Nationwide Overdrafts Hike Sparks a Wave of Anger [Edition 3]

Summary

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NATIONWIDE today provoked anger among consumer groups as it hiked up its annual interest rates on overdrafts by 1% to a massive 18.9%, on the same day the rate at which banks lend to each other plunged to a record low of 1.27%.

The move by the country's biggest building society means that customers with an overdraft from Nationwide will now have to pay interest at nearly 15 times the London Interbank Offered Rate (Libor), which has plummeted since peaking at above 6.27% last October.

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Nationwide Overdrafts Hike Sparks a Wave of Anger [Edition 3]

Nationwide defended its decision, claimin...

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