Nigelmartin

This is a copy from Money.com for those interested in replacing their Nationwide debit cards

New fee-free overseas debit card from N&P


A new fee-free foreign use debit card will be available in January next year.
  
Norwich & Peterborough Building Society has announced that it will scrap foreign exchange fees on its Gold Current Account Visa debit cards at the end of 2010.

The news will come as a welcome boost to frequent travelers after Nationwide axed free foreign use on its own debit cards on 1 November.

It had been the only bank or building society offering this perk – a crown that will now be taken by N&P.

From January 2011, N&P will no longer charge commission on overseas spending or levy a fee on cash withdrawals.

However, the Gold Current Account's ordinary charging structure will also change, and potential customers should be wary.

There will be a £5 a month arranged overdraft fee, a £19 a month unauthorised overdraft fee, and any unpaid items will be subject to a £15 penalty each month.

Customers must also either deposit £500 a month with N&P – effectively using it as their main current account – or make a minimum of five transactions every month.

If they fail to adhere to these rules, an extra £5 charge will be incurred. The fee changes, including foreign use, will apply to new and existing N&P customers.

Fee-free use abroad had been one of the most popular benefits of Natiowide's current account, swaying many customers its way.

But on 1 November, Britain's biggest building society started charging both 2% commission and a £1 cash withdrawal fee on foreign transactions for its FlexAccount. This puts it roughly in line with most other major banks and building societies.

The changes provoked a huge uproar from This is Money readers, with hundreds berating Nationwide's decision.