Nationwide Building Society has issued a warning about its cash deposit rules (Image: Google)
Building Society has clarified its cash deposit rules after a customer was frustrated to be told they couldn’t make a small deposit in branch.
The frustrated person asked over X: “I would be grateful if you could explain why branch staff say we cannot bank a small amount of cash (less than £100 Xmas money) on behalf of our disabled adult son.”
They added that bank staff had claimed his son “has to present his card in person” and that they said this was due to anti money-laundering rules.
The group responded to explain this was the case, stating: “We will only be able to accept cash deposit from the account holder themselves.
“If your son needs assistance managing their accounts, you can look at setting up a power of attorney via your local branch.”
The customer re-iterated their question of what was the reason for the restriction. Nationwide replied: “I can confirm that the branch were correct, and that this will be due to money laundering regulations.”
A policy statement on the Nationwide website that the group has “no tolerance” for activities at high rish of money laundering.
The advice explains: “We monitor payments and transactions, and where necessary we will stop payments, close accounts and relationships where activity is suspicious or cannot be appropriately explained.
“Potential relationships will be declined, and existing relationships terminated (where lawful to do so), where the level of economic crime risk is outside of our risk appetite.”
Nationwide customers can pay in up to £5,000 each day into each account they hold over the counter in branch.
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You will typically need to have your current account card and proof of identification, such as a passport or driving licence.
When using a cash machine in branch, you can you can pay in up to £2,5000 in cash and can deposit up to 90 notes per transaction. The maximum you can pay in for a single cheque is £2,000, and you can pay in £50,000 by cheque.
If you are making a payment using a cash machine outside a branch, you will be given an envelope from the machine to put your cash and cheques into, which you feed back into the machine.
Using this way, you can pay in up to £2,500 a day in cash, and can deposit up to 30 notes per envelope. You can pay in up to £2,000 by cheque.
You can also pay into your current account by sending cheques by post. Nationwide advises against sending cash in the post for security reasons.