Nationwide Building Society has confirmed it will close customer accounts that remain inactive for a continuous period of 15 years, with any remaining funds being directed towards charitable causes across the United Kingdom. The financial institution, which operates multiple branches in Birmingham and throughout the country, is implementing this policy as part of its commitment to community support and ethical banking practices.
Understanding the 15-Year Inactivity Rule
According to Nationwide, an account is classified as unused when there has been no contact from the account holder for 15 consecutive years. This definition specifically applies when no financial transactions—such as deposits, withdrawals, or transfers—have occurred on any accounts held with the building society during that timeframe.
Which Accounts Are Affected?
The policy impacts all current and savings accounts managed by Nationwide. However, certain specialised products are exempt from these measures. These exceptions include Child Trust Funds, Smart Junior ISAs, Inheritance ISAs, and fixed-rate savings products, which will not be subject to closure under the dormant account regulations.
Protecting Customer Funds and Charitable Transfers
Nationwide emphasises that any money remaining in closed accounts continues to belong to the original account holders, who can reclaim their funds regardless of how much time has passed. The building society states it will make every effort to contact customers before proceeding with account closures.
When accounts become dormant, Nationwide participates in the industry-wide Dormant Account Scheme. Through this programme, funds from inactive accounts are transferred to the Reclaim Fund Limited, a not-for-profit organisation authorised and regulated by the Financial Conduct Authority (FCA).
How Charity Donations Are Distributed
The Reclaim Fund Limited subsequently channels these resources to the Big Lottery Fund, which oversees distribution to various charitable initiatives across the UK. Nationwide highlights that these donations support worthwhile community projects, including housing schemes for vulnerable individuals and programmes designed to help disadvantaged young people enter the workforce.
Nationwide's Commitment to Community Values
The building society reinforces that its participation in the Dormant Account Scheme aligns with its foundational principles of social responsibility and community investment. Nationwide asserts that this approach reflects its core values and historical mission as a member-focused financial institution.
As one of the UK's leading building societies, Nationwide competes with major banking groups such as HSBC UK, Santander, Lloyds Banking Group, and Barclays. This policy demonstrates how financial organisations can balance operational requirements with meaningful contributions to societal welfare through structured charitable mechanisms.
