Nationwide Building Society has recently updated its guidelines regarding customer deposits into accounts, responding to a query raised on social media about cash deposits. Under the new rules, customers can deposit a maximum of £5,000 over the counter at a branch each day, provided they present proof of identity, such as a driving license or passport. This change highlights the bank's ongoing efforts to reinforce security measures while making their deposit system more transparent for customers.

In addition to in-branch cash deposits, customers can also utilize Nationwide's cash machines to deposit amounts of up to £2,500 daily. The building society differentiates between cash and cheque deposits, allowing a significantly higher limit of £50,000 daily for cheques, with a cap of £2,000 for individual cheques. This disparity illustrates Nationwide’s operational flexibility in handling cheque transactions compared to cash, likely due to differing associated risks and processing requirements.

The conversation around the ability to deposit obsolete currency, such as the old £1 coins, was part of a wider inquiry regarding cash deposits, indicating a need for clarity among customers. This situation not only reflects changing banking practices but also sheds light on how institutions like Nationwide are adapting to a digitalized economy while still addressing traditional banking needs for their customers.