I recently applied for a HELOC at Nationwide solely based on a quick review of lenders and their HELOC rates. Shortly after submitting and documenting my application, I contacted Nationwide because I had not received status of my application. The rep on the phone was courteous and, after reviewing his computer system, told me that the underwriting team needed a couple more documents related to my income tax returns and income which I immediately provided. Weeks went by and I then received an email indicating that they have made a decision on my application and that were unable to approve my application at this time. The email also said Nationwide would contact me by mail explaining its decision. Again, weeks went by and nothing came which prompted me to call them. I spoke to a lady who, from the beginning, sounded as if I had stolen one of her children from her home. She said the underwriting team had disapproved my application because I had not lived in the home more than six months. Where they obtained that information escapes me, I completed the application myself and showed them I had owned the property since 2010. By the way, my attempt to inquire where that information was taken from triggered a one way conversation from the rep to me to the point that I had to ask her why she was upset at me. She wouldn't provide me a direct name or contact person to resubmit evidence of my home ownership and simply said I needed to fax it to the number she was giving me. Anyway, Nationwide did not bother to contact me to confirm any information prior to, unilaterally, dismiss my application and sent me an explanation letter that never came. Having read the reviews others have provided here, I decided that Nationwide is not for me and will not follow up or attempt to support my application. Some reps at Nationwide are rude and simply NOT customer service oriented. They do not seem to have time for customers and their issues.
I will caveat my review by saying that Nationwide has done a good job providing me service after a truck rear-ended me a few weeks ago. However, when the time came to disburse the total of my vehicle, I was given the option to receive a Nationwide debit card or a check. The rep went the extra mile in relation to the debit card, talking about how much quicker and user-friendly it would be.
Not the case. There is no funds transfer capability, so if you want to transfer the money to your account, you have to do a cash advance through a bank that has agreements with Visa. If your bank uses MasterCard, like me, the option you are given is to withdraw thousands of dollars from an ATM in $20 increments and then deposit the cash. I called Nationwide and was told I could cancel the card and a check would be overnighted. I was charged a $10 fee, and then told it would be at least 7 business days before I would receive a check. The period after an accident is frustrating enough. Save yourself from this additional headache!
My experience is the same as others report here. If there is no activity in a six month period Nationwide charges a $5.00 monthly "inactivity fee". Activity can be a simple phone call, but you have to remember to call. Why should anyone have to do this? This is obviously a scam. I have not encountered this scam at any other similar online bank. So it's clear- find a different bank.
I had a money market account for years that I was depositing to on a regular basis. Good initial rate, no problems. Then I had a period of inactivity and they started charging "dormancy" fees (even though I had several thousand dollars in my account). So I contacted them and they refunded the charges and told me I just needed to withdraw or deposit funds periodically to avoid charges. So I did that and when my account dropped below a certain figure, they started charging a low balance fee of $8 per month. When I complained that their representative did not warn me of this when I told him I was going to take out most of the money, they refused to refund the charges. They said the charge was listed in the account disclosure statement.
What a bunch of crap. I opened a free checking account. So I thought. After 6 months they started charging me 5.00 per month.
They didn't say why and they didn't care if I stayed a customer, so I closed my account. The thing that really chaps my hide is the fact that I had bought checks and was planning on using them as my main bank. Save your time and money they are not worth it. I will now use Banner Bank for all my checking needs they don't lie.
Oh, and by the way there customer service sucks big time.