MSE News discussion. Nationwide kills cheap overseas spending

A question about : MSE News discussion. Nationwide kills cheap overseas spending

This is the discussion thread for the following MSE News Story:

Nationwide kills cheap overseas spending for current account customers

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MSE News - Nationwide kills cheap overseas spending for current account customers

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• Dunno if I'm typical, but even though NW isn't my main current account I have substantial savings with them. Haven't bothered moving for the odd quarter percent - probably worked out level when comparing Flex usage in Europe v my (bog-standard) main account, but sounds like time to start reading/moving.
  I suspect something like the new Halifax Clarity as a credit card and Caxton or FairFX pre-paid will be a reasonable substitute? I know there's been a few threads about these, but I didn't need to pay much attention until now... (gulp!)
• Metro Bank to the rescue I suppose. If you live in London. And I've only read the news article on here about it having no fees.
• Earlier this month, I used the card outside of the EU for a couple of withdrawals, and the rate I received (accounting for the 1% loading) was about 6% worse off compared to the Interbank rate published on Oanda.
  I've been unsuccessfully trying to get Nationwide to ascertain and provide visibility of the Visa International rate they use, and how it links into the published Interbank rate. I guess it doesn't matter anymore anyway.
• I use my Flex account "properly" as it is my main account. However it sounds like I will still have to pay the extra fees. And what's this "reward" the Nationwide guy talks about. I can't make out what that is, if anything.
• So its goodbye Nationwide to ALL my business...........GOODBYE !!!!!!!!!!
  Savings, car insurance, house insurance & my credit card.........
• I'm the same, Mervyn.
  I've been with Nationwide for 12 years (not out of laziness but because I genuinely liked how I got treated and I liked the rates). I'd been half heartedly considering changing my current account for the last year but now I definitely will. I've emailed them to point out that this will lose them all my custom - current account, joint account, two savings accounts and next year's mortgage.
  What a cr*ppy idea they've had.
• Although it won't be much use for foreign spending from 1 November it might be worth keeping the Flexaccount for the free European travel insurance. You used to be able to get this free from Alliance and Leicester, but Santander may well phase this out.
• I see no evidence of any 'reward' for proper customers, so will almost certainly switch my personal and joint flex accounts elsewhere. Nationwide have dropped the ball on this one...
• Oh well, it was good while it lasted.
• They are still advertising it on their website under current account benefits! It is very annoying for people like me, who do use the Flexaccount as their main account.
  There could have been better ways to retain the rewards for account holders who use their account "properly". Why do they not just stipulate a minium balance to be paid in or a minium of 2 direct debits coming out the account etc.
  I don't think it's good for Nationwide's image and reputation to not stand by their previous stated values and promises,
• Why didn't they announce this BEFORE we elected the board recently? Hmmm!!
  I've had several Nationwide products over the years (Savings, Mortgage, Bonds, Insurance, more Savings & a current account for utility bills) and one by one I've moved away/closed them.
  So what are the benefits of being a Mutual Society then? I don't know anymore?
  It's time to say goodbye to Nationwide.
• Oh & by the way Nationwide say they make no money from this !!!!
  Not true.....they receive interest on the money in the Flexaccount from which the debit card draws they money yet.....THEY DONT PAY ANY INTEREST TO THE CUSTOMER ON THIS ACCOUNT !!!
  I think they have made a very serious PR blunder with this one..........
  I am sure another bank etc will be along to pick up those million or so disgruntled customers
• I used NW as one of my main accounts, just never sorted out switching my Abbey account fully over to NW. I only stayed with NW, due to the fee free foreign ATM on my debit card.
  So it now looks like I will switch my account over, with the hassle that involves. I was already annoyed at receiving no interest on my account and this is the final straw.
  Though I will wait a couple of months, as really need to see what the 'Rewards' on offer are, but free European Travel insurance is not really worth a huge amount, as it usually has so many exclusions it is not worth bothering with.
• I'll be getting shut then of my Nationwide Account as that was the only reason i really used it
  I have just opened and deposited all my previous cash into their e-isa aswell which is now annoying me
  Edit! think i'll keep my account now after reading what Martin says in MSE news! just to be a pain!!