Nationwide Building Society has clarified its policy on cheque deposits after a customer raised concerns about the availability of funds. The clarification follows a complaint from a customer who was told that a cheque deposited into their account would not be accessible for several days.
In a statement, Nationwide explained that while most cheques are cleared within two working days, there are circumstances where funds may be held for longer. This includes cheques deposited via the Post Office or through the mobile app, which can take up to seven working days to clear.
The building society also noted that restrictions apply to debit and credit cards, with some transactions being blocked if they are deemed unusual or potentially fraudulent. Customers are advised to notify Nationwide in advance if they plan to make large or irregular transactions.
Nationwide emphasised that these measures are in place to protect customers from fraud and financial crime. The society urged customers to check their account terms and conditions for full details on deposit and withdrawal limits.
