NAB is no longer offering Gold Banking transaction account

[wxxnxs]

Hi All

Just found this internal source from Whirlpool that NAB is going to discontinue its gold banking transaction account. Here is the details:

discontinuation confirmed:

"• The NAB Gold Banking account is no longer for sale effective 23 April 2012. "

and

"Section 2 – Service Fees

Effective 8 June 2012, the overseas access fees on the NAB

Gold Banking and NAB Gold Banking-Choice transaction

accounts will be amended as follows:

• The overseas ATM cash withdrawal fee of $4 per

withdrawal will now be charged. This fee was previously

waived on the NAB Gold Banking account;

• The overseas ATM balance enquiry fee of $1 per enquiry

will now be charged. This fee was previously waived on

the NAB Gold Banking account;

• The overseas foreign currency transaction fee of 2% for

transactions made in currencies other than Australian

dollars will now be charged. This fee was previously

waived on the NAB Gold Banking account."


It seems Citi is the biggest winner after this decision was made by NAB, the only FOREX fee free transaction account in the market.

 

[medhead]

So I need to link my ATM card to a nab flexiplus mortgage account to avoid the fees. Or get a Private Tailored Package.


Sent from the Throne

 

[wxxnxs]

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

 

[MarcB]

This is a really disappointing move by the nab. I have put a call into my banker to see what other options they can suggest to maintain the overseas fee-free option. I'll let everyone know what I hear back.

 

[travelislife]

Dam! I loved this product. I used it as my everyday banking as well. So now NAB is going to lose a customer, looks like Citi may be the best way to go even though I have just closed my platinum card!

 

[MELso]

The reason I signed up with them was to get a fee-free card for OS transactions, and the fees will be imposed right when I'm in the middle of a holiday...

Oh well, off to Citibank I suppose...

 

[medhead]

This is a really disappointing move by the nab. I have put a call into my banker to see what other options they can suggest to maintain the overseas fee-free option. I'll let everyone know what I hear back.

I've mentioned the options that I could find on the NAB website. Link your gold debit card to a flexiplus mortgage or be in a private tailored package. Some people here can probably get the second option.


Sent from the Throne

 

[MarcB]

I've mentioned the options that I could find on the NAB website. Link your gold debit card to a flexiplus mortgage or be in a private tailored package. Some people here can probably get the second option.


Sent from the Throne

Cheers medhead...I guess what I need to know is if the Visa Debit option will still be available if I link it to a flexiplus mortgage - that's not clear on the website. Plus, the FP has a few downsides...it counts towards your LVR eating into equity that could be used for other purposes whereas my current personal overdraft does not and it also has a minimum limit of $20k - the current overdraft can be from $10k. But by far my biggest concern is if the Visa Debit card can be linked to it. I don't want to be getting cash out when overseas if I can avoid it. the Visa Debit made it super convenient and cut down on the owner issuer ATM fee.

 

[medhead]

Agreed flexi+ is a hassle. Since I submitted a complaint about my banker last Thursday I'm holding off making other charges, until I send some flowers or something. Will see what happens but there are many uncertainties.


Sent from the Throne

 

[Aussie_flyer]

discussed yesterday
http://www.australianfrequentflyer....uestions/day-day-accounts-zero-low-38218.html

 

[delfredo]

With Gold Banking you get complementary insurance cover (eg. extended warranty). You don't with Classic Banking. I wonder if they will terminate the insurance cover for existing GB customers?

 

[wxxnxs]

With Gold Banking you get complementary insurance cover (eg. extended warranty). You don't with Classic Banking. I wonder if they will terminate the insurance cover for existing GB customers?

NAB has not cleared that part yet, however it most likely existing benefits will be removed unless you held tailored package. Details can be found http://www.nab.com.au/wps/wcm/connect/nab/nab/home/personal_finance/5/1/3?WT.seg_1=SEACM&WT.ac=SEACM.

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 hate to say this, but looks like Citi plus account will be the biggest winner after NAB cancelled this product, although Citi does have one of the worst reputation in Australia.

 

[wxxnxs]

So I need to link my ATM card to a nab flexiplus mortgage account to avoid the fees. Or get a Private Tailored Package.


Sent from the Throne

NAB Tailored Package only not flexiplus mortgage.

 

[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.

Also on the product thing it says gold banking is no longer for sale from late April (sorry can't remember the date) and gold banking account can't be put into a choice package after 8 June. My opinion is that existing customers will be grandfathered, for the time being. But will be subject to fees.

So we have until end of April to get gold banking accounts and June to get them in the choice package.


Sent from the Throne

 

[wxxnxs]

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.

Also on the product thing it says gold banking is no longer for sale from late April (sorry can't remember the date) and gold banking account can't be put into a choice package after 8 June. My opinion is that existing customers will be grandfathered, for the time being. But will be subject to fees.

So we have until end of April to get gold banking accounts and June to get them in the choice package.




Sent from the Throne

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.

 

[travelislife]

Ok, I have just applied for the Citibank Plus account which looks good. One thing I didn't find is what their forex fee is when withdrawing cash overseas? Is it the Visa rate of the day or do Citi apply a percentage?

Good bye NAB, you were good to me.

 

[oz_mark]

Ok, I have just applied for the Citibank Plus account which looks good. One thing I didn't find is what their forex fee is when withdrawing cash overseas? Is it the Visa rate of the day or do Citi apply a percentage?

It's the Visa rate of the day (or the day before!)

 

[wxxnxs]

Ok, I have just applied for the Citibank Plus account which looks good. One thing I didn't find is what their forex fee is when withdrawing cash overseas? Is it the Visa rate of the day or do Citi apply a percentage?

VISA official market rate, this has been confirmed on another forum from Whirlpool.

 

[travelislife]

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

 

[delfredo]

Good buy NAB, you were good to me.

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