Nationwide update over letters going out to customers

The building society reminded customers of a 10-day time period

Nationwide Building Society has set out some of its rules which relate to a bonus payment for customers. The update came after a member raised an urgent query about their account

The customer reached out to the organisation over social media. They explained they had done a current account switch that was shortly due to complete. But alarmingly, their new account details had yet to arrive through the post. They said: “I have no Nationwide debit card yet or other account details in the post. I am told Royal Mail delays in my area. I therefore urgently need to have this switch delayed until I get this.”

When transferring your account through the Current Account Switch Service, all direct debits and standing orders are automatically transferred across to your new account. The process as a whole typically takes seven working days.

Once everything has been transferred and finalised, your previous account is closed, meaning you must be prepared to use your new account from that point onwards. Guidance on the Nationwide website explains what happens on the final day, when your switch is completed.

Customers are advised: “We’ll have moved all your direct debits, standing orders and remaining money from your old bank account to your new bank account. Your old provider will cancel your card and close your old bank account. It’s time to use your new Nationwide card.”

£175 bonus payments

One reason people transferring to Nationwide will be eager to receive their new card is to take advantage of a bonus payment. Nationwide is presently offering £175 to customers who switch to a new or existing FlexDirect, FlexAccount or FlexPlus account.

Among the eligibility criteria to secure the bonus, customers must make one debit card payment from the account they’ve switched to, as well as depositing £1,000 into the account. Both of these requirements must be fulfilled within 31 days of either opening the account or requesting the switch.

Customers must also request a full switch through the Current Account Switch Service, completing the process within 28 days, which includes closing their previous account. In response to the customer’s question, Nationwide outlined the standard procedures that apply when you switch over to them.

The building society said: “It takes 7 to 10 working days for you to receive your debit card, PIN, and online banking details by post when you open a new account. If you would like to change your switch date, please give us a call and our team will assist you on 03457 30 20 11 (or +44 1793 65 67 89 if you’re calling from abroad).”

The helpline is open Monday to Saturday from 8am to 8pm, Sundays from 9am to 5pm and on bank holidays from 8am to 8pm. In other news affecting Nationwide members, changes to UK legislation are soon to be presented to MPs.

Changes to UK law

Senior Treasury officials recently informed the Treasury Committee that new legislation would be brought forward to relax funding restrictions on building societies. The proposed laws will be presented to MPs before the summer recess, which begins on July 16 this year.

The changes will give groups like Nationwide greater flexibility to secure funding for their operations from sources beyond members’ savings accounts. Chancellor Rachel Reeves unveiled a package of reforms back in 2024 aimed at opening up the building society sector.

Following this announcement, the Government introduced an amendment to the Building Societies Act 1986, also in 2024, to pave the way for relaxing the funding constraints on building societies. The Treasury will now provide further detail on this through the new legislation that will shortly come before Parliament.

A Nationwide spokesperson said: “The Building Societies Act 1986 (Amendment) Act 2024 could unlock billions of pounds of additional lending capacity for mortgages, supporting families and first-time buyers, as well as boosting economic growth.”

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