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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!