Clear warning for costly credit card withdrawals

CLEAR WARNING FOR COSTLY CREDIT CARD WITHDRAWALS

Nationwide is working to improve the state of Britain's finances by adding signs to its cash machines.

The building society said it is concerned by the lack of "real progress" in protecting customers from cash machines that charge.

Now Nationwide cash points will be clearly marked "FREE CASH WITHDRAWALS" to enable customers to make an informed decision. It is the first financial service firm to introduce at-a-glance signage.

"The industry has been dragging its heels over providing real clarity for consumers regarding cash machine charges. Consequently, Nationwide is taking action by implementing a straightforward solution to counter consumer confusion," said Stuart Bernau, Nationwide’s executive director.

"Green and red signs, which are visible at a glance, will be instantly recognisable and their introduction is supported by an overwhelming majority of people."

According to calculations made by Nationwide UK customers will be paying out a massive £200 million on ash withdrawal fees for debit and credit card transactions.

Related Articles

• Credit card companies must work harder - 23rd September, 2005
  

  Customers switching who take advantage of zero per cent credit card deals are costing card suppliers between two and three billion a year, according to a personal finance website.
  So-called Rate Tarts chase the zero per cent deals from card to card ensuring that they never pay any interest. The website claims that card suppliers will have to start offering more competitive products and innovative offers if they are to retain customers...

  ---

• Consumers still reliant on cash and credit cards - 26th September, 2005
  

  Despite rising credit card use a new survey has found cash is still king for the UK consumer.
  A study conducted by Alliance & Leicester found that small and medium-sized firms in the UK handle £28 billion of cash every month.
  "Our survey results explode the myth that cash transactions are about loose change," explained the head of cash marketing at Alliance & Leicester Commercial Bank, Russell Carter.
  "It is crucial to realise the importance of the humble coin and note when such a high proportion of cash transactions in the UK involves sums of more than £80."
  People are most likely to use cash when paying for goods from the entertainment industry, with two-thirds of transactions involving sums greater than £80...

  ---

• Don’t struggle with dinner-related debts - 29th September, 2005
  

  The news that people in the UK spend more than £2.6 billion on tips will be no surprise to the credit card companies that see people's balances incorporate dinners and other day to day expenditure.
  Furthermore, while it may seem reasonable to put the occasional meal on the plastic, it is surely inadvisable to risk over-the-limit charges by tipping even when they experience poor service...

  ---

• Credit card advice from Myvesta - 6th October, 2005
  

  People with multiple credit cards have been advised to set up an order of payment based on their cards' interest rates.
  Steve Rhode, chairman of Myvesta UK, a non-profit money management organisation, is adamant that credit card customers should add up their total payments and plan repayments on the card with the highest interest rate...

  ---

• Look around for the best credit card deal - 5th October, 2005
  

  Credit card customers are being urged to look around to get the best deal and potentially save themselves pounds.
  New figures released by Moneyextra state that individuals who track down the best deal on finance products were able to save almost £4,000 in the third quarter of this year...

  ---

• Consumers unaware of extra credit card spending - 12th October, 2005
  

  Many British consumers underestimate how much they spend on credit cards according to latest figures.
  Research from Egg Money, which provides savings accounts, shows that on average, UK consumers believe they spend £418 on credit cards each month, whereas the Datamonitor Plastic Card report 2005 has this figure at £775...

  ---

• Credit card borrowing on the decline - 27th September, 2005
  

  The amount of overall credit card debt fell in August, while lending on loans and overdrafts rose, according to figures released today.
  The British Bankers' Association's (BBA) August figures show that net credit card lending fell by £146 million compared to a recent average increase of £102 million.
  However net lending on loans and overdrafts increased by £842 million from last month, more than the average of about £500 million for the last six months...

  ---

• Post Office launches credit card - 30th September, 2005
  

  The Post Office has entered the credit card field by offering a "two for one" deal, allowing flexibility when paying for large purchases.
  As well as being a normal credit card, the Post Office version enables customers to switch money from the credit card account to a loan-like resource, which has a discounted interest rate of 6.8 per cent...

  ---

• Nationwide launches credit card offers - 3rd October, 2005
  

  The building society Nationwide has today released details about its new balance transfer and purchase offers for its classic and gold credit cards.
  Customers will receive 4.9 per cent interest for a year on balance transfers from credit or store cards and the 0 per cent interest on purchases will increase to nine months from six months...

  ---

• Credit card rates on the up - 4th October, 2005
  

  A credit card provider has announced it is increasing its interest rates.
  As many as nine million UK residents will be affected by the change, which is the result of Barclaycard consolidating 30 varying interest rates into only five...

  ---

• World Cup credit card spending bonanza expected - 11th October, 2005
  

  The English nation could spend an incredible £2 billion in support of the England team in next year's football World Cup in Germany, according to estimate figures.
  The forecast from NatWest credit cards in association with MasterCard shows that 24 million people who will follow the team's fortunes during the tournament could end up spending an average of £87.26...

  ---

• Chip and PIN saved UK £36m - 10th October, 2005
  

  Chip and PIN technology has saved UK consumers an estimated £36 million, new figures reveal.
  The programme said the technology had slashed fraud, including the use of lost and stolen cards and counterfeiting, by almost a third...

  ---

• Brits putting Christmas on the plastic - 4th October, 2005
  

  Brits are planning on borrowing to cover their Christmas spending a new survey reports.
  With less than three months to go more than 25 per cent of respondents will be putting the Christmas costs on thief plastic – which means they had better ensure they have a good deal...

  ---

• New credit card rewards careful debtors - 28th September, 2005
  

  A credit card that rewards people who pay off their balance each month is being tested.
  Barclaycard says the Repayment Rewards card will encourage a sensible approach to credit...

  ---

• Credit and debit card spending falls - 13th October, 2005
  

  Consumers in the UK reined back spending on cards in September, according to figures from Mastercard.
  The public spent a total of £5.41 billion on MasterCard branded cards, which was a decrease of 3.5 per cent from August...

  ---