Nationwide Told To Repay Customers £900K In Overdraft Fees
Law360, London (February 6, 2020, 2:15 PM GMT) -- Nationwide Building Society must repay customers a total of £900,000 ($1.2 million) in fees for unarranged overdrafts, Britain’s antitrust regulator said Thursday after finding that the lender had failed to properly warn them they would be charged for going into the red.
The Competition and Markets Authority said it found that the building society broke its rules by not warning customers that they would be charged before they dipped into an unarranged overdraft. The CMA’s retail banking market investigation order forces lenders to send a text alert to customers with current accounts, giving them an opportunity to act before the bank...
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