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  • FIRST POST
    • antonette254
    • By antonette254 17th Jun 17, 12:09 PM
    • 154Posts
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    antonette254
    Nationwide closed savings account with no notice
    • #1
    • 17th Jun 17, 12:09 PM
    Nationwide closed savings account with no notice 17th Jun 17 at 12:09 PM
    Hi all I am wondering if I can get some advice for a friend?
    She has a joint nationwide passbook savings account with her son. Balance of around 2.5k, She logged onto her online banking today & the account had disappeared. Her son who is 20 has run up an £800 os on his current account so she isn't sure if that has something to do with it? She spoke to customer service this morning who were no help apart from telling her the account was closed on 16th! The have said that head office will have to call her back on Monday. Even if her son owes nationwide money in his own right surely they cannot just close a joint account like this. Thanks in advance
Page 1
    • badger09
    • By badger09 17th Jun 17, 12:11 PM
    • 5,123 Posts
    • 4,338 Thanks
    badger09
    • #2
    • 17th Jun 17, 12:11 PM
    • #2
    • 17th Jun 17, 12:11 PM
    Hi all I am wondering if I can get some advice for a friend?
    She has a joint nationwide passbook savings account with her son. Balance of around 2.5k, She logged onto her online banking today & the account had disappeared. Her son who is 20 has run up an £800 os on his current account so she isn't sure if that has something to do with it? She spoke to customer service this morning who were no help apart from telling her the account was closed on 16th! The have said that head office will have to call her back on Monday. Even if her son owes nationwide money in his own right surely they cannot just close a joint account like this. Thanks in advance
    Originally posted by antonette254
    Has she asked her son whether he closed it?
    • YorkshireBoy
    • By YorkshireBoy 17th Jun 17, 12:37 PM
    • 29,399 Posts
    • 17,184 Thanks
    YorkshireBoy
    • #3
    • 17th Jun 17, 12:37 PM
    • #3
    • 17th Jun 17, 12:37 PM
    Thread (currently) just below this one...

    "Nationwide missing accounts"

    Relevant?

    If not, it doesn't look good! From the savings account T&Cs...
    11. If any money you owe Nationwide (for example on a loan, credit card, mortgage, overdraft or otherwise) is overdue for payment, we may use any money you have in any of your accounts with Nationwide to reduce or repay what you owe, by way of set-off. Nationwide can use this right of set-off against accounts which are in your sole name as well as joint accounts you hold with Nationwide. We will tell you at least 14 days before we exercise this right of set-off.

    http://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P2797.pdf
    ...but 2 things surprise me. Firstly, no notice has been received (or has it?), and secondly they took the whole £2.5K.

    So my money's on my first suggestion...it's a glitch.
    Last edited by YorkshireBoy; 17-06-2017 at 12:43 PM.
    • isasmurf
    • By isasmurf 17th Jun 17, 12:41 PM
    • 1,718 Posts
    • 738 Thanks
    isasmurf
    • #4
    • 17th Jun 17, 12:41 PM
    • #4
    • 17th Jun 17, 12:41 PM
    The T&C for Nationwide current accounts state that where payments owed are overdue they will use money in other accounts you have with them that are held in your sole name or are joint accounts. If they do this, they will give you 14 days notice.
    • PeacefulWaters
    • By PeacefulWaters 17th Jun 17, 12:46 PM
    • 6,854 Posts
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    PeacefulWaters
    • #5
    • 17th Jun 17, 12:46 PM
    • #5
    • 17th Jun 17, 12:46 PM
    If it's not a glitch, and they've failed to give notice, enjoy the complaints procedure and eventual compensation.

    Has the son been written to?
    • Silvertabby
    • By Silvertabby 17th Jun 17, 12:55 PM
    • 1,518 Posts
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    Silvertabby
    • #6
    • 17th Jun 17, 12:55 PM
    • #6
    • 17th Jun 17, 12:55 PM
    Has the son withdrawn all the money?
    • xylophone
    • By xylophone 17th Jun 17, 1:03 PM
    • 22,881 Posts
    • 13,241 Thanks
    xylophone
    • #7
    • 17th Jun 17, 1:03 PM
    • #7
    • 17th Jun 17, 1:03 PM
    Has the son transferred the money to his current account?
    • antonette254
    • By antonette254 17th Jun 17, 1:13 PM
    • 154 Posts
    • 33 Thanks
    antonette254
    • #8
    • 17th Jun 17, 1:13 PM
    • #8
    • 17th Jun 17, 1:13 PM
    Hi thanks for your responses.
    Yes she has asked him & he said he didn't close it? Wouldn't it need two of them to close it though? They both have to sign to withdraw cash?
    • PeacefulWaters
    • By PeacefulWaters 17th Jun 17, 1:36 PM
    • 6,854 Posts
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    PeacefulWaters
    • #9
    • 17th Jun 17, 1:36 PM
    • #9
    • 17th Jun 17, 1:36 PM
    Hi thanks for your responses.
    Yes she has asked him & he said he didn't close it? Wouldn't it need two of them to close it though? They both have to sign to withdraw cash?
    Originally posted by antonette254
    Is the bolded bit a statement or a question?
    • alanq
    • By alanq 17th Jun 17, 1:48 PM
    • 3,725 Posts
    • 2,384 Thanks
    alanq
    I have moved this thread from The Budgeting & Bank Accounts Board to The Savings & Investments Board as it relates to a savings account and may obtain greater response here.

    What kind of account was it? If fixed term it may have matured and been rolled over into a different account.

    Is the passbook secure? Does it show anything?
    Last edited by alanq; 17-06-2017 at 2:08 PM.
    I'm a Board Guide on the Budgeting and Bank Accounts, Savings & Investments, Food Shopping and Over 50s MoneySaving boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • alanq
    • By alanq 17th Jun 17, 2:43 PM
    • 3,725 Posts
    • 2,384 Thanks
    alanq
    They both have to sign to withdraw cash?
    Originally posted by antonette254
    Perhaps not expressed very clearly but I read this as saying any one joint account holder acts for all joint account holders. N.B. "is taken to have been given" not "is required".

    "14. For joint accounts the authority of both or all of you is taken to have been given in respect of all transactions."
    http://www.nationwide.co.uk/support/support-articles/terms-and-conditions/savings-general-terms-and-conditions
    I'm a Board Guide on the Budgeting and Bank Accounts, Savings & Investments, Food Shopping and Over 50s MoneySaving boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • antonette254
    • By antonette254 17th Jun 17, 2:51 PM
    • 154 Posts
    • 33 Thanks
    antonette254
    Hi all many thanks again, both parties have to sign together to make a withdrawal. My friend has the passbook in her possession. The account is a loyalty saver 15 year account.
    • EachPenny
    • By EachPenny 17th Jun 17, 3:33 PM
    • 2,123 Posts
    • 3,102 Thanks
    EachPenny
    Which version of the Loyalty Saver is it? I didn't know it was available as a passbook account (but could have been in the past?) - so if it is an older version it would be necessary to find the right T&C's.
    "In the future, everyone will be rich for 15 minutes"
    • xylophone
    • By xylophone 17th Jun 17, 4:08 PM
    • 22,881 Posts
    • 13,241 Thanks
    xylophone
    I have a passbook for my loyalty saver but I can move money in and out using the internet.
    • Westie983
    • By Westie983 17th Jun 17, 5:04 PM
    • 3,772 Posts
    • 13,838 Thanks
    Westie983
    I also have a passbook for the loyalty saver, I dont use it that much as the interest is low compared to the current accounts at the moment.

    Westie983
    Save 12k in 2017 #16 Total £21,355/£12,000 = 177.95%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£158/£500 = 82.00% ( x 10)
    Xmas 2017 £1 a Day #6 Total £330/£365 = 90.41%
    Virtual Sealed Pot #1 Total £1,350/£1,800 = 75.00%
    £2 Savers Club 2017 #3 Total (£1,450)+£50/£2,000 = 75.00%

    Total £24,945/£16,665 = 149.68%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • antonette254
    • By antonette254 18th Jun 17, 12:24 AM
    • 154 Posts
    • 33 Thanks
    antonette254
    It's an issue 6 & she specified that both signatures should be needed for withdrawal so they both have to go into branch to withdraw. Thanks for your input so far I will update again once she gets her callback on Monday.
    • Heng Leng
    • By Heng Leng 18th Jun 17, 1:45 AM
    • 4,100 Posts
    • 1,254 Thanks
    Heng Leng
    The dual signature restriction wouldn't prevent them exercising their right of set off.
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