is set to introduce a series of updates to its main customer accounts in the coming weeks, with the changes due to take effect by May 2025. The building society notified customers on Friday about the forthcoming changes for current account and FlexDirect holders.
The upcoming changes include new protections for victims of fraud and changes to deposit limits. Another change is around how funds can be donated to charity when an account is closed.
From May 1, Nationwide plans to close dormant current accounts that have not seen any activity for 15 years; however, customers will be informed before any closures take place.
Nationwide has stated that donating to charity under these circumstances is a rare occurrence, only happening when the customer does not have another active current account where the funds could be transferred.
This action by Nationwide will only apply when small amounts, such as pennies or a few pounds, are left in the account at the time of closure. Customers affected will be informed in advance, and they have the option to ask for their money back.
Customers will receive notification of the changes (Image: Getty)
Among other changes from May 1, Nationwide has announced a reduction in fees for FlexDirect customers who need to send large amounts through the Clearing House Automated Payment System (CHAPS), which is typically used by those needing to transfer significant sums within the UK.
Nationwide is set to slash fees for transferring large sums within the UK from £20 to £15 in May. Additionally, the building society will lower its charges for receiving overseas transfers from £20 to £15.
As of May 1, Nationwide will introduce new daily deposit limits for its accounts, affecting cash, cheque, and online transactions. For example, the current daily deposit limit at branch counters is £5,000 per account.
Although these details are usually available on Nationwide’s website, the building society has stated that it may alter maximum cash deposit amounts without prior notice as part of its anti-money laundering efforts. Customers planning to make large deposits are advised to contact their local branch in advance to ensure a smooth transaction.
People who deposit large sums of cash may face stricter limits (Image: Getty)
In a bid to enhance fraud protection, Nationwide will introduce new measures in April to help customers in recovering funds lost to scams. Under new rules, banks must reimburse victims of authorised push payment (APP) fraud unless the customer was deemed “grossly negligent”.
Initially, customers were expected to be eligible for reimbursements up to £415,000. However, the newly implemented rules have set a cap of £85,000. Banks can choose to exceed this limit and repay higher amounts if they wish.
Nationwide has stated that it will refund customers up to the maximum amount stipulated by regulators if the payment was made in British Pounds via bank transfer to another UK account. But the bank cautioned that there may be instances where you might not receive your money back.
This includes situations where you disregard a warning from Nationwide, the police or another authority about potential fraud. Additionally, you may not be eligible for a refund if you fail to inform Nationwide within 13 months of the final scam payment from your account.
If you suspect you’ve fallen victim to a scam, you can report it on the Nationwide website at . Alternatively, you can call their helpline on 0800 055 66 22.