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I am incensed that as a customer of longstanding with Nationwide BS, I requested a free temporary overdraft and was told it was only for new customers

by barbara legge 12 May 2010 |

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We are purchasing a new motorhome and have approx a two week delay before an insurance policy matures. I have around £10000 in my flex a/c which pays no interest, some of this will go towards the mhome. They have the use of my money and cannot provide a free overdraft of £6000 for two weeks. WHY should we put up with this treatment

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879

MikeGG1 posted
I seem to recall a whole series of TV ads from Nationwide about how other banks put new customers first but Nationwide didn't. They seem to be dead and buried now.
I referred to them as a bank because that is how they are behaving. They claim to be a mutual but a large proportion are not beneficial owners. It just suits the directors because they don't have shareholders able to call them to task.
Having said that, £6,000 is larger than any free overdrafts that I have noticed anywhere. We are in a era of risk assessment and repairing balance sheets.
Mike
Posted on 13 May 2010 | Love 0 loves Report
174

JoeEasedale posted
No one will offer £6000 free.
Having said that, having lots of money in an account that pays no interest is a waste of resources.
Being a long standing customer of a longstanding organisation that usually offers an inferior service puts you in the category of people who encourage banks and others to do the dirty on their customers and prefer new victims.
The only way to combat this is to vote with your feet and GO.
For example, a Lloyds classic vantage account will pay 4% interest on all money up to £7000 provided the balance is at least £5000. As a £2000 band is plenty of wriggle room for most folks you might want to take a look at that one.
Posted on 13 May 2010 | Love 0 loves Report
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barbara legge posted
Perhaps I should explain that we have not moved the money because some of it is going towards the new motorhome shortly. Also we stay with Nationwide because we spend up to five months of the year in Spain and France (in our motorhome!) OK I guess you can't have everything and Nationwide don't charge to draw money from the ATMs nor to purchase with their credit card. When they stop the free service in Europe then we shall re-think our banking. I actually don't see why overdrafts of that amount can't be available for free. The amount of overdraft depends on your annual income so what's the problem. I don't think staying with Nwide puts us in a category that encourages banks to "do the dirty on their customers". For the moment they serve their purpose. They have only recently stopped paying interest on their flex account so don't see why we shouldn't have something in exchange
Posted on 13 May 2010 | Love 0 loves Report
879

MikeGG1 posted
For your information you can use the Santander or Post Office cards for free worldwide. Santander is of course a Spanish company.
Mike
Posted on 14 May 2010 | Love 0 loves Report
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petitemisschief posted
I've had an overdraft of £2500 for years with Nationwide and even when I get to the limit I don't think I've ever been charged more that about £7 so even though its not free it might not be much to argue about - haveyou checked out the actual cost of an approved overdraft with them?
Posted on 21 June 2010 | Love 0 loves Report
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vuedensemble posted
Hi
One word of advice: Being a loyal customer with any banks does not pay.
Posted on 17 July 2010 | Love 0 loves Report
18

billyboy121 posted
I think overdrafts are designed to manage unexpected items of expenditure - that's their purpose, to cashflow these items for the account holder's convenience. £6k may not be an unexpected item in some people's books, but if you're travelling Europe by motorhome rather than by lear jet then I suspect that your monthly payments into your current account are at a level that they would expect you to plan your big borrowings in advance.
Posted on 29 July 2010 | Love 0 loves Report
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Numberthinker posted
If you have the standing with Nationwide that you appear to have, you should be able to draw the other £6000 on a Nationwide Credit Card. But you have to ask for it over the years because they will not increase the allowed amount by more than 10% in a year. Of course if you need the money for more than a few weeks it gets expensive.
Posted on 29 July 2010 | Love 0 loves Report
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magoo james magoo posted
Re free banking with Nationwide ie using their Debit or Credit cards free as they repeatedly boast about FORGET IT just received Letter saying they were giving me FREE travel insurance and as an aside oh by the way from 1st November we will be charging for Foreign Currency funny they are NOT boasting about this in the papers or media they have dropped ALL the reasons to bank with them NO FREE FOREIGN CURRENCY NO INTEREST ON CURRENT ACCOUNTS ALSO VERY HIGH OVERDRAFT RATES around 18% they have now become a real BANK and like the rest of the Financiers call themselves BANGSTERS
Posted on 06 September 2010 | Love 0 loves Report

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