Free Withdrawals Nationwide (NOT FREE ANY MORE!)

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Greenjacket
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Free Withdrawals Nationwide (NOT FREE ANY MORE!)

Postby Greenjacket » Sat Jul 31, 2010 6:16 am

This topic continues from:
http://www.mybulgaria.info/modules.php? ... 9&start=77




Hello All,
In the Daily Mail, this morning Nationwide is to cancel free Withdrawals from November.

Saturday 31st July Daily Mail:
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.

Complaints can be sent to Nationwide using the message facility on your account page of the Nationwide website.

John

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Free Withdrawals Nationwide

Postby ivanpet » Sat Jul 31, 2010 6:22 am

Good Morning Greenjacket,

Well at least people have got a couple of months notice to make alternative arrangements (are there any alternatives or were they the only one?)

Ivanpet


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Postby Seedy » Sat Jul 31, 2010 7:05 am

There's a MUCH better article on the whole thing here: http://www.guardian.co.uk/money/2010/jul/31/nationwide-flexaccount-charge-withdrawals

Come November, that'll be MY Nationwide card in the shredder! :evil:

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Postby leedarkwood » Sat Jul 31, 2010 7:22 am

Well it spurs us to do what we should have done years back, move the bulk of our money from the UK to much more attractive accounts here, using a number of different banks to spread the risk. So we will be making withdrawels daily until November, and then one big money move after that.

It is annoying. They say they are doing this due to the large number of people who only use Nationwide for foreign travel and use another bank for everything else. We only use the Nationwide and have all our savings slowly rotting away in there! Blow them....

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Postby booboo » Sat Jul 31, 2010 7:48 am

Myself and a bunch of people I know in all opened about 30 accounts. These accounts are used purely for foreign travel, and usually money that is switched into the accounts stays there for a matter of hours.

Thank you Nationwide for providing this service for so long and gaining absolutely zero benefit at least from the people I know. Shine on

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Postby jamboman1874 » Sat Jul 31, 2010 7:49 am

Not happy, Nationwide has all my accounts, home insurance and mortgage and now charging me on Flex account abroad, will be complaining

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Postby booboo » Sat Jul 31, 2010 7:55 am

leedarkwood wrote:Well it spurs us to do what we should have done years back, move the bulk of our money from the UK to much more attractive accounts here, using a number of different banks to spread the risk. So we will be making withdrawels daily until November, and then one big money move after that.

It is annoying. They say they are doing this due to the large number of people who only use Nationwide for foreign travel and use another bank for everything else. We only use the Nationwide and have all our savings slowly rotting away in there! Blow them....


Remember if a bank in Bulgaria goes bang, I believe bank deposits are gauranteed only up to 100,000 BGL (it might even be only 50,000, not sure) This is a combination of ALL accounts not per bank, so if your total amounts to more than that, there is obviously a risk that if a bank fails (not totally impossible by any means)you lose money. I also believe the LUX tax will take some of the interest.

Further more, if the Lev was unpegged (this obviously will happen at some point..i.e.when Bulgaria joins the waiting room) then the lev "could" end up going to 3 (even an unlikely 4) to the pound. Now that is way more appreciation for you than 6,7 or even 10% interest that a bank may be offering here. Just a thought.

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Postby lyn » Sat Jul 31, 2010 8:59 am

I think they may find they've shot themselves in the foot with this one. Millions of pensioners and others living overseas, bank with them solely because they are free. They will find an awful lot of money is going to vanish from their coffers.

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Postby booboo » Sat Jul 31, 2010 9:56 am

lyn wrote:I think they may find they've shot themselves in the foot with this one. Millions of pensioners and others living overseas, bank with them solely because they are free. They will find an awful lot of money is going to vanish from their coffers.


BUT just because they cancel this 'free' service, why do people have to make a knee jerk reaction and pull their money out! The bank is losing a lot of revenue by allowing free withdrawals, as they are charged for providing the service. We are not simply say it is an avenue of profit they are missing, THEY ARE actually losing money.

Those that leave are not loyal customers. I suspect once the dust settles they will retain more accounts than they lose over this, and most of the accounts they lose will be none performing accounts. I.E. only small amounts of money, and credit balances that are there for hours or only days before being withdrawn(abroad).

ALL just my opinion of course. :roll:


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