea.

Note as far as i am aware this is all to do with the cash card, not the flex account/debit card.

It also told of the new card being phased in starting in June.

As yet we have not received them,although they themselfs will be of no real use to us.....

 

[RayS]

I too have just wound up my flex account with the NW debit card. Currently the NW credit card still seems to be exchange charge free but how long this will last remains to be seen.

A quick spell of research shows that Saga offer a platinum card currently free of exchange charges, and the Caxton FX card seems to offer a competitive rate as a sort of debit card if you don't mind having the money tied up.

Next step is to look at the Post Office cards.

Anyone got anything to add ?

 

[Clive-Cardiff]

I too have just wound up my flex account with the NW debit card. Currently the NW credit card still seems to be exchange charge free but how long this will last remains to be seen.

A quick spell of research shows that Saga offer a platinum card currently free of exchange charges, and the Caxton FX card seems to offer a competitive rate as a sort of debit card if you don't mind having the money tied up.

Next step is to look at the Post Office cards.

Anyone got anything to add ?

I,ve just ordered a Caxton FX card. I spoke to them by phone and it seems I can use it the same way I used the Flex card.
Put some money on the card and keep an eye on the balance and top up by phone or internet as required.
Withdrawalls from ATM is free of any charge or loading, as is use for shopping.
The exchange rate is more or less the same as Nationwide so it should be a direct swap.

 

[Rioja]

Currently the NW credit card still seems to be exchange charge free but how long this will last remains to be seen.

Remember with a credit card you start paying interest on a cash withdrawal the minute you get the money ! If you don't pay off the balance in full, the cash withdrawal is the last to be paid off and it's at an higher interest rate usually too.

 

[lee2]

We are going back to France in a couple of weeks so checked with Nationwide this morning and they confirm that no charges will be made until 1 November. We wondered if we should take an alternative debit card i.e. Post Office or Saga? Has anyone any experience of the prepaid cards? Any info would be appreciated.

Eileen

 

[smiley]

Well, just caught up on this post, shows how I read theNW webpage when I sign on!!!!

What we all must do is confront the NW, ask about this european cover (bet it doesn't cover caravnners) then let them know we will have to go elsewhere. Having looked at other banks with holiday cover it is only basic cover they offer which isn't sufficient really.

xx