Nationwide Building Society has issued a fresh warning to its millions of members regarding specific rules on depositing coins, urging customers to prepare their change before visiting a branch.
Organise Your Coins: The Key to a Quick Deposit
The mutual has reminded customers that to ensure a swift transaction, they must organise their coins by type before bagging them. "Please group all of the same type of coins together when bagging them up," advised Nationwide. "This will help us to process your deposit quickly and easily."
The society provides clear guidelines on the maximum value for each full bag of coins. Customers can deposit full bags of £1 or £2 coins to the value of £20. For 50p or 20p coins, the maximum bag value is £10. Bags of 10p or 5p coins can contain up to £5, while 2p or 1p coins should be bagged to a total value of £1.
Daily Limits and Important Checks Before You Visit
While you can deposit any number of these full bags, Nationwide sets a broader daily cash limit. The maximum amount of cash you can pay in at any branch counter is £5,000 per account, per day.
For those with a substantial quantity of coins, the building society recommends calling your local branch in advance to check they can accept them. For smaller amounts of loose change, you can pay these in directly at the counter. "If you have a large number of loose coins, we can give you bags to separate these into," Nationwide added.
Identification and Fraud Prevention Questions
To make a deposit, you will need your current account card or a form of identification, such as a passport or driving licence. The lender also highlighted that for larger cash deposits, staff are required to ask questions about the source of the funds and how the account is used.
"We may also need to ask for extra documentation to prove where the money came from," Nationwide stated, in line with standard anti-money laundering procedures.
By following these simple steps on coin organisation and being aware of the daily limits, Nationwide customers can help ensure their branch visits for depositing savings are as efficient as possible.
