Nationwide Fraud on Debit Card (Are they breaking the law?)

rb10

mrjam wrote: »

Thanks but they arent sticking to PSD regulations, they have told me i wont get an immediate refund and that from the time the transactions actually debit it will take 5 working days. That's not immediate to me.

It sounds as though one party has misunderstood.

I imagine that the five working days is the expected time before the transactions will drop off the system (and so form part of your available balance again) if they are not debited.

The refund - if it falls within the scope of the PSR - should certainly occur on the same day as you report it.

They don't breach the regulations by just saying something (that may well have been misinterpreted anyway). The regulations are breached if, in time, they do not provide an immediate refund.

Just keep an eye on your account over the next few days, and phone them up if any transactions appear.

mrjam

I just phoned them to clarify, they said once the transactions appear on my account which should be tomorrow, it will then take 5 working days to investigate and they will not refund the money until the investigation is complete (they said this is normal practice) - i spoke to the senior fraud analyst, they will then contact me with "the outcome of my claim". When i asked about the PSD regulations the "SENIOR" fraud analyst didnt seem to know what i was talking about. It was like going round in circles, i asked to speak to someone higher and she told me they will only tell me the same. So yes, in my opinion they are breaching the PSD regulations.

iluvsaving

in the meantime you can use your credit card until the money is reinstated therefore you will not be inconvenienced.

meer53

iluvsaving wrote: »

in the meantime you can use your credit card until the money is reinstated therefore you will not be inconvenienced.

What if the OP doesn't have a credit card ? They haven't mentioned one. Under PSD regulations, they should be refunded straight away, but i do know that some banks don't do this.

pmduk

As you've found, many financial institutions believe, wrongly, that their internal procedures take precedence over the Payment Services Directive.

You may need to initiate Nationwide's formal complaints procedure to get someone who knows what they'e doing to intervene at their end.

mrjam

iluvsaving wrote: »

in the meantime you can use your credit card until the money is reinstated therefore you will not be inconvenienced.

I don't have a credit card. It's not about the inconvenience, it's about banks not sticking to the rules, they are literally lawless.

Gromitt

Then I'd suggest filing an official complaint now.

Even if all of the authorisations fall off or get refunded, at least you should get something for the inconvenience the bank are forcing on you.

jonesMUFCforever

mrjam wrote: »

I don't have a credit card. It's not about the inconvenience, it's about banks not sticking to the rules, they are literally lawless.

Until they have investigated they don't know that you are not telling fibs do they?
What if it is a close friend or family member who has shafted you?

mrjam

Absolutely, couldnt agree more, however the fact is the law states they must refund and then if i am as you say "telling fibs" they take the money back. It's very simple in my eyes. If the banks arent sticking to the regulations put in place to protect customers, then what good are those regulations? That's my issue.

Also, if it was for example a close friend or family member who has shafted me, it's still fraud, and i would happily pursue any close "friend" or family member who i found out had done so.

notts_phil

You should direct them to the PSD