Nationwide Provides Detailed Guidance on Depositing Old £1 Coins
Nationwide Building Society has responded to a customer inquiry regarding the deposit of old round £1 coins at its branches, offering comprehensive rules and daily limits for such transactions. The clarification came after a social media user asked the mutual financial institution about the possibility of paying in these demonetised coins.
Daily Deposit Limits and Identification Requirements
According to Nationwide's guidelines, customers can deposit up to £5,000 per account over the counter at any branch each day. To complete this transaction, individuals must provide valid proof of identification, such as a passport or driving licence.
For those preferring automated services, Nationwide branch cash machines allow deposits of up to £2,500 daily. Cheque deposits offer significantly higher limits, with customers permitted to pay in up to £50,000 each day, though individual cheques cannot exceed £2,000.
Status of Old Round £1 Coins
The old round £1 coin was officially demonetised in October 2017, following the introduction of the current 12-sided bimetallic version in March 2017. Despite this, Nationwide confirmed that customers can still deposit these coins into their accounts at their nearest branch.
The building society also directed the inquiring customer to use its branch finder tool to locate the most convenient location for such transactions.
Broader Banking Industry Practices
Most major high-street banks in the United Kingdom continue to accept demonetised coins from their account holders, though policies may vary between institutions. The Royal Mint's official guidance notes that while many banks and larger Post Office branches are willing to accept these coins, they are under no legal obligation to do so.
Nationwide's Coin Deposit Procedures
Nationwide's website provides additional details for customers depositing loose change. For small amounts of coins, individuals can pay these in directly at any branch. For larger quantities, the society offers coin bags to help customers separate and organise their deposits efficiently.
This guidance ensures that customers holding old £1 coins have clear options for converting them into accessible funds through standard banking channels.
