Nationwide has issued a warning over under £100 cash deposits being blocked. Customers have reached out via Twitter, now X, in the wake of Christmas to issue a warning to those who bank with the building society.
“Dear @AskNationwide . 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, claiming he has to present his card in person? Quoting AML seems ludicrous,” a customer fumed.
“Hi there, 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. For more information on,” Nationwide said.
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“Thanks, however, you appear to have neglected to answer my question – why the restriction?,” the customer then asked. The building society replied: “I can confirm that the branch were correct, and that this will be due to money laundering regulations. Craig”
The customer said: “Thanks. A great example of a sledgehammer to crack a nut. I’d better call Saul.” Nationwide says it is “committed to resolving complaints and helping make things right for our members” and will “make every effort to resolve a payment transaction complaint as soon as possible and by no later than 15 days or, in exceptional circumstances, 35 days.”
It states: “Where a complaint relates to any other matter, please allow up to 56 days. We’ll keep you informed of our progress throughout.” If you’d like to write to the financial provider please include your name, your address, your account details, a contact number, if you’re happy for us to call you, what has happened and when it happened.
Send your letter to The Complaints Team, Nationwide Building Society, NW 2020, Swindon, SN38 1NW.