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NATIONWIDE has axed a cardinal work which affects thousands of customers today.
The nation's biggest building society has axed passbooks for good.
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Although passbooks whitethorn look mystical to younger generations, they were the archetypal mode relationship holders utilized to support way of their savings.
Customers with passbook savings accounts person a carnal notebook allowing them to grounds deposits and withdrawals.
The books physically clasp each details of each transactions successful an relationship truthful you tin spot them each astatine a glance.
They besides travel successful peculiarly utile if you are trying to bounds compulsive spending arsenic determination are a batch much steps to instrumentality with each transaction.
However, Nationwide archetypal confirmed that they would beryllium phased retired this period backmost successful July 2024.
Around 2% of the gathering society's lawsuit basal - oregon 320,000 - are thought to inactive trust connected the product.
With the determination to integer banking, galore banks specified as Santander and Barclays have already scrapped passbook savings accounts which are nary longer disposable to caller customers.
Customers affected by Nationwide's determination contiguous tin present get entree to a "savings wallet" alternative.
This wallet contains a paper that tin lone beryllium utilized successful a Nationwide branch.
Within the wallet, determination is simply a abstraction for printed "mini-statements" which customers volition person erstwhile they deposit oregon retreat wealth astatine a branch.
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This volition inactive let customers to support a grounds of their transactions wrong the wallet, but it volition nary longer beryllium successful a publication format erstwhile the aged passbooks are phased out.
However, affected customers tin take whether they privation a savings wallet oregon not.
And contempt the scrapping of passbooks, customers inactive person entree to their passbook relationship arsenic they haven't been closed since the alteration comes into force.
A Nationwide spokesperson said past year: "We are modernising passbooks alternatively than removing them, but portion they are changing, banking in subdivision isn't.
"We are maintaining the benefits our passbook customers worth astir - face-to-face work and having a carnal grounds of transactions.
"As the UK's largest gathering society, we are investing successful our systems truthful we tin connection the products and services our customers expect from a modern mutual."
The announcement travel after First Direct, a subsidiary of HSBC, announced that it would scrap its substance connection banking work aft 25 years.
It meant thousands of customers are present nary longer beryllium capable to person substance notifications astir their current relationship balance.
Affected customers besides stopped receiving "mini-statements" via SMS, which see your equilibrium and the 5 astir caller transactions.
How bash I power slope accounts?
SWITCHING slope accounts is simply a elemental process and tin usually beryllium done done the Current Account Switch Service (CASS).
Dozens of precocious thoroughfare banks and gathering societies are signed up - there's a afloat database connected CASS' website.
Under the switching service, swapping banks should instrumentality 7 moving days.
You don't person to retrieve to determination nonstop debits crossed erstwhile moving, arsenic this is done for you.
All you person to bash is use for the caller relationship you want, and the caller slope volition archer your existing 1 you're moving.
There are a fewer things you tin bash earlier switching though, including choosing your power day and transferring immoderate aged slope statements to your caller account.
You should get successful interaction with your existing slope for immoderate aged statements.
When switching existent accounts, see what different perks mightiness travel with joining a circumstantial slope oregon gathering society.
Some banks connection 0% overdrafts up to a definite limit, and others mightiness connection amended rates connected savings accounts.
And immoderate banks connection escaped question oregon mobile telephone security with their existent accounts - but these accounts mightiness travel with a monthly fee.
OTHER BANK CHANGES
On Saturday, Nationwide slashed the involvement rates connected almost 90 savings accounts.
The determination comes aft the Bank of England cut the basal complaint from 5% to 4.75% successful November earlier holding rates successful December.
Whether you volition beryllium affected depends connected which savings relationship you have.
For example, with an easy-access relationship the complaint you gain connected your nest ovum tin alteration astatine immoderate time.
We've listed each the accounts affected.
Metro Bank precocious announced that it had extended Saturday opening hours from February 1 pursuing calls from customers.
Exactly 32 branches person extended their hours, which were betwixt 11am to 4pm, to the caller timings of 9.30am to 5pm.
This has meant that these branches connection the longest Saturday trading hours of immoderate precocious thoroughfare bank.
All different Metro Bank branches stay unfastened Monday to Friday, 9.30am to 5pm.
Millions of Lloyds Banking Group customers saw their overdraft fees rise past week.
Certain Club Lloyds customers person seen their overdraft complaint astir treble from 27.5% to 49.9%.
Plus, First Direct contacted customers successful January to fto them cognize they volition nary longer beryllium capable to use HSBC self-service currency machines from April 9.
Customers volition soon person to sojourn an HSBC subdivision to entree in-person banking services instead.
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