Nationwide To Refund Customers £6M For Overdraft Charges

Law360, London (August 8, 2019, 5:15 PM BST) -- Nationwide will refund a total of £6 million ($7 million) to more than 320,000 customers after failing to alert them to charges imposed on unarranged overdrafts, which is required under retail banking rules, the Competition and Markets Authority said Thursday.

Nationwide Building Society admitted that it had broken CMA rules 20 times by failing to send text alerts before the bank charged customers for going into the red, the competition regulator said. The notifications, which are required as part of the CMA’s Retail Banking Market Investigation Order, give customers an opportunity to take action in order to avoid unarranged overdraft charges...

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