Nationwide offers market leading £100 switcher promise
Every six minutes someone transfers their current account to Nationwide and over the last six months it has seen the number of account transfers increase by nearly a third. The Society anticipates that numbers will continue to rise as today it outlines a set of promises to reassure others who wish to transfer their current account to the Society. Nationwide is the only current account provider to guarantee that it will contact switchers' Direct Debit companies within 10 working days or, if not, give the switcher £100.
The promises are further evidence of the Society's new strap line, "On Your Side". The changes take effect from today, Monday 24 October 2011.
Promises to those transferring their current account to Nationwide using the Society's Account Transfer Service:
£100 customer switcher promise Nationwide will contact the switching customer's Direct Debit companies within 10 working days, or it will give the customer £100.
Refund overdraft and interest charges for three months
If there are overdraft and interest charges in the first three months following the transfer, due to a mistake in the transfer process, customers can contact Nationwide and the charges and interest will be refunded.
Keep customers informed
Nationwide will keep customers informed throughout the process via text and provide a dedicated team to help with questions.
Checking which providers have updated their records
The Society will monitor the account to check when payment companies have updated their records and will call customers if they don't and let them know what they need to do.
In addition, if the customer switches in-branch, Nationwide will aim to match the overdraft amount offered by the switcher's previous provider.
Nationwide also guarantees that customers will never lose money from their current account if it is fraudulently removed by a third party; once fraudulent activity is established, the money will be returned immediately.
Since its re-launch in August 2010, Nationwide has seen a significant increase in the number of people choosing FlexAccount as their current account. The Society is currently opening well over 1,000 new FlexAccounts every day. FlexAccount is designed to reward and provide outstanding value to customers who use it as their main current account, for their everyday banking.
John Crossley, Nationwide's head of current accounts, said: "We continue to bring forward innovation which clearly sets us apart and demonstrates our position as the UK's only "challenger brand". Some consumers are put off switching current accounts because they are worried that delays in the switching process could lead to charges if payments are not made in time. Others are perhaps worried about not getting the same overdraft limit as they had before."
"But our promises aim to take the stress out of switching. We are putting our money where our mouth is. For example, switchers are safe in the knowledge that their payment companies will be notified quickly or they will receive £100. In addition, for the first three months, if the switcher has any overdraft interest penalties or charges as a result of our mistake, they can contact us and we will refund them."
"So with the FlexAccount's exclusive deals and free European travel cover for main holders, there are now even more compelling reasons for new customers to switch to us."
Customers who switch their main current account to Nationwide will benefit from an exclusive and unique package of benefits with no monthly fee, including:
Free European multi-trip travel insurance up to age 75
Among the lowest charges in the market for foreign currency transactions
Access to Nationwide's lowest personal loan rate, currently a market leading 6.2% APR representative for loans of £7,500-£14,999 for up to five years
Access to Flexclusive Saver, an instant access account guaranteed to pay at least 1.75% above the
Bank of England base rate until 1 January 2013 on balances above £1,000
35% off Defaqto-rated 5-star Home Insurance when new buildings and contents is purchased together - offer ends 31 October 2011
Access to the exclusive five-year tracker Flexible Mortgage with no early repayment charges, unlimited overpayments (and underpayments once a reserve is built), just a £99 booking fee, free standard legal and valuation fees and borrowing of up to 90% loan to value