Nationwide offers £100 switch promise

Thursday, 20 October 2011 12:20

Nationwide is guaranteeing it will contact current account switchers' Direct Debit companies within ten working days, or hand over £100 instead.

As part of a new customer contract, it is also promising to refund any overdraft or interest charges incurred in the first three months following a transfer because of mistakes in the process.

The Building Society also revealed it will keep customers informed throughout the switching process via text message.

According to Nationwide, someone switches their current account to Nationwide every six minutes, while the number of transfers has increased by nearly a third in the last six months.

It hopes these latest measures will see that trend accelerate.

John Crossley, head of current accounts, said: "Some consumers are put off switching current accounts because they are worried that delays in the switching process could lead to charges if payments are not made in time.

"Others are perhaps worried about not getting the same overdraft limit as they had before. But our promises aim to take the stress out of switching."

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