LONDON, UNITED KINGDOM — (Marketwire) — 10/21/11 — Every six minutes someone transfers their to Nationwide and over the last six months it has seen the number of increase by nearly a third. The Society anticipates that numbers will continue to rise as today it outlines a set of promises to reassure others who wish to transfer their current account to the Society. Nationwide is the only current account provider to guarantee that it will contact switchers- Direct Debit companies within 10 working days or, if not, give the switcher GBP 100.
The promises are further evidence of the Society-s new strap line, “”. The changes take effect from Monday 24 October 2011.
Promises to those transferring their current account to using the Society-s Account Transfer Service:
In addition, if the customer switches in-branch, Nationwide will aim to match the overdraft amount offered by the switcher-s previous provider(2).
Nationwide also guarantees that customers will never lose money from their current account if it is fraudulently removed by a third party; once fraudulent activity is established, the money will be returned immediately.
Since its re-launch in August 2010, Nationwide has seen a significant increase in the number of people choosing as their current account. The Society is currently opening well over 1,000 new FlexAccounts every day. FlexAccount is designed to reward and provide outstanding value to customers who use it as their main current account, for their everyday banking.
John Crossley, Nationwide-s head of current accounts, said: “We continue to bring forward innovation which clearly sets us apart and demonstrates our position as the UK-s only “challenger brand”. Some consumers are put off because they are worried that delays in the switching process could lead to charges if payments are not made in time. Others are perhaps worried about not getting the same overdraft limit as they had before.”
“But our promises aim to take the stress out of switching. We are putting our money where our mouth is. For example, switchers are safe in the knowledge that their payment companies will be notified quickly or they will receive GBP 100. In addition, for the first three months, if the switcher has any overdraft interest penalties or charges as a result of our mistake, they can contact us and we will refund them.”
“So with the and free European travel cover for main holders, there are now even more compelling reasons for new customers to switch to us.”
Customers who switch their main current account to Nationwide will benefit from an exclusive and unique package of benefits with no monthly fee(3), including:
About Nationwide
Nationwide Building Society is the world-s largest building society and a top-three provider of and in the UK. It is also a major provider of current accounts, and . With around 16 million members, Nationwide has a relationship with around a quarter of the UK population.
Since the credit crunch began in 2007, Nationwide has remained profitable against a very difficult economic environment. In the year 2010/11, Nationwide made a strong underlying profit of GBP 276 million – up 30% from the previous year. Its strong financial performances and prudent business model means that Nationwide is included in Global Finance magazine-s Top 50 Safest Banks in the World.
Find recent press releases and photos at the Nationwide Media Centre: .
Contacts:
Media information:
Nationwide
Anthony Hua
01793 657770
Nationwide
Jackie Lawrence
01793 655130