Fed Up with Nationwide

[bruncher]

It is a major hassle to switch, but I am finding Nationwide very unhelpful. The unresponsiveness makes me wonder if they are preparing for de-mutualising, in which it would be a bad time to switch ... maybe.

I live in a town (well a London 'village' in zone 3) which has a very busy station with a cluster of a dozen estate agents, and various shops, but not a single bank or building society.

I asked NWBS please can they consider opening a branch - the reply is "we have passed your suggestion to the relevant team". I ask can I please hear from that team, and if no branch can be opened, please can NWBS please consider joining the 'Everyday Banking' scheme run by the Post Office whereby customers of participating banks can make deposits and withdrawals.

Here is a para from their considered response: "Our Digital Team advised that they've logged this feedback to the relevant team, which would be our Root Cause Analysts. Regrettably, they're not customer facing so they wouldn't be able to provide you with an update on this as they're not customer facing"

I have to agree, NWBS is no longer customer facing.

[UncleEbenezer]

I've found them not-too-bad when I've used their online contact-us facility. Response may not be immediate, but it comes.

The big letdown came a decade ago in the banking shakeout, when they dropped most of the things that had made them stand out over 20+ years before that. Like always holding out against card use fees for use abroad, or when the other banks tried them on at home. And like that extra-branch network of agencies in estate agent offices.

As for demutualising, bear in mind that any relatively-recent customer signed away their rights to any proceeds of that, which is how they escaped it when all their peers demutualised.

[stevensfo]

I've found them not-too-bad when I've used their online contact-us facility. Response may not be immediate, but it comes.

The big letdown came a decade ago in the banking shakeout, when they dropped most of the things that had made them stand out over 20+ years before that. Like always holding out against card use fees for use abroad, or when the other banks tried them on at home. And like that extra-branch network of agencies in estate agent offices.

As for demutualising, bear in mind that any relatively-recent customer signed away their rights to any proceeds of that, which is how they escaped it when all their peers demutualised.

I admit that I'm not sure what 'demutualising' means, but since they don't have millions of shareholders to keep happy with juicy dividends, what on earth are they doing with their money? I keep an eye on what banks are offering and NW never appears on the radar. Where is the money going?

Steve

[JohnB]

I think the OP is very optimistic asking NW to open an branch in a world where all banks are closing them fast. I can also see why their branch closure team don't want to spend time writing back with a justification. You do need to be realistic contacting these institutions, often the weigh the letters, not read them.

[mc2fool]

I admit that I'm not sure what 'demutualising' means...

It means turning the building society into a regular bank, and replacing the members with shareholders.

As legally the owners of a building society are its members (i.e. its customers), demutualising requires compensating them. There was a wave of demutualisions in the 80s & 90s and members/customers got windfalls of cash and/or shares, and what became known as "carpetbagging" was a fad; opening savings accounts with lots of building societies in the hope of getting demutualision windfalls.

Not one of the demutualised building societies exists any longer as an independent bank. Most were taken over by other banks, and some went totally belly up. https://en.wikipedia.org/wiki/Building_ ... mutualised

[jackdaww]

I've found them not-too-bad when I've used their online contact-us facility. Response may not be immediate, but it comes.

The big letdown came a decade ago in the banking shakeout, when they dropped most of the things that had made them stand out over 20+ years before that. Like always holding out against card use fees for use abroad, or when the other banks tried them on at home. And like that extra-branch network of agencies in estate agent offices.

As for demutualising, bear in mind that any relatively-recent customer signed away their rights to any proceeds of that, which is how they escaped it when all their peers demutualised.

I admit that I'm not sure what 'demutualising' means, but since they don't have millions of shareholders to keep happy with juicy dividends, what on earth are they doing with their money? I keep an eye on what banks are offering and NW never appears on the radar. Where is the money going?

Steve

========================

the directors pension pots perhaps ??

[Wuzwine]

You can withdraw cash at the Post Officeand it is not limited to the in branch minimum of £100! Don't know why deposits are not accepted.

Barclays have just abandoned trying to do the opposite i.e. retain deposits but stop cash withdrawals!!

Wuz

[paulnumbers]

I've found them not-too-bad when I've used their online contact-us facility. Response may not be immediate, but it comes.

The big letdown came a decade ago in the banking shakeout, when they dropped most of the things that had made them stand out over 20+ years before that. Like always holding out against card use fees for use abroad, or when the other banks tried them on at home. And like that extra-branch network of agencies in estate agent offices.

As for demutualising, bear in mind that any relatively-recent customer signed away their rights to any proceeds of that, which is how they escaped it when all their peers demutualised.

I admit that I'm not sure what 'demutualising' means, but since they don't have millions of shareholders to keep happy with juicy dividends, what on earth are they doing with their money? I keep an eye on what banks are offering and NW never appears on the radar. Where is the money going?

Steve

Mostly pissing it up the wall, running branches and current accounts. Coventry Building Society's costs are roughly half what Nationwide's are, as a percentage of assets, for example.

I suggest the OP tries a different bank. Options...

1) If you have £50k in an ISA, that you could transfer to HSBC Investdirect, that will qualify you for HSBC premier. There are two good things about it,
1) free worldwide travel insurance, 2) a named contact with a phone number and an email address, that if you have any problems you email, and they pretty much deal with it.

2) If you have a smart phone, try Starling bank. It really is a pleasure to use, however there is no online banking, only app banking.

I do have accounts with Nationwide, but I agree with you bruncher, their customers service is absolutely awful. I had an ISA transfer going to them during a mortgage application, and I ultimately needed the ISA money for the house purchase, so I attached a post it note to the application form saying "if there's anything wrong with this, please call me and let me know, as it's urgent for the mortgage/ I'm on holiday and will deal with it from there". Got back two weeks later to a letter on the doormat saying "fill out this form". Useless.

[paulnumbers]

I admit that I'm not sure what 'demutualising' means...

It means turning the building society into a regular bank, and replacing the members with shareholders.

As legally the owners of a building society are its members (i.e. its customers), demutualising requires compensating them. There was a wave of demutualisions in the 80s & 90s and members/customers got windfalls of cash and/or shares, and what became known as "carpetbagging" was a fad; opening savings accounts with lots of building societies in the hope of getting demutualision windfalls.

Not one of the demutualised building societies exists any longer as an independent bank. Most were taken over by other banks, and some went totally belly up. https://en.wikipedia.org/wiki/Building_ ... mutualised

Northern rock shines a light on the joys of capitalism. Founded 1850, ran as a mutual for 147 years, survived 10 as a bank before going bust.

[UncleEbenezer]

Northern rock shines a light on the joys of capitalism. Founded 1850, ran as a mutual for 147 years, survived 10 as a bank before going bust.

That was the politics of Feelgood-on-the-Never-Never - just remember, until a decade or so ago we had an era of all the Chattering Classes talking of rocketing house prices as a good thing to be celebrated, so Northern Rock were heroes fuelling it.

Make interest rates *the* instrument to control the economy, then use a bogus 'inflation' measure to set interest rates while money supply rocketed out of control (a monetarist would have noticed that, but becomes a Cassandra in a bubble environment). End up with an economic policy reflecting China's industrialisation more than our own economy. Bubble amplified by near-unlimited leverage of fractional reserve.

I'd be happy for Nationwide to demutualise: they lost the advantages they had before the crash, so there's no longer any real value to being a mutual. But I don't see it happening.

[paulnumbers]

What advantages did they have?

[jaizan]

What advantages did they have?

Many years ago, I moved my current account from Nat West to Nationwide because Nat West introduced a 3% charge on overseas cash withdrawals and Nationwide were one of the few banks with no such charge. So Nationwide had an advantage at the time.

Having lured me in with a good deal, Nationwide of course hoiked it away. [Remember their irritating ads ?]

Currently, I'm aware of no USEFUL advantages whatsoever from Nationwide being a mutual. I think they might offer free travel insurance, but as it is/was EU only and I frequently travel to Asia, with a separate annual multi-trip policy, the Nationwide offer has never been of any use.

Currently, Starling offer me the free overseas cash withdrawals and is a non mutual.

Effectively, the banks match Nationwide and some of them manage to pay dividends to shareholders as well.

[mutantpoodle]

fao Jaizan
the travel ins at nationwide is in fact'world wide'

it comes with their flex plus acct which costs £13 a month.......
also includes mobile phone insurance and car breakdown ins incl europe

all above for EACH account holder....so a joint acct works rather well....but nowhere near as good as it has been

but wef Nov 1st no longer pays interest

[chas49]

fao Jaizan
the travel ins at nationwide is in fact'world wide'

it comes with their flex plus acct which costs £13 a month.......
also includes mobile phone insurance and car breakdown ins incl europe

all above for EACH account holder....so a joint acct works rather well....but nowhere near as good as it has been

but wef Nov 1st no longer pays interest

If Jaizan was referring to the travel insurance supplied free with the ordinary FlexAccount (no fee, insurance not available to new customers), the *current* policy wording says:

This policy does not cover trips outside of Europe. If you are planning a trip outside Europe you need to purchase a Worldwide Upgrade before you
book your trip. If your trip includes a visit to Australia you must enrol at a local Medicare office, but you can do this after you have had treatment
for the first time. Inpatient and outpatient treatment is then available free of charge.

[mutantpoodle]

OK

sorry I wasnt aware there was cover in the free account

apologoes again