Clear warning for costly credit card withdrawals

 

CLEAR WARNING FOR COSTLY CREDIT CARD WITHDRAWALS
Article date: 30/09/2005 : 14:15:37

Nationwide is working to improve the state of Britain's finances by adding signs to its cash machines.

The building society said it is concerned by the lack of "real progress" in protecting customers from cash machines that charge.

Now Nationwide cash points will be clearly marked "FREE CASH WITHDRAWALS" to enable customers to make an informed decision. It is the first financial service firm to introduce at-a-glance signage.

"The industry has been dragging its heels over providing real clarity for consumers regarding cash machine charges. Consequently, Nationwide is taking action by implementing a straightforward solution to counter consumer confusion," said Stuart Bernau, Nationwide’s executive director.

"Green and red signs, which are visible at a glance, will be instantly recognisable and their introduction is supported by an overwhelming majority of people."

According to calculations made by Nationwide UK customers will be paying out a massive £200 million on ash withdrawal fees for debit and credit card transactions.
 
 
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