Reclaim overdraft fees from Nationwide
If Nationwide let you run an overdraft you couldn't realistically afford, or piled on interest month after month while you never got back into the black, you may be owed a refund. This isn't about whether you agreed to the overdraft. It's about whether Nationwide lent responsibly and charged you fairly. The complaint is free, you send it yourself, and you keep all of any refund.
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Your rights
The FCA's overdraft rules, effective 6 April 2020, require a single simple interest rate, ban fixed daily and monthly overdraft fees, and stop banks charging more for unarranged than arranged overdrafts. On top of that, Nationwide must lend responsibly. If it gave you an overdraft, or raised your limit, without properly checking you could afford to repay, that can amount to unaffordable lending and you can ask for the interest and charges back. Complaining to Nationwide is free. If it rejects you or fails to give a final response within 8 weeks, you can take it to the Financial Ombudsman Service for free. The usual time limit is six years from the events, or three years from when you realised something was wrong.
Step by step
- 1Gather your Nationwide statements through the Internet Bank or Banking app, or request them in a branch. List each overdraft interest charge and any stretch where you stayed overdrawn and couldn't clear the balance.
- 2Send Nationwide a formal complaint, either through the app or website complaint form, by phone, or in a branch. Say you believe the overdraft was unaffordable or unfairly charged, and ask for a refund of interest and charges plus 8% simple interest.
- 3Allow Nationwide up to 8 weeks to issue a final response. Keep copies of everything. A partial offer doesn't have to be accepted as the end of the matter.
- 4If Nationwide refuses or misses the 8-week deadline, refer the complaint to the Financial Ombudsman Service within 6 months of the final response. It's free and you do it yourself.
What they'll say, and your comeback
“You requested the overdraft and accepted the terms.”
Comeback, Requesting an overdraft doesn't make it affordable. The point is whether Nationwide checked I could repay before granting or increasing it. If those checks were inadequate, the lending was irresponsible whatever I agreed to.
“Our overdraft charges comply with FCA pricing rules.”
Comeback, I'm not only challenging the rate. I'm saying I shouldn't have been lent this much given my circumstances at the time. Pricing compliance doesn't answer the affordability question.
“This relates to charges that are too old to investigate.”
Comeback, I can complain within six years of the charges, or three years from realising they were unfair. If you're declining on time grounds, please confirm that in writing so I can refer it to the Financial Ombudsman.
FAQ
Does Nationwide being a building society change anything?
No. As a member-owned building society Nationwide is still FCA-regulated and covered by the Financial Ombudsman Service, so the same complaint route and rules apply.
What if Nationwide already refunded some charges years ago?
You can still complain about charges that weren't covered or about wider unaffordable lending, as long as you're within the time limits. Mention any previous refund so the picture is complete.
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A self-serve tool, not a law firm. General information, not legal advice.