MoneySavingExpert says overdraft information is crucial, as Nationwide customers refunded following CMA action
Nationwide will refund £6 million to current account customers, after failing to send them the correct alerts warning about unarranged overdraft fees.
Kirsty Good, head of campaigns at MoneySavingExpert.com, said: "Overdraft charges have been overly complex for a long time – to the extent that the regulator, the FCA, recently announced new rules to make the cost of using an overdraft more transparent, fairer and easier to understand.
"It's crucial consumers know what the charges are when they use their overdraft which means banks and building societies – like Nationwide – must provide them with clear communication. It's encouraging to see the CMA take action, like it has done today, when this falls short."
Full details are available in MSE’s latest news story.