Need to know
The building society set out the rules after a customer had a frustrating experience
Need to know: Nationwide clarifies its credit card and debit card rules
- Nationwide Building Society has clarified some of its account opening rules after a customer shared their frustrating experience on social media
- The customer wanted to open a two-year fixed rate ISA but was told they couldn’t fund it online with a bank transfer from their Barclays or NatWest account. Branch staff insisted “it has to be a cheque if you don’t have an online account”.
- Nationwide explained that ISAs must be funded at opening using “an internal transfer, cash/cheque, or by closing another account”. Debit or credit cards cannot be used to open the account.
- The frustrated customer explained their experience with the branch staff: “They even sent me across the road to get a £20,000 cheque. Barclays wanted to charge me £25 for that.”
- The building society clarified that bank transfers can only come from existing Nationwide accounts for products like the Triple Access Online ISA and Fixed Rate ISA
- Meanwhile, Nationwide members could soon receive bonus cash through the Fairer Share payment scheme. Over four million customers received £100 each last year, with three consecutive years of £100 payments.
- The announcement is expected on May 21 alongside Nationwide’s full-year results. A spokesperson confirmed that the mutual “aims to make a Fairer Share payment again this year, subject to financial performance and Board approval”.
READ THE FULL STORY: Nationwide account restriction warning as debit and credit cards ‘can’t be used’
