NAB is no longer offering Gold Banking transaction account

[medhead]

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.

Truth be told I don't know what the criteria are. I did a bit of searching but couldn't find anything and figured I wouldn't qualify. If I have to ask I can't afford it, so to speak.


Sent from the Throne

 

[Pushka]

have $2.5m in net assets excluding your primary place of residence, earn $250k+ or have household income of $300k. According to WP poster phatdave.

 

[wxxnxs]

have $2.5m in net assets excluding your primary place of residence, earn $250k+ or have household income of $300k. According to WP poster phatdave.

Clearly, NAB doesn't want this product for the public, at least 90% of us won't be qualified. Well, it's time to move on.

 

[greenfrog86]

Clearly, NAB doesn't want this product for the public, at least 90% of us won't be qualified. Well, it's time to move on.

I think you're all talking about Private Banking. This is not a product, it is a service.

Private Banks provide specific staff who look after all of your financial affairs. They are your key contact within a financial institution.

It would be expected that if any customers in Nab kept these kinds of benefits, it would be their wealthiest clients who pay for the privilege of being looked after by a dedicated team.

On a separate note, it is disappointing that this product is disappearing. The Citibank one is superior if you don't use it as your main bank account (no deposit minimum and no fees) as compared to the Nab product if you don't have all your banking with them (ie the Gold account required a $5k deposit minimum for most regular customers).

Not that my experiences with Nab customer service have been any better than Citibank, but at least you can walk into a branch with nab (and indeed they often force you to in order to perform certain basic functions).

 

[wxxnxs]

On a separate note, it is disappointing that this product is disappearing. The Citibank one is superior if you don't use it as your main bank account (no deposit minimum and no fees) as compared to the Nab product if you don't have all your banking with them (ie the Gold account required a $5k deposit minimum for most regular customers).

Not that my experiences with Nab customer service have been any better than Citibank, but at least you can walk into a branch with nab (and indeed they often force you to in order to perform certain basic functions).

Agreed, the best thing for Citi is you don't have to have a cent in that account or minimum deposit required, you simply can transfer funds inside when you need to. NAB is indeed way better than Citi if you compare with either customer service or branch service. Dealing with Citi call centre is a nightmare. However, after this product gone, it's time for me to say goodbye to NAB, really no point to stay, most of promtions are for new customers only, if I keep staying with them means will lost opportunity for future special deals.

 

[medhead]

I've had limited dealings with Citi. But those have been at least on par with NAB. I generally find NAB are exceedingly good at stuffing things up. The sale of my house being the most recent example where despite weeks of notice they only realised the day before settlement that another form was required. Sure i could've outlined the implications of who holds various accounts, but I'm not the banker, is it too much to expect them to check details like that? Then when I give them the solution to their mistake, first it is not legal and then after they work hard all day to get me a solution they do what I told them to do in the first place!

Actually everytime I've wanted to do something it has been a stuff up. Threatening to default me on a house sale contract is probably the least of those stuff up. And I'll try not to get started on the voice response system.


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[Pushka]

II generally find NAB are exceedingly good at stuffing things up.

You should have seen the mess they made with that monumental stuff up in November 2010. We had money being sent from one account to another, multiple times. Thousands of dollars at a time. And then, a few days later, they would do some kind of reconcile, and transfer it back again, without warning. This happened multiple times over the month. We did not know what we were going to lose next. And this was for a business account, that pays salaries to people!

I hate the letter they send to people when a nearby Branch closes. Our offices were right next door to a Business Branch, and in the letter we got when that closed, were the lines "for your convenience, the Branch in Hutt Street is available". WT - that Branch was always available, has minimal parking and is very busy, so how on earth is that "for our convenience".

When I went into the Branch that was closing, I said to the teller that I was thinking of changing to a credit union. He said, "Watch out for the customer service, you wont get the same as in a Bank". To which of course, I replied, "You are closing our Branch, how is that Customer Service!". Not much to say to that really.

If the gold card disappears then I will close that account - we have two with the NAB so it will look like a protest closure without disadvantaging us too much.

 

[medhead]

At risk of starting a NAB whinge thread. For my convenience they moved me from a branch near work to a branch near my home. News flash during business hours, when you generally want me to sign forms, I'm at work not home.

Yes, on balance, I need to close some more accounts.


Sent from the Throne

 

[delfredo]

What would happen next year when I get my replacement GB debit card? Would they still make them?

 

[wxxnxs]

What would happen next year when I get my replacement GB debit card? Would they still make them?

They should be sending out the updating information from 23/04/2012.

 

[browski]

FWIW, I've just opened the ING Orange Everyday account. I'll keep the NAB Gold Banking open for a few more months whilst I sort out the direct deposits/debits. Bit sad about the change really.

 

[Aussie_flyer]

FWIW, I've just opened the ING Orange Everyday account. I'll keep the NAB Gold Banking open for a few more months whilst I sort out the direct deposits/debits. Bit sad about the change really.

Ive just opened a citibank plus account.

 

[Pushka]

The deadline has been deferred to August 10, which means my July trip to Europe will be fine. But once that is done, I will revert back to another account, and thankfully I dont have any direct debit arrangements through the gold card, just salaries, which, as we own our business, will be easy peasy to fix up. I wonder if Banks promote all sorts of direct debit relationships just so that it makes us think twice about cancelling accounts when things like this happen.

When I first contacted my Business Manager, she thought I was talking about the Gold Credit card. She had heard nothing about the changes, and in fact, I was the one who told her!:evil:
She said she would forward me any info once she had received it officially. She hasn't sent me anything yet - maybe she has forgotten or just maybe their internal communications is really really bad. Well, this isn't a surprised face.

 

[MarcB]

I can confirm that my banker got back to me and indeed, it's the Traveller Card that they are plugging to fill the gap. Most disappointing as I've avoided these pre-loaded cards for good reasons. Mainly because I hate the idea of having to decide how much I want to transfer, plus I don't want to lock in the rate! The law of averages means daily rates are very often a better deal overall.

 

[medhead]

I think you're all talking about Private Banking. This is not a product, it is a service.

Private Banks provide specific staff who look after all of your financial affairs. They are your key contact within a financial institution.

It would be expected that if any customers in Nab kept these kinds of benefits, it would be their wealthiest clients who pay for the privilege of being looked after by a dedicated team.

The comment referred to the tailored private package, unless you're saying that is private banking, IMO it's a product for those who aren't the wealthiest customers. Frankly, I pay substantial amounts to NAB each year to be looked after by a "personal banker", a named individual. I find it surprising that they wish to risk losing my business in order to charge me another $10 to $15 every 1.75 years on average.

 

[greenfrog86]

The comment referred to the tailored private package, unless you're saying that is private banking, IMO it's a product for those who aren't the wealthiest customers. Frankly, I pay substantial amounts to NAB each year to be looked after by a "personal banker", a named individual. I find it surprising that they wish to risk losing my business in order to charge me another $10 to $15 every 1.75 years on average.

There were comments about having a relationship manager and someone commented they thought the criteria was minimum deposit/lending amounts etc which usually applies for Private Banking...

You might be on some sort of affluent wealth package if you have a relationship manager and have specific products however don't think you're a private banking customer. If you were a private banking customer you would know...

Either way I think the point that was being made was that the Gold Transaction account remains for this select group of customers however will no longer be open to other customers.

Regardless of the criteria it sounds like unless you have significant wealth and/or lending with Nab then they are not interested in offering this product to you, and will suggest their new travel product instead...

 

[mushypeas]

friends have told me that even staff are not exempt from these new changes.... very disappointing...

also do not confuse a personal banker for a private banker.... and as greenfrog stated, if you were a private bank client without a doubt you would be fully aware of it

 

[greenfrog86]

friends have told me that even staff are not exempt from these new changes.... very disappointing...

also do not confuse a personal banker for a private banker.... and as greenfrog stated, if you were a private bank client without a doubt you would be fully aware of it

Agree phat-dave.... I just wasn't sure what the poster was referring to as they indicated they 'paid a lot of money' to have a 'named person' dealing with their affairs...

Usually if you have someone who looks after you its by virtue of you having a lot of products with the organisation (ie a fringe benefit of all the interest you pay, rather than you actually paying for the service) or you have a Private Banker, in which case you often pay for that privilege in addition to all of the products that you hold.

The 'private tailored package' seems to be an odd name for a product that is offered to every man and his dog so I'd love to know what this is and how someone gets a 'personal banker' by virtue of having it...

I'm guessing we are talking about an affluent proposition here - ie bigger than retail customers but not quite private banking

 

[medhead]

I've changed my mind again. I was just having another look at the fine print on the amendment notice from 19 March The fine print under the account related services table on page 1 says:

1. These fees will not apply to NAB Gold Banking accounts, NAB Flexiplus Mortgage accounts or NAB Portfolio facility subaccounts. Note: Effective 10 August 2012, these fees will apply to NAB Gold Banking accounts including those NAB Gold Banking accounts which form part of the NAB Choice Package. The fees will not apply to NAB Gold Banking accounts which form part of the NAB Private Tailored Package.
2. For transactions accessing linked transaction or savings accounts.

It still says that the 3 fees fees listed in the left column (ATM withdraw, Balance enquiry and Foreign currency transactions) do not apply to Flexiplus mortgage accounts. It does say that the exclusion for Gold banking ends on 10 August. Also point 2 says that the debit card fees in column 2 only apply for transaction and savings accounts, which wouldn't include flexiplus mortgage.

So today we've set up SWMBO with a Gold Debit card, before they are no longer available, and linked it to a flexiplus mortgage. Unfortunately, the primary account had to be a gold package account, so the flexiplus mortgage has to be linked as a secondary account (unless we take out a new account under gold bank - not going to happen for a mortgage before 23 April). I'll be exploring the NAB debit cards in more detail to find out if I can get a non-gold debit card that links only to the flexiplus.

NAB Tailored Package only not flexiplus mortgage.

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. :?:

 

[medhead]

friends have told me that even staff are not exempt from these new changes.... very disappointing...

also do not confuse a personal banker for a private banker.... and as greenfrog stated, if you were a private bank client without a doubt you would be fully aware of it

I'm not confusing a personal banker with a private banker. I'm also not talking about private banking at all which has a completely different website. There is a product called "Tailored private package". I highly doubt this is private banking at all - which was the point I was trying to make in my post. This package is not offered to every man and his dog, as the only references to it are in relation to fees.

Agree phat-dave.... I just wasn't sure what the poster was referring to as they indicated they 'paid a lot of money' to have a 'named person' dealing with their affairs...

Usually if you have someone who looks after you its by virtue of you having a lot of products with the organisation (ie a fringe benefit of all the interest you pay, rather than you actually paying for the service) or you have a Private Banker, in which case you often pay for that privilege in addition to all of the products that you hold.

The 'private tailored package' seems to be an odd name for a product that is offered to every man and his dog so I'd love to know what this is and how someone gets a 'personal banker' by virtue of having it...

I'm guessing we are talking about an affluent proposition here - ie bigger than retail customers but not quite private banking

My comment about a named person referred to my "personal [-]W[/-]banker". The main point was to not lose sight of the fact that I do pay NAB a lot of money every year and to put that it into perspective with the small amount of money they are trying to save on me with this change. If these fees are such an issue, maybe they could consider increasing their interest margin to be more in line with the other banks. :idea: In any case, I have my doubts that the debit card was truely fee free. I had EU tax returned to my debit card last year and there was about a 5% difference between the initial non-authorised amount and the final amount that I received. I think there was also a difference in a couple of other purchases I made online.

There is also the fact that the "tailored private package" does not sound like private banking at all. So far from reserving these benefits (overseas ATM) for private bank customers they are just moving the goal posts for retail customers. I'd like to be able to assess if I can move my position with NAB to match the new goal posts.