Jump to content
House Price Crash Forum
hellsbells

New Terms And Conditions On Nationwide Flexaccount

Recommended Posts

In the past I would usually have thrown these letters straight in the bin but having followed this site for a few years.......

Nationwide are changing the terms and conditions on the standard Flex account. At the moment the amounts that can be drawn in cash from an ATM or over the counter are set out in the T&Cs and cannot be varied without written notice to customers. In future they can vary the cash limit that can be drawn from any ATM or over the counter WITHOUT any prior notice should "exceptional circumstances" occur. They give the example of suspected fraud. I immediately thought of the examples "bank run" and "financial meltdown". :unsure:

Share this post


Link to post
Share on other sites

In the past I would usually have thrown these letters straight in the bin but having followed this site for a few years.......

Nationwide are changing the terms and conditions on the standard Flex account. At the moment the amounts that can be drawn in cash from an ATM or over the counter are set out in the T&Cs and cannot be varied without written notice to customers. In future they can vary the cash limit that can be drawn from any ATM or over the counter WITHOUT any prior notice should "exceptional circumstances" occur. They give the example of suspected fraud. I immediately thought of the examples "bank run" and "financial meltdown". :unsure:

I can feel it getting closer by the day. Rerun of 2008, but worse.

Share this post


Link to post
Share on other sites

in the US the Bank of New York has been the first major bank to start charging for depositing large amounts of money.

thats right - it is now negative interest rates.

that just shows the underlying fear that is starting to bubble over.

Share this post


Link to post
Share on other sites

Expect printing, epic printing on a scale never before seen.

If printing was on the cards to save those banks they wouldn't have to prepare for bank runs. :unsure:

Share this post


Link to post
Share on other sites

If printing was on the cards to save those banks they wouldn't have to prepare for bank runs. :unsure:

But isn't it about confidence? Govts will ensure everyone gets their cash.

It will be like in the depression where banks had money in the window to show they've got it. A big queue outside will show that the banks have the cash and you should join it to get yours.....

Share this post


Link to post
Share on other sites

I wonder if it includes online transfers? I have a flex account. But it's a dormant joint account that doesnt get used. I got these T&CS and threw them straight in the bin! Thanks for reading them.

Share this post


Link to post
Share on other sites

But isn't it about confidence? Govts will ensure everyone gets their cash.

It will be like in the depression where banks had money in the window to show they've got it. A big queue outside will show that the banks have the cash and you should join it to get yours.....

I really don't know. I just notice that since QE2 was announced CBs seem to have followed deflationary policies. The messages telegraphed these days seem to be that there will be no more goodies. I fear a tantrum is on its way. And yes, I do expect more printing but not before the tantrum.

Share this post


Link to post
Share on other sites

in the US the Bank of New York has been the first major bank to start charging for depositing large amounts of money.

thats right - it is now negative interest rates.

that just shows the underlying fear that is starting to bubble over.

The Bank of New York Mellon. They are a custodian bank who's main business is holding assets in trust on behalf of mutual funds, not a retail bank or a commercial bank that makes loans. They don't want to hold large amounts of cash as all they are allowed to do with it is put it in a current account in another bank, and they don't make money out of that.

Share this post


Link to post
Share on other sites

I thought that Nationwide was supposed to be in a better financial state than most of Britain's retail banks and BSs?

I'd have thought that the one thing that would seriously put NW at risk would be a full-scale HPC, given that almost all their loans are in the form of residential mortgages.

Share this post


Link to post
Share on other sites

It rather feels that we will see another banking crisis before this year is out.

Traditionally bad financial events happen in October. I'm not sure we will have to wait that long.

Drove past Spinks today and nostagically remember buying my first Kruger in there for £204, in 2004 (nice little numerical rhyme there). If only I'd bought a hundred of the blighters!

Don't see a point in putting paper money under a mattress. The gold is less likely to burn when the molotov cocktail is pushed through the letterbox.

Share this post


Link to post
Share on other sites

I thought that Nationwide was supposed to be in a better financial state than most of Britain's retail banks and BSs?

I'd have thought that the one thing that would seriously put NW at risk would be a full-scale HPC, given that almost all their loans are in the form of residential mortgages.

Two days ago I made a telephone application for a Nationwide flexi mortgage, interest only, with 70% down. I was asked what kind of savings vehicle I had to pay off the mortgage at the end of the term? I explained that it would be from my precious metals holdings at Bullionvault and Goldmoney. However this was not approved of by NW . The jerk did not even try to sell me a repayment mortgage. They do not seem to want to lend even at low risk. HSBC do not offer interest only anymore.

Share this post


Link to post
Share on other sites

Korean banks have stopped domestic lending overnight. No need to panic.

What???

Have you got a link?

Share this post


Link to post
Share on other sites

OK, I'm seriously considering stuffing the mattress. Does anyone know how much cash one is allowed to hold these days?

£1.8 million in a double mattress and £1 million in a single mattress (3ft). Thats using £20 notes. Hope this helps

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 333 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.