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Nationwide imposes small cash counter withdrawal ban

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by Kay Mitchell

From 7 June, Nationwide Building Society will attempt to reduce its queues by making customers with cash cards withdrawing less than £100 to use the branch cash machine.

The Nationwide said the change is essential and the move is aimed at speeding up transactions and freeing up staff time to deal with other transactions.

The building society said the move will not apply to people with debit cards, or those who still use a passbook.

Speaking to Radio 4′s Money Box, Nationwide’s divisional director of the branch network, Graeme Hughes, said: “About a third of all counter transactions are carried out by less than 8% of our customer base.

“And the other 92% say ‘what can you do to speed up the queues?’ So what we’re trying to do is to look at alternative ways of dealing with these customers,” he added.

However, some customers have raised concern about using cash machines but Mr Hughes said customers now have a couple of months to become used to them and staff will be available to help.

The move comes after Spanish banking giant, Santander, introduced similar restrictions last November. Savers withdrawing less than £30 are now required to use a cash point machine instead.

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News posted: April 12, 2010

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