If you currently hold an account with Nationwide Bank, they have announced plans to transition away from retail banking business. They announced that they will transfer retail deposits and loans to another unnamed financial institution. In their letter they stated: “In this highly competitive environment where financial institutions mus keep pace with new capabilities to deliver expected experiences, our parent company, Nationwide will be focusing resources more heavily on the property casually, financial services, and other emerging businesses. Nationwide Bank will transition away from operating as a full-service, federally chartered retail bank and instead focus bank-related efforts on it’s trust operations that serve Nationwide’s retirement pan business.” They also want to make sure that you, the customer, are informed and updated about every action and decision taken place and made with the company.
Thanks to our reader Scott for letting us know about this news!
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What Bank Customers Need to Know:
As stated above, Nationwide Bank is moving away from retail banking. They want their current retail customers to be sure that they know that:
- Nationwide Bank is transitioning away from full-service retail banking.
- There is no immediate change to banking relationships—current deposits and loans remain in place, safe and accessible.
- It will take several months to evaluate options that best serve their current retail bank customers.
- Their goal is to transfer retail deposits to another institution that will best serve their current customers as well as find the best solution for transferring loans.
- Nationwide Bank is safe, sound and well capitalized, and backed by the strength and stability of Nationwide.
- They are committed to keep current retail bank customers informed as decisions are made. If you have any questions, please call them at: 1-877-I BANK NW (1-877-422-6569) 8am-8pm ET Weekdays.
Bottom Line:
In conclusion, Nationwide Bank is currently in the process of transitioning away from retail banking services, but do not worry! Although change is different, and if you’ve been with their retail banking business for a while, maybe a little scary, but know that Nationwide Bank is doing everything they can for you to make this transition as smooth as possible. If you are looking for more options, then browse more offers from the fully updated HMB list of Bank Bonuses!
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