Nationwide is restricting account access, causing people to be unable to use their accounts.

Today marks the end of an era for Nationwide customers as the bank has made the decision to discontinue their trust accounts. This move has caused concern and frustration for many users, especially those who rely on these accounts to manage their finances. Trust accounts, which are typically accessed by a third party chosen by the account holder, have been unexpectedly shut down, leaving individuals with disabilities and learning challenges without access to their essential funds.

One customer, James Trotman, shared with The Guardian the struggles he and his disabled son have faced due to this sudden change. His son's life savings are now "locked" and inaccessible, despite the family's efforts to provide the requested verification documents. After a month of waiting, the funds are still unavailable, causing great stress and inconvenience for the family.

It appears that trust accounts are often utilized by those with learning difficulties and disabilities, making this decision by Nationwide even more concerning. A spokesperson for the bank explained that they are in the process of closing some trust accounts and have been reaching out to trustees to discuss their options. However, for those who still require a trust account, they will need to seek services from another bank.

In response to the frustration and confusion caused by this change, CEO Jon Sparkes of Charity Mencap expressed his concern for families who are struggling to find a solution. He stated, "We're hearing from an increasing number of families of people with a learning disability who don't know where to turn." Many families have been informed that their current trust account will soon be closed, while others are unable to open a new one due to the lack of available options.

Nationwide is not the only bank to make this decision, as other high street banks have also discontinued trust accounts. Currently, Metro Bank is the only one still offering these accounts, but they come at a cost of £5 per month for accounts with less than £25,000. Santander also offers trust accounts through their private banking service, Cater Allen, but these are only accessible if the individual is referred by a solicitor or financial advisor.

As the trust account options continue to dwindle, it is clear that this change has caused significant inconvenience and hardship for many individuals and families. Nationwide has apologized for the inconvenience and has assured customers that the necessary information has been received and the funds will be released. However, the impact of this decision on those who rely on these accounts cannot be ignored.

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