Answers to Your Top 5 Questions
Welcome to Your Questions Answered where we’ll answer the most-asked questions about Nationwide Bank. Got a question? Contact us, and our Customer Care representatives will work hard to find the answer. Can't find what you're looking for? Try our general banking FAQs.
Q: Why have I received a 1099 and/or a 1098 Tax Form?
Each year, all financial institutions are required to send a 1099-INT form to customers whose deposit accounts have earned interest. Please note only those customers who earned a total of over $10.00 in interest will receive a form from Nationwide Bank. To assist in reconciliation, Nationwide Bank provides one consolidated 1099-INT with an account summary to those customers holding multiple deposit accounts with us.
We are also required to issue 1098s for interest paid on mortgages (including home equity lines or loans) in excess of $600.00. For customers with a mortgage product that do not receive a monthly statement, a 1098 form was produced for all dollar amounts, even if it was less than $600.00. Please retain this information for your records. For additional questions regarding reporting requirements, please consult a tax advisor. Or you may visit the IRS' official website at www.irs.gov.
Q: Is Nationwide Bank a member of the FDIC?
Nationwide Bank is a member of the Federal Deposit Insurance Corporation (FDIC). The FDIC protects you against the loss of your insured deposits in the event that an FDIC-Insured Institution fails. Deposits are insured to at least $250,000 per depositor. FDIC insurance is backed by the full faith and credit of the United States government. To learn more about the FDIC and details about coverage, please visit http://www.fdic.gov/.
Nationwide Bank’s deposit accounts are FDIC insured and offer attractive rates – including our Money Market Savings account which consistently beats the national average for savings rates. Further, Nationwide Bank has received the Bankrate.com® Top Tier award for consistently offering annual percentage yields (APYs) that were among the highest reported in 100 Highest Yields® for all four quarters in 2011.
Click here to learn more about our Money Market Savings account. Interested in longer term savings vehicles? Our CD rates are also very competitive – click here to see our current rates.
Q: Is there an example that helps me understand how to obtain maximum coverage from the FDIC?
It is possible to extend this coverage beyond the FDIC limit by using multiple account ownership categories as demonstrated in the chart below. For example, a husband and wife can insure up to $250,000 each in single category accounts, another $500,000 in a joint account, another $1,500,000 in a revocable trust (with three named beneficiaries), and $250,000 each in separate IRA accounts for a total of $3,000,000 in federally insured savings.
You can also extend coverage by investing across multiple banks.
Q. What do I need to open a trust account?
A trust account allows one person to manage an account on behalf of another. To open a trust account with Nationwide Bank, please call 1-877-I Bank NWSM (1-877-422-6569). You can also fax your information to us at 1-800-816-9170.
You’ll need to have this information handy when you call:
- Trust paperwork that includes the legal names of all parties (the first and last pages plus the powers for the trust)
- Name, address, date of birth, driver’s license number with issue and expiration dates for all parties involved in the trust account
It’s also important to note that as a result of a new FDIC rule, virtually any beneficiary may qualify for beneficiary coverage. Depositors can now designate a beloved friend, life partner, or relative outside of the 'immediate family group'. In addition to natural persons, the FDIC rule will cover beneficiaries that are charitable organizations or non-profit entities recognized under the Internal Revenue Code.
Q. I'm having trouble logging in to Online Bill Payment, my credit card or e-statements account. What's going on?
Typically, there are two common causes for difficulty with logging in: pop-up blockers and the latest version of Internet Explorer.
Pop-up blockers. Most web browsers let you block annoying pop-up advertisements. However, online banks and credit cards companies use pop-ups to help customers manage their accounts. If you're having trouble, you'll need to disable the pop-up blocker so you can log in to Nationwide Bank.
How do you disable your pop-up blocker? That depends on what web browser and toolbar you are using.
For Internet Explorer, for example, you would select the Tools pull-down menu, then Pop-Up Blocker, then Turn Off Pop-Up Blocker.
For Yahoo toolbar, look for the pop-up blocker icon, an image of a
webpage with a shield in front of it. Click on the tiny arrow next to the
icon to display the menu. If there is a checkmark next to Enable Pop-Up
Blocker, click on it to make the checkmark disappear.
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