Nationwide Building Society is set to close dormant accounts from May 1 as part of a broader overhaul of its account management system. Customers with accounts inactive for 15 years will be affected, with funds either transferred to active Nationwide accounts or returned to account holders. Additionally, new deposit limits will be introduced, altering daily cash handling procedures at branches, according to Birmingham Live.
Nationwide’s Move to Close Long-Inactive Accounts
Nationwide’s decision to close dormant accounts comes as part of a drive to streamline its operations and maintain an efficient banking system. Customers whose accounts have remained unused for 15 years will be impacted, with the financial institution stating that affected individuals will be contacted before the closure takes effect.
According to Birmingham Live, the funds from these dormant accounts may be transferred to another active account held by the same customer within Nationwide. If no such account exists, customers will be given the option to receive their funds directly. This initiative aims to consolidate inactive accounts and improve account management efficiency.
The move also aligns with broader trends in the financial industry, where institutions regularly reassess inactive accounts to ensure compliance with anti-money laundering regulations. While Nationwide has assured that it will notify affected customers, those uncertain about the status of their accounts are advised to reach out to the bank directly.
New Deposit Limits to Impact Cash Transactions
Alongside account closures, Nationwide is introducing new limitations on deposits, which will affect the amount customers can deposit in cash, by cheque, or through digital transactions. Currently, Nationwide permits daily cash deposits of up to £5,000 per account at branch counters, but this threshold is expected to be adjusted.
According to Birmingham Live, the building society has suggested that deposit limits may be altered without prior notification to customers, as part of its ongoing efforts to combat cash-based money laundering. Customers intending to deposit significant sums are encouraged to check with their local branch in advance to avoid complications.
The policy adjustments reflect Nationwide’s broader efforts to modernise banking practices while enhancing security measures. As financial institutions adapt to evolving regulatory requirements, such changes highlight the increasing shift towards digital banking and tighter controls over cash handling.
For customers affected by these changes, Nationwide has advised reviewing their account activity and staying informed about updates to deposit policies. Those with dormant accounts should look out for communication from the bank to ensure they can reclaim any funds before closures take effect.
