NAB is no longer offering Gold Banking transaction account

[mushypeas]

nab Private Tailored Package is a nab Private Bank offering available to those whom have:

- $500k exposure to nab in personal products (deposits/lending/investments)
- Annual gross income of $250k for individuals or family income of $350k
- $1m net in assets for personal investments (managed funds/investment properties
- $750 annual package fee

 

[medhead]

nab Private Tailored Package is a nab Private Bank offering available to those whom have:

- $500k exposure to nab in personal products (deposits/lending/investments)
- Annual gross income of $250k for individuals or family income of $350k
- $1m net in assets for personal investments (managed funds/investment properties
- $750 annual package fee

This is private banking: Private Banking- Nab Private Wealth

That is a package.

 

[mushypeas]

I'm aware it is a package, it is a package provided by nab private.

"A package for high value Private Banking customers with multiple needs. Any customer seeking this package must be referred to nab Private Bank"

 

[SeaWolf]

Got the letter today. Goodbye NAB.
Shame really, I loved how flexible the activation requirements for the travel insurance were, but I'm pretty sure the insurance will go soon as well and I can get travel insurance from my other cards.
I'll give the Citibank product a try I think.

 

[aasz1978]

Apologies if this is already posted but if you are moving to Citibank Plus, be aware that the free overseas ATM is only applicable to just Citibank ATM only.

This is the difference vs NAB Gold. The latter allows withdrawal from any overseas ATM fee free.

 

[one9]

Apologies if this is already posted but if you are moving to Citibank Plus, be aware that the free overseas ATM is only applicable to just Citibank ATM only.

This is the difference vs NAB Gold. The latter allows withdrawal from any overseas ATM fee free.

This is wrong. You can use any overseas ATM with the Citibank account. I have done this and confirmed. Check the product page of their "No Fee" account for more information.

 

[oz_mark]

This is wrong. You can use any overseas ATM with the Citibank account. I have done this and confirmed. Check the product page of their "No Fee" account for more information.

Agree. I have not been charged any fee for using an ATM overseas.

 

[wxxnxs]

Apologies if this is already posted but if you are moving to Citibank Plus, be aware that the free overseas ATM is only applicable to just Citibank ATM only.

This is the difference vs NAB Gold. The latter allows withdrawal from any overseas ATM fee free.

Wrong, Citibank Plus also offer fee free for any ATM in the world as long as the ATM owner does not charge fees itself. If the owner of ATM charges fees such as Australia banks, then this fee will be added on the top of the total amount, eg. CBA ATM charges $2 for foreign bank's card. For example, if you go US and use Bank of America ATM, you use NAB gold visa debit to withdraw $100, before you confirm, ATM will tell you there are $3 charge, then total amount will be charged on to you card is $103, NAB just does not charge extra for using foreign ATMs. Citibank Plus comes with the same result, which means if ATM owner does not charge separate fees, then it's free everywhere.

If you go to US, Citibank Plus actually gives you better results, as long as you use Citi ATM there, you don't pay any ATM fees.

 

[travelislife]

Apologies if this is already posted but if you are moving to Citibank Plus, be aware that the free overseas ATM is only applicable to just Citibank ATM only.

This is the difference vs NAB Gold. The latter allows withdrawal from any overseas ATM fee free.

This is not correct from what I have read? Are you able to point me in the direction where it states this?

 

[aasz1978]

This is not correct from what I have read? Are you able to point me in the direction where it states this?

http://www.citibank.com.au/global_docs/pdf/Feesandcharges.pdf

Fee-free withdrawal limit applies to ATM withdrawals at Citi and Partner* ATMs within Australia, EFTPOS, cheque withdrawals, direct debits, BPAY, Internet and Phone
Banking, but NOT ATM withdrawals at non-Citi and non-Partner ATMs, bank cheques, telegraphic transfers and transfers over $10,000. (Fees for overseas transactions are
charged separately, but are not included in your fee-free limit - see “Local & International Payments and Foreign Currency Services” for details). ATM operator direct charges
may be applicable at non-Citi and non-Partner ATMs. Balance enquiries are free of charge at Citi and Partner ATMs unless stated otherwise. *Partner ATMs include Westpac
branded, St.George, Bank of Melbourne and BankSA ATMs within Australia.

WxxNxs is correct to say that if the ATM owner doesn't charge the fee, then it's free. However, in all my overseas experience and my use of the NAB gold card, I've never been charged any fee at all, not even ATM owner fee. Now does that mean that all of the ATM I've been to have been generous? I'd like to think that but I don't think so. I think NAB really meant it when it says no fee on overseas withdrawal ATM, any ATM.

With Citibank, this is not so. As per above, it is not guaranteeing it unless you are withdrawing from a Citibank ATM. This is different from NAB. I am happy to be corrected but I have never been charged overseas ATM withdrawing fee or any % currency fee using this NAB Gold Card.

Additionally, my sis-in-law works for Citibank and being an ops manager, she has been receiving complaints about this.

 

[SeaWolf]

It means you've been lucky. I've used the NAB Gold Card just last week in Thailand and was getting hit by the almost universal 150Baht ATM owner fee.
What the NAB card terms mean (and it's the same with Citibank) is that NAB will not hit you with a fee for using a foreign ATM. If the ATM itself hits you with a fee, there's nothing NAB will do about that.

As a side note, if you can find the very rare AEON brand ATMs in Thailand, they do not hit you with an owner fee and are totally free.

 

[travelislife]

From Citibanks advertising online:

Fee free use of your Citibank Visa Debit Card around the globe to make in store purchases or withdraw cash at any ATMs​

[SUP]2[/SUP]

.​

2. Non-Citibank and non-Partner* ATM owners may charge you a fee for use of their ATMs. *Partner ATMs include Westpac branded, St. George, Bank of Melbourne and Bank SA ATMs within Australia.

So what this statement is saying is that Citibank won't apply an ATM fee at any ATM's either in Australia or outside of Australia. What can happen though is that the ATM charges you a fee (Australia changed to this method a couple of years ago, except Citibank has an arrangement with the stated ones to waive this fee). Which is exactly how the NAB gold card works as well, it used to be fee free for all ATM's in Australia before the new legislation was brought in.

Now a lot of countries there are ATM's which can be found that don't charge a fee (like AEON in Thailand, you can look them up on their website there are actually a lot around, look at the deposit list as well). This can be for all customers. Not like in Australia when it is usually just for that customers bank.

Either way you are still ahead with this card as most Australian banks will add their own $4-$5 ATM fee on top of the operators Fee.

 

[Sojourner]

I have not received any correspodence from NAB about this, so I am already disapointed to have to find out about it through AFF. I've been with NAB for around 15 years now so I'm hoping they grandfather the foreign ATM/conversion fee waiver to retain their existing members. If they don't grandfather the ATM/Conversion fee waiver then I will move on.

 

[wxxnxs]

I have not received any correspodence from NAB about this, so I am already disapointed to have to find out about it through AFF. I've been with NAB for around 15 years now so I'm hoping they grandfather the foreign ATM/conversion fee waiver to retain their existing members. If they don't grandfather the ATM/Conversion fee waiver then I will move on.

Not surprised, a lot of their own front staffs even have no idea about this change. I think NAB wants to wait until next Monday until they officially announce their new travel card and meanwhile to tell you the Gold banking is no longer for sale, unfortunately I just published here before they start action.

 

[Aussie_flyer]

utter bollocks that you don't get hit with ATM operator fee with NAB Gold card overseas. The ATM itself charges it and NAB has nothing to do with it. Always get charged 150baht at non-AEON atm's in thailand with NAB Gold. What you don't get charged is the fee (e.g. $5 for Westpac) for an overseas withdrawal, plus the 3% conversion fee. citibank reads as being exactly the same

 

[travelislife]

utter bollocks that you don't get hit with ATM operator fee with NAB Gold card overseas. The ATM itself charges it and NAB has nothing to do with it. Always get charged 150baht at non-AEON atm's in thailand with NAB Gold. What you don't get charged is the fee (e.g. $5 for Westpac) for an overseas withdrawal, plus the 3% conversion fee. citibank reads as being exactly the same

I didn't think anyone was saying that dazz81, except maybe the poster a couple of pages back, I think the consensus is that the Citibank and old NAB gold product will operate in exactly the same way, no fee by the card issuing bank, only the fee the ATM wants to charge.

 

[serfty]

I didn't think anyone was saying that dazz81, except maybe the poster a couple of pages back, I think the consensus is that the Citibank and old NAB gold product will operate in exactly the same way, no fee by the card issuing bank, only the fee the ATM wants to charge.

... plus any arbitrage Citi apply to the forex conversion - which by many reports is relatively small.

 

[one9]

... plus any arbitrage Citi apply to the forex conversion - which by many reports is relatively small.

As Citi provides a Visa debit card, it should use the Visa interchange rate.

 

[wxxnxs]

As Citi provides a Visa debit card, it should use the Visa interchange rate.

Correct. No arbitrage from Citi.

 

[Pushka]

I have not received any correspodence from NAB about this, so I am already disapointed to have to find out about it through AFF. I've been with NAB for around 15 years now so I'm hoping they grandfather the foreign ATM/conversion fee waiver to retain their existing members. If they don't grandfather the ATM/Conversion fee waiver then I will move on.

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.

Dazz, do you post in a Property forum using a somewhat similar name? You post very similarly to that person.