NAB is no longer offering Gold Banking transaction account

[oz_mark]

Not sure if it is against the law for banks to do this, but what's stopping Comm Bank, Westpac or any other organisation from offering a good product, just to suck people in - only to remove key features from it a few years or months down the track?

Nothing really stops other banks doing it.

What you are seeing, I think, is just part of the normal product lifecycle. I've had plenty of bank products over the years that have had pretty enticing features when you first get them, but over time the benefits are taken away.

 

[Ewing]

My Personal Business Banking Manager knew nothing about the changes! She thought initially I was talking about the Gold (which is now platinum) credit card we have with them.
I have received nothing in the mail either.

The letter I got (just opened) was "from" my Business Banking Manager.

It suggested getting the traveller card. I have no intention of doing this - a card that I have to "top up" by BPAY and wait two business days for the funds to clear when travelling? Yeah, that's convenient.

Here's my letter:
NAB Gold Banking - Letter

Still haven't received the PIN for my Citibank Plus account though. If it's not in my PO Box today I'll give them a call.

 

[kelkel]

NAB has removed its product from website, this product has now become a history.

I need to find a replacement for this - does anyone know of a product that doesn't charge overseas fees?

 

[medhead]

I need to find a replacement for this - does anyone know of a product that doesn't charge overseas fees?

Citibank plus has been mentioned a few times in the thread.


Sent from the Throne

 

[kelkel]

Thanks, I've been looking into this account and cant tell if it charges a foreign currency conversion fee. Can anyone shed the light on this?

 

[wxxnxs]

Thanks, I've been looking into this account and cant tell if it charges a foreign currency conversion fee. Can anyone shed the light on this?

No FOREX fees and that has been confirmed, it works exactly the same as Gold banking except insurance.

 

[serfty]

See this thread: http://www.australianfrequentflyer....ds-program/citibank-plus-no-fee-no-34155.html

 

[Aussie_flyer]

I must say setting up my citibank account online was a breeze. i havent had to do anything face to face. the card, deposit book, telephone pin and atm pin all came within about 10 working days.

happy so far, glad to have the option since NAB screwed us over. I just ordered a replacement card from nab anyway, so i have this gold visa debit card until 2015, i wonder if i can still use the insurance benefits?

 

[medhead]

Hang on a sec. Screwed us over; as NAB's communication with me about this change stated, it wasn't fair to NAB for them to keep offering the benefit.


Sent from the Throne

 

[MarcB]

Hang on a sec. Screwed us over; as NAB's communication with me about this change stated, it wasn't fair to NAB for them to keep offering the benefit.


Sent from the Throne

Not fair to let the lowly Choice Package mugs keep it...but fair enough for the Private Tailored Package folk to hang onto the benefit.

 

[fantasy86dj]

I am just about to open up a Citibank Plus Transaction Account, I really hope that they do not close those accounts next.

 

[Perilous_Asteroid]

I just opened a Citibank Plus account as well. Figure it'll be useful when overseas along with a 28 degrees card, but still looking for an everyday transaction account for here. Looks like it's down to ING Orange Everyday or AMP First.

I also found this the other day, although not sure how much traction it's getting with our friend at nab - nabbreakup.com.

 

[bcworld]

I just opened a Citibank Plus account as well. Figure it'll be useful when overseas along with a 28 degrees card, but still looking for an everyday transaction account for here. Looks like it's down to ING Orange Everyday or AMP First.

I also found this the other day, although not sure how much traction it's getting with our friend at nab - nabbreakup.com.

Why wouldn't you use your Citibank Plus account as an every transaction account here?

 

[Perilous_Asteroid]

Why wouldn't you use your Citibank Plus account as an every transaction account here?

From what I've read on AFF, it sounds like keeping my dealings with Citibank to a minimum is a good idea! Poor customer service, disorganised...

 

[fantasy86dj]

I have just rang up about my Citibank application - I give them a 5/10

 

[bcworld]

From what I've read on AFF, it sounds like keeping my dealings with Citibank to a minimum is a good idea! Poor customer service, disorganised...

Their customer service is terrible - they've already made my plus application more difficult than it should be, same as they did when I applied for a citi credit card last year. But, what customer service do you need on a transaction account? I literally never call my bank nor visit a branch.

 

[one9]

From what I've read on AFF, it sounds like keeping my dealings with Citibank to a minimum is a good idea! Poor customer service, disorganised...

Yes, I would definitely not recommend having this as your main transaction account. It is way too risky. Remember that they issue a Visa debit card which increases the chance of fraud compared to a standard debit card. In the unlikely event you get hit with fraud, your actual cash is gone (not just the banks credit like with a credit card) and if that happens to you, you really don't want to be dealing with Citibank.

However it is great to have as a 2nd account to use overseas to withdraw money from ATMS and/or to shop overseas (or to use online if purchasing from overseas website and you want to sacrifice credit card points so that you don't pay any foreign exchange fee)

Apart from the general poor service, a couple of major dangers:
* (This danger is with the credit card but I guess it is similar with the Visa debit account): If there are fraudulent transactions, Citibank unlike most other banks expect you to pay the fraudulent transactions and then for them to be reimbursed later (possibly months). Most banks put a temporary credit on the transaction(s) until the investigation is complete.

* If you make International Telegraphic Transfer from their Internet site, unlike other banks who usually process it on the same day, Citibank won't process it until about 2 or 3 days later where they will call you up and do a security check. There is no indication when you make the transfer on their site about this.

 

[MattC]

I just opened a Citibank Plus account as well. Figure it'll be useful when overseas along with a 28 degrees card, but still looking for an everyday transaction account for here. Looks like it's down to ING Orange Everyday or AMP First.

I also found this the other day, although not sure how much traction it's getting with our friend at nab - nabbreakup.com.

Hi All,

Thanks for the mention of the website. only about 5 or 6 mentions on twitter and facebook by myself and the site has received over 250 unique visitors since going live with only a single page on Tuesday morning. Believe me it is getting traction. But what we need as disgruntled NAB customers is to spread the word. So keep using those #nabbreakup and #savegold hash tags and keep mentioning the site on this and other forums.

I cant say much else at the moment but thanks for supporting the fight so far.
Regards,
MC

 

[Perilous_Asteroid]

Hi All,

Thanks for the mention of the website. only about 5 or 6 mentions on twitter and facebook by myself and the site has received over 250 unique visitors since going live with only a single page on Tuesday morning. Believe me it is getting traction. But what we need as disgruntled NAB customers is to spread the word. So keep using those #nabbreakup and #savegold hash tags and keep mentioning the site on this and other forums.

I cant say much else at the moment but thanks for supporting the fight so far.
Regards,
MC

I wonder what the chances are of nab putting us all onto private tailored packages to keep the card. ha. ha. ha.

 

[Jmrocky]

Is it possible that this is a bait and switch?

I've had a gold account since 07 (with these features). Hell of a long bait and switch.

NAB just got on board with the traveller card bandwagon. I mean if you had a gold visa debit, what is the incentive to use a NAB traveller? It works in exactly the same way, and saves all the top up hassles. It was such a good wicket I was half expecting them to cut it, just hurts more now that they actually have.