Norwich And Peterborough Building Society

[Nigelmartin]

This is a copy from Money.com for those interested in replacing their Nationwide debit cards

New fee-free overseas debit card from N&P

A new fee-free foreign use debit card will be available in January next year.

Norwich & Peterborough Building Society has announced that it will scrap foreign exchange fees on its Gold Current Account Visa debit cards at the end of 2010.

The news will come as a welcome boost to frequent travelers after Nationwide axed free foreign use on its own debit cards on 1 November.

It had been the only bank or building society offering this perk – a crown that will now be taken by N&P.

From January 2011, N&P will no longer charge commission on overseas spending or levy a fee on cash withdrawals.

However, the Gold Current Account's ordinary charging structure will also change, and potential customers should be wary.

There will be a £5 a month arranged overdraft fee, a £19 a month unauthorised overdraft fee, and any unpaid items will be subject to a £15 penalty each month.

Customers must also either deposit £500 a month with N&P – effectively using it as their main current account – or make a minimum of five transactions every month.

If they fail to adhere to these rules, an extra £5 charge will be incurred. The fee changes, including foreign use, will apply to new and existing N&P customers.

Fee-free use abroad had been one of the most popular benefits of Natiowide's current account, swaying many customers its way.

But on 1 November, Britain's biggest building society started charging both 2% commission and a £1 cash withdrawal fee on foreign transactions for its FlexAccount. This puts it roughly in line with most other major banks and building societies.

The changes provoked a huge uproar from This is Money readers, with hundreds berating Nationwide's decision.

[thaimate]

The way i read it Nationwide wanted to get rid of us ,seems crazy.

[CharlieH]

This was discussed/ posted before on the 11th Nov.

Here is the Nationwide reason from that post.....

This is a guillotine through the neck of Nationwide's reputation as a cheap account for overseas spending. Credit card loading is a nasty hidden fee Nationwide has bitched about other banks levying, yet from November, it's doing it too.

"It's not an error by Nationwide, the building society is actually trying to kick nearly a million customers out of the door.

"That's because out of its 3 million+ account holders, 1.4 million use the debit card overseas and 900,000 of those use the account ONLY for that and nothing else – and that costs. So Nationwide wants them gone to ensure it's focusing on people using their account 'properly', as it sees it."

I guess N&P are going after all these customers Nationwide are kicking out.

Edited November 15, 2010 by CharlieH

[Naam]

why is it that some people can't accept the fact that banks are not welfare institutions?

[Nigelmartin]

why is it that some people can't accept the fact that banks are not welfare institutions?

If you take time to read the article before making stupid comments. You will find that when you set up the N&P account you will be charged if you don't deposit a £500/month. I think the N&P are trying to encourage Customers to use this as a main account and not just as a free withdrawal using the debit card.

I also sure, like me, there are a large number of Customer that also save their money with Nationwide. The net effect will be for me ( and possibly other Customers) is to withdraw their saving and monthly salary and move them to the N&P.

Edited November 15, 2010 by Nigelmartin

[ESB7]

why is it that some people can't accept the fact that banks are not welfare institutions?

Thats a fair comment, I was recently in Nationwide in the U.K. and 2 immigrants wanted to open an account just to get their dole cheques paid in each fortnight, no doubt taking that money out the same day it was paid in; so what benefit are they to any bank, the cost of servicing their account is subsidised by people that actually need/use a bank for salaries and paying bills etc.

As for N&P, it wont suit a lot of people here as their pension payments are below the 500 threshold and you also need to pass a credit check to be accepted, hopefully it may make other banks offer similar accounts though.

[cardholder]

why is it that some people can't accept the fact that banks are not welfare institutions?

Whilst I agree entirely, it is also prudent to research which accounts offer the most appropriate AND cost-effective service.

[jesimps]

why is it that some people can't accept the fact that banks are not welfare institutions?

If you take time to read the article before making stupid comments. You will find that when you set up the N&P account you will be charged if you don't deposit a £500/month. I think the N&P are trying to encourage Customers to use this as a main account and not just as a free withdrawal using the debit card.

I also sure, like me, there are a large number of Customer that also save their money with Nationwide. The net effect will be for me ( and possibly other Customers) is to withdraw their saving and monthly salary and move them to the N&P.

Don't expect reasonable, sensible or helpful comments from soft lad, best just to ignore him. He reminds me of that kid in your class at school who always used to gloat when you got into trouble. Needs a good kick up the a#*e.

[thaimate]

why is it that some people can't accept the fact that banks are not welfare institutions?

If you take time to read the article before making stupid comments. You will find that when you set up the N&P account you will be charged if you don't deposit a £500/month. I think the N&P are trying to encourage Customers to use this as a main account and not just as a free withdrawal using the debit card.

I also sure, like me, there are a large number of Customer that also save their money with Nationwide. The net effect will be for me ( and possibly other Customers) is to withdraw their saving and monthly salary and move them to the N&P.

Don't expect reasonable, sensible or helpful comments from soft lad, best just to ignore him. He reminds me of that kid in your class at school who always used to gloat when you got into trouble. Needs a good kick up the a#*e.

Must agree ,NAAM seems your typical gloater, never really has anything much to say except to put people down.

Edited November 16, 2010 by thaimate

[lifemagic]

Nationwide are definitely trying to get rid of us. I have my savings there also, in an esavings+ @ 2%. Now there's the new account paying 3% (one withdrawel per year allowed), but it's a seperate site, you have to reregister your ID and they send your username in the post to a UK address. So, staying away from the UK for the next two years, I can't open an account with another bank, and all my savings are trapped at Nationwide.

Until I get to the UK... then I'm out like a shot.

F******.

[endure]

why is it that some people can't accept the fact that banks are not welfare institutions?

Nationwide isn't a bank - it's a Building Society - a mutual organisation owned by its members supposedly responsive to its members' wishes. It waited until two weeks after the last AGM to announce the latest round of rip-offs. I suspect it won't be quite so complacent at the next AGM.