Nationwide Business Account

Just received our 'MUST NOT USE THE NATIONWIDE AS A BANK' letter.

We made our two permitted visits to our local branch in January to pay into our business account -no way to treat small businesses trying to make a go in these difficult times and manage cashflow. Then we decided to close an unused flexi account and just transfer the very small amount of money into the investor account before the month ended, so we have been warned to obey the rules or we are out..

We wrote a letter of complaint to Head Office when these ridiculous rules were put in place and they made the young counter clerk from our branch ring to confirm the new regulations.

We have stuck it out until now, as we know they don't want our type of account anymore but enough is enough!!!!

Just had a notice from Nationwide that they will close our Business Investor Account after around 15 years of business with them.

It has been obvious for some time that they wish to close all Business Investor Accounts.

Business people are unwelcome at the counter more than twice a month - even when it's paying in money!

Nationwide could have said

I do not usually bother with writing reviews but Nationwide does not deserve a single star (I had to leave 1) as they cleary want to terminate this useful account. I have had my account for many years and still have but only with careful cheque payments and now careful paying in. With the pitance that is paid on deposits even Nationwide should make a profit. It does make me question the other savings accounts I have with them.

Just Received my 30 day notice of closure for my Business Investor account.

Reason is that I have used the branch to pay in the maximum 10 cheques just 3 times a month for the last three months. Their new introduced limit is 2 per month, and this is despite an average credit balance of £30,000 over this time. My complaint is that the introduction of 2 counter transactions per month is unreasonable and unfair and introduced purely to close these accounts. Have complained to Graham Beale their CEO and escalated claim for review, and will then escalate to the Ombudsman Service. PLEASE WILL OTHER DISSATISFIED CUSTOMERS DO THE SAME. IT IS THE ONLY WAY TO GET SOME ACTION.

Nationwide's Business Investor - after 5 years of uneventful banking with them, what a let-down. It's strange that they are happily promoting personal cheque-book accounts, yet don't want business accounts where they charged £2.50 for every cheque over 6 a month and paid only a token interest (unlike the early days).

Anyway, despite their bad press, I have gone to Santander. Setting up a company account on line and by post is an education and time-consuming, but I now have it in place and can close down the Nationwide account. Drawbacks of Santander are no counter service (notes and cheques have be be put into a slot in the branch) - but the staff are helpful. Also they take no coins at all, so I have to bank a cheque for surplus cash each month to balance my books. And you have to print out your own statement on line. But they can take debits from the account and they issue a debit card. And they promise no routine bank charges ever. So on balance I think I am better off, but Nationwide have caused me so much work. I wonder why Nationwide didn't try the same system as Santander.

Business Investor Account NEW RULES:

I am appalled by the new rules which are supposed to reduce the queues at the counter. I spent 45 mins in our branch and the assistant could not clarify the rules. She tried ringing head office but no result. The customer service manager also could not answer the queries.

My concern is that if I write out 6 cheques ( permissable without a fee) in any month then if say 3 of those cheques are cashed in the next month and I write out another ,say, 4 cheques in the month the total cashed would be 7 thereby incurring a fee of £2.25 per cheque.The assistants could not find out if this is correct as my arguement is that I will have to visit the branch every day to see if a cheque has been cashed. Ridiculous !.

Finally some days later they confirmed that cheques cashed are deemed as a transaction and, therefore, in the above example I would be charged a fee.

They clearly do not want our business.

I also queried if BACS payments were clssed as a "transation" and they said they were not so I can ask some of my customers to pay by BACS.

It is no wonder they are shutting down their branches and this could be the thin end of the wedge when they will close ALL branches.

I opened a Business Investor account over a year ago when TSB started to charge ridiculous monthly fees on my previous Business Account. The Nationwide Account was one of the only ones that didn't charge and it even offered interest. Those of you who received a letter notifying you of the minimum of two counter transactions per month are lucky. The first I knew about it was a letter this morning giving me a first warning about using the counter a shocking three times last month. Next time they will close the account. I was NOT informed of any alterations to my account terms by letter. The only notice I ever saw in my branch was one saying that the account was closed to new customers. There has never been any mention or indication of any change in terms for existing customers. I will be looking for another account - although as everyone knows, small business customers have very little choice.

I have had a business acount with Nationwide for more than 10 years and always been well satisfied with the service.

It is obvious from the account changes that they no longer want business account customers. No business can operate on 3 transactions a month and the other stipulations. They have shown a callous disregard for loyal customers. This is particularly bad in the present economic climate when it is difficult for small business's to set up new bank accounts.

This may come back to roost with Nationwide as both myself and wife and other family members are intending move our deposit accounts elsewhere as I close the business account .

I have always been a fan of the Nationwide and thought that their Business Investor was good. Now with the sledge hammer changes they are making to it I am fuming. I pay in 1 cheque a week, make an average of 2 internal transfers a month, and write a maximum of 3 cheques a quarter. Now I cannot, and my account will automatically be terminated if I do. It is not possible to do these on line, and there is no business current account.

The excuse of shortening ques may come back to haunt them, as I am considering removing all my (our) accounts from them!

I am so annoyed at the way they have approached this. Why can they not be honest and say we do not want your business.

I think someone at the top has made a big mistake with this and they shouild have a rethink!!

I am currently looking into business bank accounts and discovered the Nationwide BusinessInvestor Account is not open to new appliations.

The nationwide website says "Last updated: 16/04/2010 15:28:47

Unfortunately, at this time we are not offering any savings accounts for small businesses. Existing customers holding BusinessInvestor can continue to operate their account through their nearest branch."

Will have to look elsewhere.