Nationwide is making changes to four types of accounts (Image: Getty)
Nationwide has told its members about certain upcoming changes, including charges, that will affect certain accounts. The world’s largest building society sent emails to customers this and last week, explaining that some terms and conditions will be amended from April 9.
Nationwide said new protections will be added to current accounts “so that you can get your money back if you have made a payment because you have been a victim of a scam”. The update further clarified: “We will refund you up to the maximum amount set by our regulators if the payment was made in British Pounds by bank transfer to another UK account.”
It also mentioned that refunds will typically be processed within five business days of reporting the scam. However, there are circumstances where the refund may be denied, such as if the scammed individual ignored a warning from Nationwide, the police, or another authority about suspected fraud.
The refund may also be withheld if the person did not inform Nationwide promptly enough, or did not provide sufficient information for investigation. Nationwide also said: “We can take back any refunded amount (after giving you reasonable notice) if we later believe you acted fraudulently when making the claim.”
Nationwide’s other changes include a reduction in fees for FlexDirect customers who need to send large amounts via the Clearing House Automated Payment System (CHAPS). This system is typically used by those needing to transfer substantial sums within the UK.
From May 1, FlexDirect customers using this service will be charged £15, down from the current fee of £20. The building society also plans to reduce its charges for transferring funds from overseas accounts into the UK from £20 to £15 on the same date.