If you’re a nationwide customer and you currently hold an account with Nationwide Bank, they have announced plans to exit the retail banking business. They stated this on May 7, 2018. They will be more focused on property casually, financial services, and other emerging businesses. They are currently in the process of transition. If you’re interested, find out what Nationwide has to say below!
Nationwide Bank To Leave Retail Banking
Nationwide stated in their letter:
“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 want to make sure everyone is informed about this decision Nationwide had made on May 7, 2018.
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.
This is a great and scary change for Nationwide Bank. They are planning on leaving the retail banking business. The change might be different, but Nationwide Bank is doing everything they can to make this transition smooth. Be sure to check out our segment on the latest Bank Bonuses or the Best Credit Card Promotions!
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