Standing Order in to a Closed Bank Account?

penners324

It has its own bank license, it has it's own systems, it's signed up to the banking code.

etienneg

penners324 said:

It has its own bank license, it has it's own systems, it's signed up to the banking code.

None of these things makes it a bank. Any institution offering current or savings accounts must operate under a banking licence. Any bank and any BS may have its own systems or use those of another institution. Any institution offering banking services may choose to sign up to the banking code.

The difference between a bank and a BS is ownership. A bank is owned by shareholders. A BS is owned by its members.

wmb194

etienneg said:

penners324 said:

It has its own bank license, it has it's own systems, it's signed up to the banking code.

None of these things makes it a bank. Any institution offering current or savings accounts must operate under a banking licence. Any bank and any BS may have its own systems or use those of another institution. Any institution offering banking services may choose to sign up to the banking code.

The difference between a bank and a BS is ownership. A bank is owned by shareholders. A BS is owned by its members.

Building Societies also have to operate within the restrictions of the Building Societies Act. They're definitely not banks.

[Deleted User]

Since the rebranding, I've personally seen Nationwide Bank (in their typeface) on more than a few occasions. 

I'm not saying that they've demutualised (yet) but they certainly seem to have dropped the emphasis on being a Building Society. 

Roy1234

OK so the good news learned after a branch visit is that the monthly standing order did not, despite being the same amount, go to the long closed bank account.  So all are right about it would have bounced back etc.

It was in fact going to a previously unknown Nationwide ISA account.  The current account reference didn't make that especially clear, and despite the old lady having 6 years of bank statements from various bank accounts current and closed, there was not a single piece of paper we could find pointing to this rather full flush savings account.  Not a statement, not a notification of interest rate change, diddly squat.

The person who went to the branch didn't ask if it was a passbook account.  Could that be possible, i.e. a lost passbook somewhere and no correspondence from Nationwide despite years and years of monthly credits?

WillPS

[Deleted User] said:

Since the rebranding, I've personally seen Nationwide Bank (in their typeface) on more than a few occasions. 

You haven't seen them call themselves "Nationwide Bank" anywhere. You might have seen them refer to themselves as 'a better way to bank' (lowercase b, which is significant).

sheramber

[Deleted User] said:

Since the rebranding, I've personally seen Nationwide Bank (in their typeface) on more than a few occasions. 

I'm not saying that they've demutualised (yet) but they certainly seem to have dropped the emphasis on being a Building Society. 

We’re a building society, not a bank, so we can do things differently. Our aim is to provide our members with the best value in banking. Discover the benefits of being a Nationwide member.

https://www.nationwide.co.uk/about-us/what-membership-means/

badger09

Roy1234 said:

OK so the good news learned after a branch visit is that the monthly standing order did not, despite being the same amount, go to the long closed bank account.  So all are right about it would have bounced back etc.

It was in fact going to a previously unknown Nationwide ISA account.  The current account reference didn't make that especially clear, and despite the old lady having 6 years of bank statements from various bank accounts current and closed, there was not a single piece of paper we could find pointing to this rather full flush savings account.  Not a statement, not a notification of interest rate change, diddly squat.

The person who went to the branch didn't ask if it was a passbook account.  Could that be possible, i.e. a lost passbook somewhere and no correspondence from Nationwide despite years and years of monthly credits?

Did Nationwide branch give your elderly relative & her companion full details of this newly discovered ISA. 

If not, why not?
What, exactly, does the current account statement show in relation to these SOs? 

I can’t remember if Nationwide ever offered a passbook ISA, but I guess it’s possible.

Roy1234

badger09 said:

Did Nationwide branch give your elderly relative & her companion full details of this newly discovered ISA. 

If not, why not?

What, exactly, does the current account statement show in relation to these SOs? 

I can’t remember if Nationwide ever offered a passbook ISA, but I guess it’s possible.

They gave an in-branch mini statement for this overlooked but rather full ISA.  That showed only part of the Roll Number (partially obscured with ***) and no account number or sort code.  Less info than I would have expected for the account holder in person in their own branch.  The current account shows against the monthly SOs just some numbers as a reference, which I now suppose to be the ISA Roll Number, but I would have hoped for something a bit more meaningful than just digits to identify a transfer out.  It doesn't even name the BS/Bank, had it not happened to be that same one.

As mentioned in my OP, we should soon have Power of Attorney so be able to approach them more formally and ask for info on all/any accounts held.  But I think this does show how easily a substantial sum of money could become lost if the holder loses mental capacity.  Especially as people move towards online banking leaving no paper statement trail for relatives or eventually executors to later decipher

badger09

When whoever accompanied your elderly relative asked Nationwide for the complete account details, what grounds did Nationwide give for refusing to supply them?