My first exposure to the Nationwide company was a TV commercial promoting their insurance. The catchy jingle, that reminded consumers that Nationwide was “on their side”, still replays in my head when I see the company name or logo. It was not until I was comparison shopping for an auto loan, though, that I realized how many other services Nationwide offered. From consumer loans and checking accounts to insurance services and IRA retirement building, the Nationwide company really has a lot to offer their customers.
The Company
For those who are completely unfamiliar with Nationwide, let’s begin with some basic facts. First, Nationwide is a Fortune 500 company, ranking #100 as of 2012. Additionally, their reputation for quality and service seem to be pretty wonderful as well, judging from their consistently high scores of A or A+ from the Better Business Bureau (BBB), A+ from Standard and Poor’s (S&P), and A1 rating from Moody’s nearly every year. Nationwide built their empire primarily as an insurance company started in the mid 1920’s, but in 2007 they made a major move that expanded their influence into many new sectors of the financial services industry. One of these areas became known as Nationwide Bank.
Nationwide Bank Description and Features
Nationwide Bank hit the ground running, with an impressive list of offered products. These include traditional checking and savings accounts, money market and certificate of deposit (CD) accounts, IRA and miscellaneous other investment accounts, and home and auto loans. Nationwide Bank accounts also are backed by FDIC insurance.
Because this banking division is, for the most part, completely online, it really is quite different from most traditional banks around.
What Nationwide lacks when it comes to branch locations and face to face interactions, it seems to make up for by offering customers some really cool convenience features including:
- 70,000 ATM locations that are surcharge free
- Mobile banking apps for smartphones, tablets, etc.
- 24 hour access to online banking and bill pay
- Mobile phone deposit capability
- Alerts and notifications via text message
Nationwide Bank Advantages & Benefits (Pros)
When it comes to convenience, Nationwide Bank offers more options than previous banks which I have been a customer of. I love being able to deposit a check into my account from my cell phone, simply by taking a picture and pressing send, instead of having to physically go to the bank each time. This feature alone has saved me quite a lot of time, gas, and hassle.
Secondly, anytime that I have needed to withdraw money, there has always been an ATM readily available. Even when traveling, I can simply use my current location on my mobile phone to find the closest ATM easily. Most ATMs I have used are also free of any surcharge, which saves me money.
The final advantage that I have found of being a Nationwide Bank customer is that they have really great customer service. Anytime I have had a question, problem, or concern that required a phone call to customer service, I have been greeted by a Nationwide Bank representative who seemed eager to help me. I also appreciate that all of their call centers that I have spoken to are within the United States, which eliminates language barriers that seem to be a common problem with many companies who outsource their calls.
Nationwide Bank Problems and Complaints (Cons)
Having been a Nationwide Bank customer for a little over a year, there are a few things that I have personally experienced that could be considered “cons” to banking with this company. First, everything has to be done either online or via the phone. Because of this, it can be harder to communicate and resolve a problem or error. I am a visual person, and I find it helpful to be able to sit down with a statement or document and see each line that is being referred to in person. This just isn’t an option with Nationwide Bank.
Secondly, I found out the hard way that “free checking” really isn’t completely free. After a $5 service fee was charged to my account, I was told by a representative that if I didn’t make a deposit to my checking account during the billing cycle, I would be charged a $5 “dormancy” fee. The representative then credited the charge back, but warned me that this would be a one time adjustment.
The third and final issue that I have experienced with Nationwide Bank is that they seem to place restrictions or “qualifiers” on some of their advertised rates. For example, I recently called and inquired about their current loan rates for automobiles. I was quoted a great rate, but later found out that if I chose not to make my loan payment from my Nationwide Bank checking account via direct monthly debit, my loan rate would increase by 0.5%. This wasn’t a deal breaker for me, since I planned to sign up for this payment option anyway, but I didn’t appreciate feeling like I was being “pushed” into only one option.
Nationwide Bank Review Summary
Overall, I think that Nationwide Bank is a great company. Their reputation, customer service, and banking features make them an ideal choice for people who want mobile app and on the go convenience features, and don’t mind losing the face to face contact in order to have these. For those who value having a bank teller who knows their name and a bank manager who can shake their hand, a more traditional bank may be the better way to go. If you do choose to bank with Nationwide, be sure to read the fine print on anything related to fees and rates or at least ask plenty of questions to understand exactly what will be required of you to get the most out of the offered services.
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