Guidance
Retail Banking unarranged overdraft alerts: Directions to Nationwide
Directions issued to Nationwide about rules on providing alerts to customers on unarranged overdraft charges.
Documents
Details
Nationwide has breached Part 6 of the Order (covering alerts which must be sent in relation to unarranged overdraft charges) through both failing to provide some customers with an alert and failing to provide some customers with an alert which was compliant with the Order.
In total, the 20 breaches affected 320,971 customers and Nationwide will be repaying over £6 million in charges to affected customers. Some of the breaches have lasted since this part of the Order came into force in February 2018.
Press release: Nationwide refunds £6m to customers following CMA action