Nationwide has announced plans to ban small value cash
withdrawals at branch counters in a bid to reduce queuing

The initiative, which is scheduled to come into effect in June
this year, means the minimum cash withdrawal limit for FlexAccount
and CashBuilder customers using a cash card is set to increase from
£30 to £100. The change will not apply to people with debit cards,
or those who still use a passbook.

A statement released by Nationwide said the change will “make
our branches more efficient, help reduce queues, speed up
transactions and free up our staff time to deal with more complex

The statement also claims that the change will only
affect one percent of its customers, as those who have a
passbook account do not routinely withdraw small amounts of

Graeme Hughes, divisional director of Nationwide’s branch
network told the BBC’s MoneyBox programme that the changes were

“About a third of all counter transactions are carried out by less
than eight percent of our customer base, and the other 92
percent 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,” said Hughes.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Last November financial provider, Santander imposed similar
restrictions on their passbook customers. Also in a bid to cut
their queuing times, minimum cash withdrawals over the counter were
increased to £30.