This is the best credit card I have! Why?
1) It has an APR of 7.24%!!!
2) It came with a very VERY generous credit line.
3) 1% cash-back reward on all purchases every month.
4) I've had 2 automatic credit line increases since I've opened the account.
The downside (which doesn't effect me at all) is that I'm not sure if the 7.24% APR is still being offered. I think the lowest now might be 11.24%.
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.
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 opened a HELOC. All went well. They're more than happy to open another account, especially if the client has flawless credit and more cash available than the amount allowed for the HELOC.
I pay all bills using online bill pay through my bank. Not Nationwide. I set up the bill pay account for the HELOC. So far so good. In September 2010 I used some of the credit line. In October I sent the first payment using bill pay. It was received. All's good. In November another payment was sent using bill pay. We're still in love. Then December. I sent another payment using bill pay and somehow Nationwide lost it. I called to inquire why I was being penalized $20 for a late payment. They say they did not receive it. I don't know where the money went. But I do know it came out of my business account about a week after being paid. I faxed documentation to Nationwide proving my payment was ontime and over the amount required by almost 10 times. At this point, they say they are investigating this issue. In the meantime I am the bad guy since they have no payment for December. Further, I called my bank and reported the incident. My bank called Nationwide and faxed proof of payment, a copy of the check. Nationwide still has not credited my account with the payment. As it stands today Nationwide is still "investigating". So here sits the customer, penalized and feeling like there is nothing I can do. I will be paying the balance in full next month to be rid of Nationwide.
To sum it up: DON'T DO BUSINESS WITH THIS BANK. IT'S WORTH IT TO PAY A LITTLE MORE AND DO BUSINESS WITH AN INSTITUTION THAT "REALLY CARES" ABOUT THE CUSTOMER. AGAIN, DON'T DO BUSINESS WITH THIS BANK.
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!
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.
I opened a Nationwide bank account after I switched my insurance to Nationwide. I cannot even begin to describe their customer service in any other word except terrible. I have never seen such incompetence in my entire life. The reps have NO idea what they are talking about. I had to explain the deposit process to a rep when making an inquiry. Do not do business with this bank.
Nationwide Bank wants you to mail your payment 7 to 14 day's before the due date. Mine is due on the 14 of each month and I mail on the 3rd or 4th each month. It still take's forever to get the payment posted to my account each month. In August the payment was posted late, on the 16th. I started calling on the 12th to find out where the payment is. They had not recieved it and said that there is nothing they can do. It's the mail that is at fault and that I should do payment on line or phone them in from now on! I don't do either because I have had my accounts robbed in the past from these forms of payments. I don't trust things at this time other than mailing a check that old way.
I put in a complaint with the Post Master General to find out about the P.O. Box and see if Nationwide is picking up the mail each day. They are. Now I'm going to send each payment with Delievery Conformation so that I can see just how long it takes to reach the P.O. Box and from there see how long it take's to post the payment after that. I will do this for 3 or 4 months and if I find that Nationwide is holding payment til the last day to collect that late day interest, I'm going to file a complaint with the Attorney Generals Office for abuse of terms.
In short I like to know if any other customers of Nationwide have had the same trouble's and report them. If it's truly the mail then the Post Master will fix the trouble at the Post Office in question. I feel that if Nationwide owe's me and many other's for interest due for holding the payments till the last day. This is going to stop one way or another, when I have more proof that they are being deliver on time. Only take's one to put a stop to this, more will make it happen faster.