National clients warned against four upcoming account changes in the spring | United Kingdom

Nationwide is expected to introduce a series of updates on its main customer accounts in the coming weeks, the changes that should come into force by May 2025. The construction company has informed customers on Friday of future modifications on behalf of current and FlexDirect holders.

Upcoming changes include new protections for fraud victims and changes in deposit limits. Another change concerns how funds can be given to charities when an account is closed.

From May 1, Nationwide plans to close dormant current accounts which have not seen any activity for 15 years; However, customers will be informed before any closure.

Nationwide said that donation to charities in these circumstances is a rare event, only occurs when the customer does not have another active current account where funds could be transferred.

This nationwide action will only apply when small amounts, such as money or a few books, are left in the account at the time of closure. The affected customers will be informed in advance and they can request their money.

Among other changes compared to May 1, Nationwide has announced a reduction in costs for FlexDirect customers who need to send large quantities via the automated payment system (chap), which is generally used by those who must transfer sums important in the United Kingdom.

Nationwide is expected to reduce costs to transfer significant sums in the United Kingdom from £ 20 to 15 in May. In addition, the Building Society will reduce its costs to receive transfers abroad from £ 20 to £ 15.

On May 1, Nationwide will introduce new daily deposit limits for its accounts, affecting species, checks and online transactions. For example, the current daily deposit limit for branch meters is £ 5,000 per account.

Although these details are generally available on the Nationwide website, the Building Society said that it could change the maximum cash deposit amounts without notice in the context of its anti-flowage efforts. Customers are advised who plan to make large deposits to contact their local branch in advance to ensure a smooth transaction.

In order to improve protection against fraud, Nationwide will introduce new measures in April to help customers recover lost funds against scams. Under new rules, banks must reimburse the victims of fraud authorized on the payment of the thrust (application) unless the customer is considered “roughly negligent”.

Initially, customers had to be eligible for reimbursements of up to £ 415,000. However, the newly implemented rules have set a ceiling of £ 85,000. Banks can choose to exceed this limit and reimburse the higher amounts if they wish.

Nationwide said that it would reimburse customers to the maximum amount stipulated by regulators if the payment has been made in British pounds via a bank transfer to another British account. But the bank warned that there may be cases where you may not receive your money.

This includes situations where you ignore a warning from Nationwide, the police or another authority on potential fraud. In addition, you cannot be eligible for a refund if you cannot inform nationally within 13 months of payment of the final scam of your account.

If you suspect that you have been the victim of a scam, you can report it on the national website in www.nationwide.co.uk/help/fraud-and-security/reportting-fraud-or-scam/. Alternatively, you can call their assistance line at 0800 055 66 22.