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Nationwide to refund 320,000 clients after breaking overdraft guidelines

Nationwide to refund 320,000 clients after breaking overdraft guidelines

The building culture did not send text alerts to thousands of clients

Nationwide will probably pay away a lot more than ВЈ6m to its clients, following the Competition and areas Authority (CMA) ruled so it broke guidelines around unarranged overdrafts.

CMA regulations require banking institutions and building communities to send customers text alerts before they charge for unarranged overdrafts, supplying the opportunity to spend the balance off.

Nationwide admitted to breaking your order 20 times since 2018, affecting more than 320,000 customers february.

One out of five for the clients affected never ever received texts at all. And also if the message had been delivered, the wording didn’t alert members if they didn’t pay – a key part of the CMA rules that they would incur charges.