I've read on another thread about Nationwide not charging ATM fees for withdrawals abroad or for the use of cards abroad...we'd like to open an account as it looks like the best thing to do considering how much our bank charges for the use of our card abroad!!
Can anyone advise what sort of account to open..we will obviously need an account with debit cards...also does anyone know whether a salary has to go into the account to enable you to open one?
Many thanks
Nationwide account - advice please
Hi I opened a credit card account but I have also opened a flexi account,this will enable you to put money into the flexi account and withdraw it abroad without charges,if you open a flexi account they will ask you for your wages details to pay in,we did not want to do that so we took application to the branch and said we did not want to put our wages in just yet.
You will need plenty of identification when you go the branch but the application form will tell you what,we were just asked to bring our passports and some utility bills.
You are charged if you use your credit card to get cash abroad but its cheaper than other outfits and the conversion of currency rate is very good on both credit card and flexy account.
You will need plenty of identification when you go the branch but the application form will tell you what,we were just asked to bring our passports and some utility bills.
You are charged if you use your credit card to get cash abroad but its cheaper than other outfits and the conversion of currency rate is very good on both credit card and flexy account.
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Alan Knighting
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With all these accounts, doesn't the small print say that you must be over 18 and have full time UK residence?
In other words if you really want it and you really would benefit from it, you can't have it. Is it not just a marketing ploy? One Bank pretending that it is better than the others when, in reality, it isn't.
It's like the battle of the credit cards and their APR's. I pay my credit cards in full at the end of every month so an APR of 0% or 1,000,000% has no relevance whatever for me.
I find the bureaucracy of banks these days quite beyond belief. I have banked with Lloyds for over 50 years; my wife has banked with Lloyds for over 40 years. We asked Lloyds to change our current accounts into joint names. In the old days this was a simple matter of submitting a form, with specimen signatures, through the post. Not any more! The answer was that we would both have to attend a branch of Lloyds in the UK and produce proof of identity. A return trip costing £500-£600. Which bureaucratic dick-head invented that rule?
Another example is when I recently ran out of UK cheques. I did not automatically recieve a new cheque book so I applied for one. Weeks late nothing had arrived so I rang the "help?" desk - somewhere in the Indian sub-continent for God's sake. Eventually, I was transferred to my branch who swore that "the computer " said a new cheque book had been posted to me. In the circumstances a second cheque book was posted to me by hand from the branch and that arrived a few days later. They promised to look into the missing cheque book and it also arrived after another couple of weeks. Interestingly, it had a sticker on it which said "CUSTOMER SERVICE NOTICE - DO NOT SEND OUT". Customer service, what customer service?
I suspect that banks hate people like me. I have no loans from them, every account is in credit and I pay my credit cards in full and on time. In other words, I am not contributing enough to bolstering up their obscene profit levels.
Alan
In other words if you really want it and you really would benefit from it, you can't have it. Is it not just a marketing ploy? One Bank pretending that it is better than the others when, in reality, it isn't.
It's like the battle of the credit cards and their APR's. I pay my credit cards in full at the end of every month so an APR of 0% or 1,000,000% has no relevance whatever for me.
I find the bureaucracy of banks these days quite beyond belief. I have banked with Lloyds for over 50 years; my wife has banked with Lloyds for over 40 years. We asked Lloyds to change our current accounts into joint names. In the old days this was a simple matter of submitting a form, with specimen signatures, through the post. Not any more! The answer was that we would both have to attend a branch of Lloyds in the UK and produce proof of identity. A return trip costing £500-£600. Which bureaucratic dick-head invented that rule?
Another example is when I recently ran out of UK cheques. I did not automatically recieve a new cheque book so I applied for one. Weeks late nothing had arrived so I rang the "help?" desk - somewhere in the Indian sub-continent for God's sake. Eventually, I was transferred to my branch who swore that "the computer " said a new cheque book had been posted to me. In the circumstances a second cheque book was posted to me by hand from the branch and that arrived a few days later. They promised to look into the missing cheque book and it also arrived after another couple of weeks. Interestingly, it had a sticker on it which said "CUSTOMER SERVICE NOTICE - DO NOT SEND OUT". Customer service, what customer service?
I suspect that banks hate people like me. I have no loans from them, every account is in credit and I pay my credit cards in full and on time. In other words, I am not contributing enough to bolstering up their obscene profit levels.
Alan
They hate me, too, Alan. Our bank manager in France once complained that we "only" used his bank to "park" our money!
No loans, no insurance policies, no expensive credit card, no fancy diary (the first one was free; we didn't renew). The manager is too young to remember that banks once upon a time never offered these money-spinners.
No loans, no insurance policies, no expensive credit card, no fancy diary (the first one was free; we didn't renew). The manager is too young to remember that banks once upon a time never offered these money-spinners.
Best,
Alexia.
Alexia.
In defense of Lloyds (and I have no affiliation!) this problem has come about over the last few years following the introduction of new Government anti-terrorism laws, know as 'Know Your Customer'. It is linked in with anti money-laundering legislation.A return trip costing £500-£600. Which bureaucratic dick-head invented that rule?
The new rules mean that all customers, new and old have to be thoroughly verified using documents which have been stipulated by the government. It doesn't matter how well you are known by the bank staff (you may have been going in every day for the last 10 years), banks are legally obliged now to verify the identities of everyone wanting to open a new account. You are unlikely to have problems with existing account until you try to do something new - for example, make a single account into a joint one.
It isn't just banks which are covered by these rules - any financial transactions are covered for example, you have shares and wish to sell them, your stockbroker is obliged to check your identity and bank details.
Lloyds should have advised all their customers of the new rules some time ago, although it may have got lost in all the other advertising bumpf they send out.
One other thing - anyone using off-shore accounts need to be aware that there are moves to end the anonimity rules, which will bring an end to any 'tax-free' benefits. This is still some years off though.
Hope this helps - I know it's very frustrating, because I've had problems myself.
I have no intention of defending the other problems!!
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Alan Knighting
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Carole-Anne,
As the compliance officer of my former law firm, of which I was managing partner, I gained a certain familiarity with the legislation, rules, regulations and guidelines relating to anti-terrorism, money laundering and “know your client�.
Many institutions use and abuse them to excuse their own internal bureaucratic rules and I simply don’t buy into any of it.
Alan
As the compliance officer of my former law firm, of which I was managing partner, I gained a certain familiarity with the legislation, rules, regulations and guidelines relating to anti-terrorism, money laundering and “know your client�.
Many institutions use and abuse them to excuse their own internal bureaucratic rules and I simply don’t buy into any of it.
Alan
The rules for banks are set down by the FSA - the bank I worked for had a number of audits by them and it was the FSA who decided what was and wasn't acceptable. We had many heated discussions with them about the workability and reasonability of them (believe me this is a major headache for the banks), but to no avail.
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Alan Knighting
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In common with the Inland Revenue, the Customs & Excise and the Police, the FSA sets down rules many of which have no foundation in law. They are not legal, they are not enforceable, but most people take the easy option - they go along with them.
It is the most obscure stretch of the imagination to suggest that wanting to add one's wife name to a current account is a terrorist act or an attempt to launder money. It's simply too absurd for words.
Alan
It is the most obscure stretch of the imagination to suggest that wanting to add one's wife name to a current account is a terrorist act or an attempt to launder money. It's simply too absurd for words.
Alan
"Know your client".This is what CA did when my "husband" (bogus thief) rang up just before Xmas and 13,000 € was sent speedily on it's way to N. Africa,via Mallorca- they "knew" him so well they didn't bother with ring back to check any details!LOL - someone got a Christmas bonus-we were left with a turkey! We still haven't got the money back!! 
Alan I can totally understand your annoyance over this issue..there should not be any hassle just to add your wife's name to the account....not when you can apply for a credit card and add your wife/husband as additional card holder without any necessary identity...doesn't make sense does it??It is the most obscure stretch of the imagination to suggest that wanting to add one's wife name to a current account is a terrorist act or an attempt to launder money. It's simply too absurd for words.
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Alan Knighting
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- Joined: Mon Oct 18, 2004 7:26 am
- Location: Monflanquin, Lot-et-Garonne, France
Fraise,
You have my total sympathy.
You have opened two more bags of worms. The incompetent way in which banks apply their rules, legal or not, and the refusal of banks to accept responsibility when they do something wrong.
Crystal,
I think the truth is that the clearing banks, and pretend banks i.e. ex-building societies, don't want people like me as customers any more.
Alan
You have my total sympathy.
You have opened two more bags of worms. The incompetent way in which banks apply their rules, legal or not, and the refusal of banks to accept responsibility when they do something wrong.
Crystal,
I think the truth is that the clearing banks, and pretend banks i.e. ex-building societies, don't want people like me as customers any more.
Alan
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Hells Bells
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When I went in to the Nationwide to open my FlexAccount, I had no id with me, they simply did a credit check which proved who I was. I didn't even make a deposit (I'd only gone in to ask about the account). Hubby had to go in the following week with his passport, as he wasn't physicaaly present at the account opening. Cheque books, debit cards, etc all arrived within a week.