Nationwide Froze Bank Account - No Warning

HotelMan

For the past 10 days, we have tried to pay our wages into our Nationwide personal account from our business account - and each time it was sent back to us.

It was strange but we thought it just a temporary glitch with Nationwide and, as we had money in there, werent too concerned and could chase it when we get time.

Today, my wife received a letter from them stating "you may have already noticed that your account has been temporarily FROZEN. Until we see the ID we need, you will not be able to pay money in or out of the account. Regular payments (like Direct Debits) won't be paid"

!!!!!! !!!

We had not received any request for ID prior to this letter today - until we opened another letter from them with the same date, asking for ID.

We've had the account for around 6 years and never had any issues.

Why could they not send that letter and allow a set period to produce the ID they want to see?

I am hoping that the few companies we have DDs set up for will charge us if theirs fails, as I will expect Nationwide to pick up the bill.

It has annoyed me so much that I am now looking to move the account elsewhere.

longleggedhair

Nationwide strikes again. Take my advice and leave, terrible company to deal with. They make a big play of being fluffy and nice due to their "mutual" status (the only beneficiaries of this seem to be the directors). But in my personal & family experience they treat heir customers like dirt. Try TSB they are brilliant.

agrinnall

It seems a bit strange that they would take such draconian action, which makes me think that you may have done something with the account that is out of the ordinary and has raised suspicions about the way you operate it.

HotelMan

It seems a bit strange that they would take such draconian action, which makes me think that you may have done something with the account that is out of the ordinary and has raised suspicions about the way you operate it.

Unlike some businesses, we don't even use it to pay change in and avoid charges on our business account; we've done nothing to warrant this.

We have credit scores in the top 5%, a successful business and only ever once went overdrawn for 1 day around 2 years ago.

We spend around £5k a month on our Nationwide credit card and this is paid in full every month.

Im at a total loss.

They dont even provide a telephone number on the letter they sent us.

badmemory

Or it is just that they are in a panic because all accounts are being reported to HMRC & they have realised that they don't have the info from you that they need. Such an NI Nos, proof that you are not actually american (actually any obligation to pay tax in USA). It will be your personal account that has the problem not your business account

sheramber

Why could they not send that letter and allow a set period to produce the ID they want to see?

Have you asked Nationwide why?

jackieblack

longleggedhair wrote: »

Nationwide strikes again. Take my advice and leave, terrible company to deal with. They make a big play of being fluffy and nice due to their "mutual" status (the only beneficiaries of this seem to be the directors). But in my personal & family experience they treat heir customers like dirt. Try TSB they are brilliant.

However my experience is exactly the opposite, local branch of TSB is dire but Nationwide are brilliant, so you really can't generalise.

zerog

jackieblack wrote: »

However my experience is exactly the opposite, local branch of TSB is dire but Nationwide are brilliant, so you really can't generalise.

Same here I have only had problems with TSB which is why I stopped using them for anything except 3% on £3000, but Nationwide has been excellent for me

HotelMan

Why could they not send that letter and allow a set period to produce the ID they want to see?

Have you asked Nationwide why?

I just popped in with my ID and asked them that question - they didnt know and just said the bank were hot on ID.

They had enough ID off me and my wife when the account was opened and to the best of my knowledge Ive not become anybody else since then. Im still on the voters roll and can be found on various credit agencies with an excellent record.

We are lucky that we enjoy several holidays each year - what would have happened if we were abroad at the moment with no access to our current account funds?

I understand that they need to ask for this stuff, but the correct way would have been to write to me and allow x days to produce the ID or they would then have to freeze the account.

BTW the branch staff are always pleasant.

xylophone

It does seem extraordinary that the request for ID should not have been made before they decided to freeze the account.

Provide the ID required to get the account open again and then make a complaint that this was not requested before they froze the account which would have seemed the reasonable course of action.

After that you might choose to switch the account elsewhere if you wish, but this may be cutting off your nose to spite your faces should you be using any other facilities that the account provides.

It is also evident from previous posts that there are other banks that take such drastic action when it seems necessary in respect of their compliance obligations.

MABLE

In my experience only I find Nationwide one of the better financial institutions. We had our mortgage with them and no issues. Also they are very good for other credit facilities.