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877-422-6569
1 Nationwide Plaza, 1-14-401
Columbus, OH 43215

When most people think of Nationwide, they think of insurance. However, since Nationwide’s beginnings as an auto insurance company in Ohio, Nationwide has grown to be one of the largest insurance companies in the U.S. In addition to offering insurance, Nationwide offers a variety of other financial products and services. Some of these products and services include those offered by Nationwide Bank, which is independently registered with the FDIC and offers insurance, investment, and banking products and services.

On its personal banking side, Nationwide Bank offers checking, savings, Money Market, Certificate of Deposit (CD), and IRA accounts along with mortgage and auto loans, and various credit cards. A few checking accounts are available and come with free debit cards and a limited number of free non-Nationwide Bank ATM transactions. The interest checking account offers higher rates of interest for higher account balance thresholds and requires an average daily balance in order to avoid monthly service fees. A basic checking account is also available and designed for customers with lower balances. Nationwide’s online savings account provides a simple way to save and has a minimum daily balance requirement in order to avoid a monthly fee. Money Market accounts are available and typically offer higher interest rates than the bank’s online savings account. The Nationwide website also provides a helpful chart that compares this Money Market account to its other offerings to help customers decide which account to choose. CD and IRA accounts have no monthly maintenance fees and are offered in term lengths ranging from 3 to 60 months. DepositAccounts.com has featured Nationwide’s Money Market and CD accounts repeatedly in the past for their competitive rate offerings.

Nationwide Bank online banking provides a password protected banking system through which account holders can transfer funds between accounts, pay bills, view and print cleared check images, and set up direct deposit. Mobile banking apps released by the bank also make it easy to deposit checks remotely and pay your bills from anywhere on your smartphone or tablet device.

Nationwide Bank was originally established in 1998 as the Nationwide Trust Company, and began offering products to the public in 2007. Nationwide Corporation started out as an auto insurer for farmer in Ohio in the 1920’s before growing into the large company that it is today. The bank is headquartered in Columbus, Ohio, and serves its customers predominantly through its online banking system, but also through a single physical branch as well.

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Loan Processors

We are currently embroiled in dealing with this bank.  So far we have found those handling our processing to be less than genuine, less than helpful with attitudes that are horrendous.  Very arrogant acting.  Nearly all corresponce from them begins with 'I'm sorry'.  After being dealt with by them I can see why.  You cannot believe anything you are told by these associates because they will say what you want to hear, then they go on their merry way only to tell you next time that the info you previously received was wrong.  In all my 60 years on this earth having obtained numerous loans to buy houses or for home improvements I have never been treated as disdainfully as this bank has.

Horrendous

Avoiding working with Nationwide Bank at all costs. We had an account in good standing and when we asked to close it, they were extremely rude and charged us an outrageous cancellation fee. 

Time To Process A Cheque

I am appalled at the time the Nationwide takes to process a cheque.  I put a US dollar cheque drawn at a major global bank into my account at the Nationwide branch in Chesham on the 26th of November 2011.  The fee is around £20.00, and I signed the form and handed over my cheque.  More than eight weeks  and four visits to the branch later they still have not credited the cheque to my account, nor will they find out where the blockage in the system is so I can cancel the cheque and go elsewhere.  Other people have had these cheques processed by Lloyds TSB and HSBC in about one week and with only a £10 fee.  I sit in the branch for hours, they tell me the person that deals with CHAPS isn't in, I ask to speak to the manager, they tell me s/he isn't in, and they promise to call me but never, ever do.  I ask if they have a formal complaints procedure and a form I can fill in - they do, but they don't give me the form and tell me that "the manager is aware, it has already been escalated".  After insisting over and over again, I finally get an address (no phone number) for the Head Office.  Now well into 9th week and still no sign of my money!  Absolutely disgusted!

No Common Sense

We tried to get a loan from Nationwide bank.  They said they found a lien on our property from 1999 placed on the property by NATIONSBANC MTG CORP and requested that we get a Satisfaction Letter.  However, since we have refinanced at least twice since 1999. Once with Wells Fargo and our current mortgage is with Citibank. It is unlikely that lien is valid if we are able to refinance more than once. 

Furthermore, NationsBanc merged with Bank of America in 1999.  Since they don't do business under that name anymore, shouldn't the lien be updated to have their current name, Bank of America?

We called up Nationwide bank talked on their recorded line with Jeff.  He said the search was done about 10 days ago by their vendor, and based on the result we need to get satisfaction letter from the lien holder because it has the first lien position.   RED FLAG!  Why would Citibank and Wells Fargo agree to the refinancing if they are not in the first position?  Well, according to Jeff, Citibank is not in the first position; it is not even in their search result.  WHAT??! We last refinanced in 2010, so our mortgage with Citibank is at least one year old.

I told Jeff that they need to have their vendor re-run the check, because if the result does not have Citibank, it can't possibly be current or correct.  This is where I am very disappointed with the response Jeff gave me. He said that since they ran the result about 10 days ago, they won't run the check again. They won’t even request their vendor to verify the results are correct.  There is no convincing Jeff otherwise.  In fact, I am pretty sure he wasn't listening on the other end for a while because it took him sometime to answer my hello when I suspected he wasn't listening.  (How rude!)

Although I think Jeff needs more training in customer service, I seriously doubt this is just a problem with an individual.  There is a systemic failure here that needs to be addressed.

If Nationwide bank is such a head ache now, imagine what it would be like once we do get a loan from them.  We have excellent credit, and no, we won't do business with Nationwide bank. 

 

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Health

Data for Q1 2014

Institution Health

A

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Nationwide Bank had $4 million in non-current loans and owned real-estate with $520.02 million in equity and loan loss allowances on hand to cover it. This gives Nationwide Bank a Texas Ratio of 0.77% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Nationwide Bank experienced no significant changes from 0.78% as of March 31, 2013 to 0.77% as of March 31, 2014, resulting in a positive change of 1.62%.This indicates that the balance sheet and financial strength for Nationwide Bank has had no significant changes in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Nationwide Bank has increased its total deposits by $395.98 million, resulting in 9.82% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Nationwide Bank has shown is excellent.

Capitalization

GRADE:
C+

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Nationwide Bank has $5.73 billion in assets with $520.02 million in equity, resulting in a capitalization level of 9.08%, which is average.

Institution Statistics

Overall
FDIC Certificate #34710
Year Established1998
Employees99
Primary RegulatorOCC
Assets and Liabilities
Assets$5.73 billion
Loans$2.79 billion
Deposits$4.43 billion
Equity Capital$502.78 million
Loan Loss Allowance$17.25 million
Unbacked Noncurrent Loans$4.01 million
Real Estate Owned$0
Historic Data - March 2013
Assets$5.28 billion
Equity Capital$502.15 million
Loan Loss Allowance$16.09 million
Unbacked Noncurrent Loans$4.01 million
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin2.15%
Return on Assets0.72%
Return on Equity8.26%
Interest Income$42.26 million
Rates

Always verify rates and promotions with the bank or credit union. We are not Nationwide Bank, we are a rate comparison website and can not provide official rates or promotions.

Nationwide Bank Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.35%--Online savings account

Nationwide Bank Money Market Rates

DetailsAPYMINMAXPRODUCT
0.66%--Money Market
0.30%--Business Money Market

Nationwide Bank Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.60%$10k-E-Checking
0.40%$25k-Interest Checking

Nationwide Bank CD Rates

DetailsAPYMINMAXPRODUCT
2.00%$100k-60 Month CD
1.84%$100k-48 Month CD
1.26%$100k-36 Month CD
1.15%$100k-24 Month CD
1.11%$100k-18 Month CD
1.07%$100k-12 Month CD
0.95%$100k-Business 60 Month CD
0.75%$100k-Business 48 Month CD
0.50%$100k-Business 36 Month CD
0.45%$100k-9 Month CD
0.35%$100k-6 Month CD
0.35%$100k-Business 24 Month CD
0.30%$100k-3 Month CD
0.20%$100k-Business 12 Month CD
0.10%$500-Business 3 Month CD
0.10%$500-Business 6 Month CD

Nationwide Bank IRA Rates

DetailsAPYMINMAXPRODUCT
2.00%$100k-60 Month IRA
1.84%$100k-48 Month IRA
1.26%$100k-36 Month IRA
1.15%$100k-24 Month IRA
1.07%$100k-12 Month IRA
0.35%$100k-6 Month IRA
0.30%$100k-3 Month IRA
Locations

Nationwide Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 1 Nationwide Plaza, 1-14-401 - Columbus, OH 43215