Nationwide Building Society to phase out passbooks in 2025
The building society is phasing out the current version of its passbooks
NATIONWIDE/GETTY
Nationwide Building Society is set to scrap passbooks in their current iteration from the beginning of February 2025.
This is a physical paper book which many Britons use to monitor banking transactions with many older people being reliant on them.
According to the building society, it wants to "modernise" passbooks next year with the process expected to take seven months.
It has already stopped offering new accounts with only two per cent of the building society's customer base using them.
Customers who wish to keep using a passbook will instead get a "savings wallet" which contains a Nationwide card that can only be used in branch.
As part of the wallet, there will be a space for printed "mini-statements" which customers will get once they deposit or withdraw money, This is Money reports.
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Older Britons use passbooks to keep track of any transactions that have been made
PEXELSAs it stands, Nationwide is set to inform customers that it is replacing old passbooks with a new statement-based version from the end of this month.
The building society will also be hiring temporary staff within the branch network to help its members with the transition from the old passbooks.
Older and more vulnerable customers will be assisted through the changes by Nationwide staff in the months to come.
The group is set to have its has its annual general meeting on July 17, 2024.
An insider told This is Money that chief executive Debbie Crosbie is on a "mad dash" to overhaul the branch network.
However, a Nationwide spokesperson said: "We don't recognise that at all. We have made our branch promise and nothing is going to change."
The insider explained: "Many of my customers have their pensions paid into their passbook - a lot of them elderly - but some younger, some in the vulnerable category, and the only way they can manage their money is to come to the counter to get their cash.
"They like to see the transaction in the book and find it easy to understand, they do not want a paper statement.
"The passbook has about 10 pages and is easy to use and store and there are a number of reasons they use the counter instead of a cash machine.
"This ranges from people with disabilities, have the onset of dementia or are autistic to those who have been scammed - you name it we serve them with dignity and courtesy."
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The building society is making changes to its savings offering
GETTY | NATIONWIDE BUILDING SOCIETYA Nationwide spokesman said: "We are modernising passbooks rather than removing them, but while they are changing, banking in branch isn't.
"We are maintaining the benefits our passbook customers value most - face-to-face service and having a physical record of transactions.
"As the UK's largest building society, we are investing in our systems so we can offer the products and services our customers expect from a modern mutual."
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