Nationwide Building Society has alerted millions of its customers to upcoming changes in terms and conditions, which include new charges and protections. The updates, communicated via email last week and this week, aim to simplify and shorten the language of the terms, making them easier to understand.
From April 9, new fraud protections will be added to current accounts. Under these rules, Nationwide will refund victims of scams up to the maximum amount set by regulators, provided the payment was made in British Pounds via bank transfer to another UK account. Refunds are typically processed within five working days, but may be refused if the customer ignored warnings from authorities like the police or Nationwide, failed to report the scam promptly, or did not provide sufficient information for an investigation. Additionally, refunds can be clawed back if the customer is later suspected of fraud.
For FlexDirect account holders, changes to CHAPS (Clearing House Automated Payment System) charges will take effect on May 1. The fee for sending substantial amounts via CHAPS will be reduced from £20 to £15. Similarly, charges for transferring funds from overseas accounts into the UK will also decrease from £20 to £15 on the same date.
Nationwide stated that the revised terms and conditions have been awarded the Clear & Simple Mark by Fairer Finance, recognising excellence in transparency and communication. The building society emphasised that unnecessary information has been removed and sections have been shortened or combined to improve clarity.
