Nationwide refunds £6m to customers following CMA action

Nationwide has committed to refund £6m to affected current account customers after it broke a l… The action comes after Nationwide was found to have broken Part 6 of the CMA’s Retail Banking Market Investigation Order 2017, which ensures customers with personal current accounts receive a text alert before banks charge them for unarranged overdrafts. This gives customers ti… Nationwide admitted contravening the Order 20 times, affecting over 320,000 customers. Some … The CMA has directed Nationwide to take immediate action and improve its practices and compliance with the Order. Any new processes must be audited by an independent body.

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Nationwide Refunds £6m To Customers Following CMA Action

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www.gov.uk

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Nationwide To Refund Customers £6m After Breaking Overdraft Order

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Aug 8, 2019 · It affected 320,000 customers

business-live.co.uk

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320,000 Nationwide Customers Owed Average £19 Refund For …

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Aug 8, 2019 · Nationwide will refund £6 million to current account customers, after failing to send customers the correct alerts warning them about unarranged overdraft fees. Since February …

moneysavingexpert.com

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Nationwide To Pay 320,000 Customers £6m In Compensation After ...

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Aug 8, 2019 · Nationwide is to pay thousands of customers a collective £6million in refunds after breaking overdraft rules. ... Nationwide said around 320,000 customers are affected - with …

mirror.co.uk

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Nationwide To Refund 320,000 Customers More Than £6m After …

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Aug 16, 2019 · Nationwide Building Society is refunding £6 million to current account customers after breaking rules ... High-street bank Nationwide is set to refund 320,000 with over £6m, it …

manchestereveningnews.co.uk

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Nationwide To Refund £6m To Customers For Overdraft Alert Failings

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Aug 8, 2019 · Nationwide has been ordered to refund over 320,000 personal current account customers for failings on overdraft charges. The Competition and Markets Authority (CMA) …

sky.com

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Nationwide To Refund 320,000 Customers More Than £6m… - Inkl

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Aug 16, 2019 · Nationwide to refund 320,000 customers more than £6m after breaking overdraft rules. High-street bank Nationwide is set to refund 320,000 with over £6m, it has been …

inkl.com

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Nationwide To Refund £6m To Current Account Customers - Your …

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Aug 8, 2019 · Nationwide admitted contravening the order 20 times, affecting more than 320,000 customers going back to February 2018. The CMA noted that in more than 80 per cent of the …

yourmoney.com

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Nationwide To Refund £6m To Customers For Overdraft Charges

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Aug 8, 2019 · Nationwide will return more than £6m to more than 320,000 customers after the Competition and Markets Authority found that the bank had failed to alert the customers before …

independent.co.uk

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HSBC And Santander Customers Set For Refund

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Nov 29, 2019 · In August, it ordered Nationwide building society to refund £6m in charges to 320,000 overdrawn customers after failing to send them the correct text warnings. The CMA …

bbc.com

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HSBC And Santander Customers Set For Refund - BBC News

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Nov 29, 2019 · In August, it ordered Nationwide building society to refund £6m in charges to 320,000 overdrawn customers after failing to send them the correct text warnings. The CMA …

bbc.co.uk

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Nationwide To Refund Almost £1m To Thousands Of Customers

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This is not the first time that Nationwide has broken the rules regarding unarranged overdrafts. The bank was told to refund £6 million to over 320,000 customers due to a similar issue as …

moneyexpert.com

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Nationwide To Repay £900,000 To 70,000 Customers - This Is Money

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Feb 6, 2020 · In August, Nationwide agreed to refund 320,000 of its customers a total of £6million after the CMA found it had broken the law by not letting customers know it was charging them …

thisismoney.co.uk

FAQs about Nationwide refunds £6m to customers following CMA action Coupon?

How much will I get a refund if I'm a nationwide customer?

Nationwide says affected customers will receive refunds of £19 on average. The money will be paid into your account directly if you're still a Nationwide customer. If you're not, you'll get a cheque in the post. The building society says it will proactively contact affected customers, and that all refunds are expected to be paid by December. ...

Why did nationwide pay out £6m to its customers?

Nationwide will pay out more than £6m to its customers, after the Competition and Markets Authority (CMA) ruled that it broke rules around unarranged overdrafts. CMA regulations require banks and building societies to send customers text alerts before they charge for unarranged overdrafts, providing a chance to pay off the balance. ...

How many times has nationwide broken the overdraft rule?

This gives the customers a chance to take action and avoid the overdraft fees. But Nationwide has admitted breaking this rule 20 times since February 2018, affecting over 320,000 customers, who will now be refunded any fees they were charged, equating to £19 each on average. ...

Did nationwide fail to provide leaflets on switching personal current accounts?

Nationwide informed the CMA in June 2019 that, between June 2018 and June 2019, it had failed to provide leaflets on switching Personal Current Accounts to around 120,000 customers in breach of that Order. ...

Does nationwide have to send a text before a charge?

To help customers avoid these sky-high fees, the regulator requires banks to send customers a text before issuing a charge. Nationwide admits it hasn't always sent these texts, and where it has, the wording didn't always make the higher charges clear. Here's what a Nationwide customer with an unarranged overdraft would have received previously: ...

What types of overdrafts does nationwide offer?

Like many current account providers, Nationwide currently offers customers two kinds of overdrafts: arranged and unarranged. Account holders reach an unarranged overdraft by spending past their agreed overdraft limit. At the moment, these are far more expensive than arranged overdrafts. ...