Aussie_flyer
Established Member
- Joined
- Apr 26, 2009
- Posts
- 4,610
- Qantas
- Platinum
- Oneworld
- Emerald
no. got no interest in property right now, although I probably should.
NAB is no longer offering Gold Banking transaction account
- Thread starter wxxnxs
- Start date
- Status
no. got no interest in property right now, although I probably should.
burrco
Active Member
- Joined
- Feb 5, 2010
- Posts
- 618
Well thumbs up to the NAB. Got my letter today informing me that they are "simplifying" the product. I am glad to hear it - the old system of not charging overseas fees was indeed very confusing.
The new system of charging fees is much simplier to understand.
Kudos NAB!
Old system: No fees = Confusion
New system: Fees = Simplification personified.
The new system of charging fees is much simplier to understand.
Kudos NAB!
Old system: No fees = Confusion
New system: Fees = Simplification personified.
Aussie_flyer
Established Member
- Joined
- Apr 26, 2009
- Posts
- 4,610
- Qantas
- Platinum
- Oneworld
- Emerald
i also got my letter today. My citibank kit arrived too!
Pushka
Veteran Member
- Joined
- Jan 26, 2011
- Posts
- 29,036
- Qantas
- Platinum
- Virgin
- Red
It's exactly like the letters you get when they close a Branch "for your convenience, ABC branch is available" when ABC branch has always been available and you chose not to use it because it simply is NOT convenient.
No letter here.
Spot on! This decision pisses me off beyond belief. Hello Citibank.
fantasy86dj
Member
- Joined
- Aug 6, 2010
- Posts
- 326
- Qantas
- Bronze
- Virgin
- Gold
So much conversation about this topic as it has caused quite the stir!
Go to check on NAB's facebook, a lot complaints there as well, their PR people choose to keep silence. Although they are going to launch new flybuys credit card on Monday, I doubt they can recover the damage of terminating this product.
fantasy86dj
Member
- Joined
- Aug 6, 2010
- Posts
- 326
- Qantas
- Bronze
- Virgin
- Gold
A ton of my friends went from Citibank to NAB Gold Banking - I looked at NAB's facebook before - will be interesting to see what happens (or does not happen) on Monday.
I'm doing vice versa, I opened Citi Plus, preparing to close NAB account at any time.
fantasy86dj
Member
- Joined
- Aug 6, 2010
- Posts
- 326
- Qantas
- Bronze
- Virgin
- Gold
I would be annoyed if I had one of these accounts but I got rid of mine about 6 months ago now - a few times I forgot to transfer the $5000 from one account to another resulting in the account keeping fee being charged! R.I.P NAB Gold Banking.
bcworld
Established Member
- Joined
- May 26, 2010
- Posts
- 3,782
- Qantas
- Bronze
- Virgin
- Platinum
...another defector to Citibank (shudder) Plus here.
Edit: not sure how I managed to quote that post but it was funny!
medhead
Suspended
- Joined
- Feb 13, 2008
- Posts
- 19,074
Got my letters today, one for me, one for SWMBO and one for both of us. Interesting thing is my letter says I have until 10 August to add gold products to my choice package as well as mentioning the fees being introduced that day. Whereas the other 2 letters just say that the fees will be introduced from 10 August. Not only do I get a different letter but it also doesn't match the information I previously read on the website.
medhead
Suspended
- Joined
- Feb 13, 2008
- Posts
- 19,074
Well maybeI have the wrong impression of the NAB. Got a reply to my complaint about this change. It included the words "to be fair" (to NAB). I'm still trying to work out what fairness has to do with banking, but maybe I just have them all wrong. Maybe they are fair to their customers. 
Is it possible that this is a bait and switch?
"Bait-and-switch is a form of fraud, most commonly used in retail sales but also applicable to other contexts. First, customers are "baited" by advertising for a product or service at a low price; second, the customers discover that the advertised good is not available and are "switched" to a costlier product." - Bait-and-switch - Wikipedia, the free encyclopedia
Say for example NAB has baited 100,000 people into switching... then after a year or two, NAB removes all the benefits that people switched to get in the first place. Some are outraged, and take their business elsewhere. Lets say 50%. NAB would rely on the rest to either forget to, or be so discouraged by all the admin that they have to go through that they won't bother changing. E.g. Having to go to another insitution to open a new accont, have all their direct debits changed, have their pay directed to their new account etc.
People that went to NAB for this product in the first place, would also be more likely to have set up other accounts with NAB for the convenience of having to only have to deal with one organisation. e.g. online banking, online trading, home loans, credit cards, term deposits etc. The more products you have, the more hassle you have to go through to get out. Yet those that have the most accounts are probably those that NAB makes the most money from. So even if say 50% of the 100k customers that joined because of this leave, NAB is still up 50k customers - and possibly the customers that are likely to generate the most revenue.
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?
I've recommended this product to a number of people, and one friend just signed up two or three months ago. He's very angry now that he went through the hassle of going through the application process, organising all his direct debits, pay etc to sign up... and now he has to do it all over again just to get out to go back to the bank he was originally with. I regret having suggested Gold Banking with him now.
"Bait-and-switch is a form of fraud, most commonly used in retail sales but also applicable to other contexts. First, customers are "baited" by advertising for a product or service at a low price; second, the customers discover that the advertised good is not available and are "switched" to a costlier product." - Bait-and-switch - Wikipedia, the free encyclopedia
Say for example NAB has baited 100,000 people into switching... then after a year or two, NAB removes all the benefits that people switched to get in the first place. Some are outraged, and take their business elsewhere. Lets say 50%. NAB would rely on the rest to either forget to, or be so discouraged by all the admin that they have to go through that they won't bother changing. E.g. Having to go to another insitution to open a new accont, have all their direct debits changed, have their pay directed to their new account etc.
People that went to NAB for this product in the first place, would also be more likely to have set up other accounts with NAB for the convenience of having to only have to deal with one organisation. e.g. online banking, online trading, home loans, credit cards, term deposits etc. The more products you have, the more hassle you have to go through to get out. Yet those that have the most accounts are probably those that NAB makes the most money from. So even if say 50% of the 100k customers that joined because of this leave, NAB is still up 50k customers - and possibly the customers that are likely to generate the most revenue.
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?
I've recommended this product to a number of people, and one friend just signed up two or three months ago. He's very angry now that he went through the hassle of going through the application process, organising all his direct debits, pay etc to sign up... and now he has to do it all over again just to get out to go back to the bank he was originally with. I regret having suggested Gold Banking with him now.
Last edited:
- Joined
- Aug 20, 2003
- Posts
- 8,099
quite frankly, I've never closed my NAB account.......this maybe the clincher.
most people dont close their accounts as the banks are as bad as each other.
most people dont close their accounts as the banks are as bad as each other.
- Status
Become an AFF member!
Join Australian Frequent Flyer (AFF) for free and unlock insider tips, exclusive deals, and global meetups with 65,000+ frequent flyers.AFF members can also access our Frequent Flyer Training courses, and upgrade to Fast-track your way to expert traveller status and unlock even more exclusive discounts!
AFF forum abbreviations
Wondering about Y, J or any of the other abbreviations used on our forum?Check out our guide to common AFF acronyms & abbreviations.
