Nationwide Building Society is set to implement several updates to its customer accounts, including changes to deposit limits, charitable donations upon closure, and enhanced fraud protection measures. The changes, effective by May 2025, aim to provide greater security and support for its customers.
Nationwide Building Society is set to implement several significant updates to its core customer accounts in the coming months, with changes scheduled to take effect by May 2025. On Friday, Nationwide informed its customers about impending alterations for both current account and FlexDirect holders. These changes encompass various new measures aimed at bolstering fraud protection , adjustments to deposit limits , and modified procedures for charitable donations upon account closure.
Starting from May 1, 2025, Nationwide plans to initiate the closure of dormant current accounts that have remained inactive for a period of 15 years. However, account holders will receive prior notification before any closures occur. Nationwide emphasizes that charitable donations from dormant accounts are infrequent, typically happening only when the customer lacks another active current account to transfer funds. This action will solely apply when minimal balances, such as pence or a few pounds, are present in the account at the time of closure. Impacted customers will be alerted in advance and given the option to reclaim their money. Alongside these changes, Nationwide has announced a reduction in fees for FlexDirect customers who frequently send substantial sums through the Clearing House Automated Payment System (CHAPS). This system is commonly utilized for transferring significant amounts within the UK. Starting in May, Nationwide will reduce its fee for transferring large sums of money between UK bank accounts from £20 to £15. Additionally, the building society will decrease its charges for transferring funds from overseas accounts into the UK from £20 to £15. Effective May 1, 2025, Nationwide will introduce new caps on the maximum amount of money that can be deposited into accounts, encompassing cash and cheque deposits, as well as online and branch-based payments. Currently, customers are permitted to deposit up to £5,000 per account each day over the counter at any Nationwide branch. Nationwide reminds customers that it reserves the right to modify maximum cash deposit limits without prior notice to combat illicit cash-based money laundering practices. Customers contemplating significant deposits are advised to contact their local branch beforehand to ensure a smooth transaction. On the fraud protection front, Nationwide is preparing to implement new measures from April designed to assist customers in recovering funds in the event of a scam. In accordance with new regulations, banks are required to compensate victims of authorized push payment (APP) scams, with an exception for cases where the customer exhibited 'gross negligence'. Initially, customers were expected to be eligible for refunds up to £415,000. However, the recently introduced regulations have set a limit of £85,000. Banks retain the discretion to exceed this limit and repay larger amounts if they choose to do so. Nationwide has stated that it will reimburse customers up to the maximum amount stipulated by regulators if the transaction was conducted in British Pounds via bank transfer to another UK account. Nevertheless, the bank cautioned that there might be circumstances where customers might not receive their money back. These situations could include ignoring warnings from Nationwide, the police, or other authorities regarding potential fraud. Furthermore, customers may not qualify for a refund if they fail to notify Nationwide within 13 months of the last fraudulent payment made from their account. For customers who believe they have been scammed, Nationwide provides a reporting mechanism on its website at www.nationwide.co.uk/help/fraud-and-security/reporting-fraud-or-a-scam/. Alternatively, they can contact Nationwide's helpline on 0800 055 66 22
Banking Nationwide Account Updates Deposit Limits Fraud Protection Charitable Donations Authorized Push Payment (APP) Scams
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