Nationwide won't let me access my savings

caew · 13-10-2013 5:51pm #1

Hi,

Just wondering what I should do about this situation. I sold my house during the summer and have moved in with my parents until I purchase a new house. I have a savings account with the Nationwide and informed them my moving date is 24/07/13 and of my interim address. They wrote back on 04/07/013 and said they cannot accept my address but to inform them as soon as possible of my new address and in the meantime they would not send out any post.

I have now found a house I wish to purchase but when I logged onto my account to withdraw money for the deposit but to my horror I cannot make any withdrawals. Nationwide are saying I cannot access my account until I supply them with an address. The withdrawal method from the account is into my Bank of Ireland account, they accepted my interim address no problem.

Nationwide's letter never mentioned they would restrict my access to my account. Now I am unable to access my money to buy a house and can't supply them with an address until I buy a house.

Any advice on where I stand with this please?

wmpdd3 · 14-10-2013 9:48am

Your new address is your parents house, why will they not accept this.
You should have a boi statement to that address, they should accept this as proof of your address.

I would send in this statement and then write a formal complaint and give them 10 days to fix this.

JTMan · 14-10-2013 2:20pm

Anti-money laundering law requires you to have proof of current residence with your banking providers.

You have not followed the law. You have not supplied proof of your current address.

Nationwide UK have acted as per the law. They probably could have explained this better to you.

Anyway, the problem is easily fixable.

wmpdd3 · 14-10-2013 2:44pm

They wrote back on 04/07/013 and said they cannot accept my address but to inform them as soon as possible of my new address and in the meantime they would not send out any post.

Why would they not accept your new address, did yo forward proof in writing of your new address?

JTMan · 15-10-2013 5:07pm

wmpdd3 wrote: »

Why would they not accept your new address, did yo forward proof in writing of your new address?

Might be best to walk into them on Stephens Green with all your documentation and sort it out in person.

caew · 16-10-2013 10:14am

Thank you all for your response.

I understand the law and I informed them of my new address, therefore following the law, as I did with all my financial providers. I gave them 4 weeks notice of moving out of my house so if there were any difficulties there was time to resolve them. They wrote to me and because my parents address is a care off address they would not accept it.

However, had they told me that they were going to block my account I would have had time to close the account while still living in my house. They told me they would hold off sending out post until I had a permanent address. Then when I moved they blocked my account. Now leaving me in this position. Very very poor customer service on their behalf.

Its interesting though regarding the law, I changed my address with BOI, AIB and permanent tsb and not one of them asked for proof of my address.

JTMan · 16-10-2013 2:47pm

caew wrote: »

Its interesting though regarding the law, I changed my address with BOI, AIB and permanent tsb and not one of them asked for proof of my address.

It never ceases to amaze me as to the variances in the application of AML law from bank to bank. If what you say is correct, then BoI, AIB and PTSB have not followed the letter of AML law by insisting on proof of address.

joeguevara · 16-10-2013 2:54pm

Fungus wrote: »

It never ceases to amaze me as to the variances in the application of AML law from bank to bank. If what you say is correct, then BoI, AIB and PTSB have not followed the letter of AML law by insisting on proof of address.

Where in the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 or in the Criminal Justice Act 2013 does it require a bank (or any designated person) to insist on proof of address?

JTMan · 16-10-2013 8:57pm

From the governments Citizens Information website:

Before you open an account with a financial institution, they are obliged to establish your identity and verify your address. This requirement is set down in anti-money laundering legislation. Financial institutions include banks, building societies and credit unions.

joeguevara · 16-10-2013 9:10pm

Fungus wrote: »

From the governments Citizens Information website:

That is not what it says in the law.

Nervous Wreck · 16-10-2013 9:22pm

That also only states when opening an account. Afaik, you can change your address over the phone with most of them, as their calls are recorded.

Cedrus · 16-10-2013 9:32pm

joeguevara wrote: »

That is not what it says in the law.

Have you read the SI that is linked on the Citizens Information Website?

joeguevara · 16-10-2013 9:36pm

Cedrus wrote: »

Have you read the SI that is linked on the Citizens Information Website?

There is no s.i in that page.

I have read both acts and can assure you that nowhere in them does it mention verifying an address. If you can show me in the acts where it does?

The requirement on identification is set out in 33(2)a. Nothing about address

Cedrus · 16-10-2013 11:08pm

joeguevara wrote: »

There is no s.i in that page.

I have read both acts and can assure you that nowhere in them does it mention verifying an address. If you can show me in the acts where it does?

The requirement on identification is set out in 33(2)a. Nothing about address

http://www.irishstatutebook.ie/2010/en/act/pub/0006/sec0066.html#sec66

66.— (1) In this section, a reference to relevant information, in relation to a person, that is held by a body is a reference to any of the following information that is held by the body:

(a) the name, address or other contact details of the person;

How can "the body" comply with this if they do not verify it themselves?

joeguevara · 17-10-2013 7:31am

Cedrus wrote: »

http://www.irishstatutebook.ie/2010/en/act/pub/0006/sec0066.html#sec66

How can "the body" comply with this if they do not verify it themselves?

Firstly that is an act not an si.

Secondly that section has nothing to do with identifying and verifying customers. The hint was in the name of the section.

In that section person refers to designated person i.e bank/credit union etc. Body refers to organisation representing them or gives licences. They have to provide information on designated persons to the state competent authorities.

The section relating to identifying and verifying customers is in section 33.

I know it is confusing in the act when they mention person and mean designated person I.e. banks, accountnats, auditors, solicitors, private members gaming clubs etc. But I can assure you that nowhere in the act does it require an address of an individual when identifying and verifying them when conducting business with a designated person. The act is very vague in actual requirements.

Nationwide won't let me access my savings

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