Nationwide to repay nearly £1m to 70,000 UK customersChristian Fernsby ▼ | February 6, 2020
Around 70,000 Nationwide customers are set to receive share a £900,000 payout, the Competition and Markets Authority has revealed.
Business in the UK Nationwide
Topics: Nationwide customers UK
This marks the second time in six months that Nationwide has been forced to dish out cash to customers for failing to abide by the warning text message rule.
Under the rule, which came into force in 2018, current account customers are meant to receive a text alert that they are about to be charged for entering into an unarranged overdraft.
The rule was introduced to give people 'time to take action and avoid unexpected fees', the CMA said.
Adam Land, a senior director at the CMA, said: 'Banks and building societies that fail to send customers text alerts saying they will be charged if they enter an unarranged overdraft are breaking the rules.' ■