NAB is no longer offering Gold Banking transaction account

[wxxnxs]

You broke up with NAB. That's what happened.

NAB broke up with other banks, now start breaking up with its customers.

Thanks guys, looks like not a bad product, just hope I don't need any service from Citi!

As long as you avoid their call centre.

 

[medhead]

Even it can be grandfathered, FOREX & ATM fees & account fees will be charged which makes no difference to its classic banking account. I'm not sure if you get choice package now will still be able to link this account, but IMHO it's impossible. NAB has clearly stated that all of exception fees will be applicable from June 8.

I did actually say that you would be hit by the overseas fees. Buy only the Forex and overseas ATM fees are new. Domestic ATM fees applied since the RBA changed their rules, to save us, a few years ago. If it is a grandfathered gold situation account fees will continue to be irrelevant.


Sent from the Throne

 

[medhead]

As long as you avoid their call centre.

I refuse to talk to the automatic voice system.


Sent from the Throne

 

[wxxnxs]

I did actually say that you would be hit by the overseas fees. Buy only the Forex and overseas ATM fees are new. Domestic ATM fees applied since the RBA changed their rules, to save us, a few years ago. If it is a grandfathered gold situation account fees will continue to be irrelevant.

If they take away free FOREX FEE & oversea ATM fees, I really can't see any value addings to keep account open plus who knows they will give you grandfathered or not.

 

[medhead]

If they take away free FOREX FEE & oversea ATM fees, I really can't see any value addings to keep account open plus who knows they will give you grandfathered or not.

True. Bit different for me as I have a choice package and currently get at least $360 of mortgage account fees waived, plus a free credit card plus whatever from my savings accounts each year. I probably should get my second free credit card before June.

Agreed loss of Forex is massive.


Sent from the Throne

 

[Pushka]

NAB Tailored Package only not flexiplus mortgage.

I have a tailored choice package and mortgage and pay quite a sum each each for the package. Have just sent my business banker an email as we plan to travel in July. I asked at the branch today and the teller said they are bringing in some kind of pre loaded card. I don't want another card. I'll let you know the response I get.

 

[wxxnxs]

I have a tailored choice package and mortgage and pay quite a sum each each for the package. Have just sent my business banker an email as we plan to travel in July. I asked at the branch today and the teller said they are bringing in some kind of pre loaded card. I don't want another card. I'll let you know the response I get.

True, they will bring up some new travel cards however you will have to pay 1% fee when you load up the card, that card can be converted to 10 different currencies. It's just like a normal prepaid travel card which is now offering by other banks, including travelex.

 

[Pushka]

I think we are talking to each other on whirlpool wxxnxs. well, an update. My business banking manager doesn't know anything about it. The branch told me I should contact them to determine my options. I have a travelex card and hate it. I have the MasterCard 24 degrees and will gradually load that up with cash and use that instead. They shouldn't get cranky as I do lots of purchases on it anyway and had planned to pay hotel bills with it. But will now use it for cash too. The banking manager says we will all get a letter. Well, two weeks approx to go and no one has received anything. I did read on whirlpool of an extension to august. We'll see.

 

[wxxnxs]

I think we are talking to each other on whirlpool wxxnxs. well, an update. I have the MasterCard 24 degrees and will gradually load that up with cash and use that instead.

Haha, do you mean 28 degrees? I just wonder since when they reduced 4 degrees on their card.

 

[Aussie_flyer]

It's utter cough that we have to read about it on here. I would have expected a lot of advance notification but nothing has arrived in the mail for me from NAB. REALLY POOR FORM NAB!! I am utterly disgusted and will be pulling my account come June.

 

[Pushka]

Haha, do you mean 28 degrees? I just wonder since when they reduced 4 degrees on their card.

I knew something wasn't quite right but couldn't thunk what it was!

It's utter cough that we have to read about it on here. I would have expected a lot of advance notification but nothing has arrived in the mail for me from NAB. REALLY POOR FORM NAB!! I am utterly disgusted and will be pulling my account come June.

I know what you mean, if the Banking Managers dont know anything about it, says a lot about the company.

 

[medhead]

NAB Tailored Package only not flexiplus mortgage.

The fine print said something like money drawn from a flexiplus mortgage does not incur the fees. Sorry I can't check now as I'm out.

Finally back at a computer. I confused my self with this bit on the website:
https://www.nab.com.au/wps/wcm/conn...finance/15/8?WT.seg_1=SEBBB&WT.ac=SEBBB#sect2

But the footnote 2 says "For transactions accessing linked transaction or savings accounts". I still wonder if a flexiplus mortgage would get around it as it isn't a transaction or savings account. :?:

I have a tailored choice package and mortgage and pay quite a sum each each for the package. Have just sent my business banker an email as we plan to travel in July. I asked at the branch today and the teller said they are bringing in some kind of pre loaded card. I don't want another card. I'll let you know the response I get.

Don't mean to be rude, but do you mean a private tailored package or a choice package. They are 2 different products it seems. If you have the private tailored package then the fees should not be charged.

 

[wxxnxs]

Hi Folks

Here is the update information from NAB who posted on my facebook.

NAB wrote: "NAB Gold Banking has previously been our premium travel solution but from 23 April we will be offering a new NAB Traveller Card instead, a tailored travel product which allows customers to transact overseas with their own money at fixed exchange rates and with no NAB fees for overseas ATM use - unlike other travel cards of the major banks. If you are already a Gold Banking customer you can consider getting a Traveller Card for any upcoming o/s trips^JF"

Advantage on new NAB travel card:

No NAB fees for overseas ATM which means NAB won't charge, but if the owner of ATM charges, then the fee will still be forced to you

Disadvantage on that card:

1) when you load up money into it, 1% fee will be charged (not sure yet, but mentioned in other forum somewhere, to be confirmed)
2) fixed exchange rate means you will lose the opportunity to get market exchange rate which updates daily, if you forecast badly, you could lose significant amount of money due to FOREX rate float.

 

[Globetrotter]

nab
WAS. IS. ALWAYS.
BORING.

Oh that's David Jones. Oops, wrong company!


​

 

[Aussie_flyer]

Definitely not interested in that product. It's a massive step down from what NAB Gold Banking offered.

 

[delfredo]

Since this product is no longer for sale, I have a strong feeling that after 8 June 2012 that all of existing customers will be forced to switch to classic banking.

I doubt so. If that's the case then they would have said that instead of saying that it can no longer be included in Choice package from June onwards (ie. no mention of existing account holders without Choice package). I think the approx 2 month lag between April and June is to allow for home loan applications to be finalised on settlement of the property and therefore the inclusion of GB into the package.

I like my GB due to the free insurance covers. I think that's costing nab too much money since it's free to open a GB account (unlike annual fee income they earn from gold/platinum credit cards). As far as I know, no other banks have equivalent offers.

nab's SVR gap to other big 4s has narrowed and if they now force existing customers to switch to CB, they're asking to be dumped. This might be their ultimate aim anyway as they try to manage their ever increasing cost of funds on their bloated home loan books compared to a year ago.

 

[Pushka]

Don't mean to be rude, but do you mean a private tailored package or a choice package. They are 2 different products it seems. If you have the private tailored package then the fees should not be charged.

Not rude at all! I have a choice package so I found out. $396 a year annual fee.

 

[medhead]

Not rude at all! I have a choice package so I found out. $396 a year annual fee.

Me too. I thought you might have a private package with your business and all. I'd guess I don't make the cut off for a private arrangement.


Sent from the Throne

 

[wxxnxs]

I doubt so. If that's the case then they would have said that instead of saying that it can no longer be included in Choice package from June onwards (ie. no mention of existing account holders without Choice package). I think the approx 2 month lag between April and June is to allow for home loan applications to be finalised on settlement of the property and therefore the inclusion of GB into the package.

I like my GB due to the free insurance covers. I think that's costing nab too much money since it's free to open a GB account (unlike annual fee income they earn from gold/platinum credit cards). As far as I know, no other banks have equivalent offers.

nab's SVR gap to other big 4s has narrowed and if they now force existing customers to switch to CB, they're asking to be dumped. This might be their ultimate aim anyway as they try to manage their ever increasing cost of funds on their bloated home loan books compared to a year ago.

If they don't force you to switch, but take away all of gold banking benefits which were offered previously, then it is the same thing.

NAB has kept its home loan rate lower than other 3 for 2.5 years, those lost revenue has to be covered from somewhere else. All banks are the same, no different, so don't say break up with each other next time.

 

[Pushka]

Me too. I thought you might have a private package with your business and all. I'd guess I don't make the cut off for a private arrangement.
Sent from the Throne

The criteria are a little over the top, aren't they! And I figure if you met them, the cost of using ATM's overseas isn't really an issue.