Nationwide no longer accepting USD cheques for less than $250

makes_cents

Went to my local branch last week to cash a USD cheque but today I received it back again with a letter that states that they are losing too much money on these small cheques so will no longer be processing them.

:mad:

jonesMUFCforever

Time to open a bank account with a proper bank then?

bubieyehyeh

Same happened to me, quite annoying. My letter said the fees they had to pay on cheques less than 250 US$ would be more than the value of the cheques. Which seems hard to believe.

It rather contradicts their advert which says you don't need a bank. Well that is not the case.

SammenForLivet2

Depending on the amount, Barclay's Charge:

Cheque negotiation credits the funds to your account on the second working day 1, before the cheque has cleared with the overseas bank. Cheques under the equivalent of £50 are free to process, while those between £50 and £100 will cost £4 per cheque. The fee for cheques over this amount is calculated at 0.25% of the sterling equivalent with a minimum fee of £9, maximum of £60.

I don't understand how a cheque for $250 can cost near £140 to process, at all.