Earlier this year, Nationwide made the strategic decision to focus its bank-related services on its successful trust operations that support our retirement plan business and transition away from operating as a full-service retail bank.
After thorough review and evaluation of offers from several potential buyers, Nationwide has selected BofI Federal Bank (“BofI”) as the buyer for its deposits business (checking, savings, money market and CDs), pending regulatory approval.
BofI closely aligns with Nationwide’s mission to deliver member value by protecting what’s most important and building a secure financial future for U.S. consumers. BofI is a strong and stable institution with many similarities to Nationwide Bank. Both companies are direct, digital banks with a customer-centric approach to banking. Because of these similarities, as well as BofI’s depth of product offerings and history of successful transitions, we feel confident that it’s the right partner to provide banking services to our customers going forward.
What Bank customers need to know
- There are no immediate changes for Nationwide Bank customers.
- All current customer relationships including deposits and loans remain in place, safe and accessible with Nationwide Bank.
- Nationwide Bank is safe, sound and well capitalized, and backed by the strength and stability of Nationwide.
- The details of the transition will be finalized in coming months based on further in-depth assessment.
- Nationwide Bank customers will receive additional communications when there are next steps to share.
- The transfer of the accounts is expected to be complete during the fourth quarter of 2018 and there is no financial impact to our customers connected to this transaction.
Nationwide and BofI are committed to making sure this transition is as smooth and seamless as possible for our members.
Who is BofI?
BofI has been proudly serving clients for the last 18 years and it is one of the first banks to offer banking services exclusively online. For more information about Bank of Internet USA please visit www.bankofinternet.com.
BofI is being renamed
To continue to meet the evolving needs of consumers and the high expectations set by the world’s greatest digital companies, BofI is rising to the challenge by reinventing their brand with a new name Axos Bank effective October 1, 2018. To learn more, please visit www.axosbank.com.
We're here to help
If you have any questions, please call us at 1-877-I BANK NW (1-877-422-6569) 8 a.m. - 8 p.m. ET Weekdays.
Thank you for choosing Nationwide.