IMPORTANT CHANGES TO OUR CURRENT ACCOUNTS TERMS AND CONDITIONS

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1 IMPORTANT CHANGES TO OUR CURRENT ACCOUNTS TERMS AND CONDITIONS You should read the information below carefully and keep it in a safe place for future reference. We are making some changes to our Current Accounts Terms and Conditions (Terms) and our Current Accounts Interest Rates and Charges leaflet (Charges Leaflet). We are making these changes because of changes in law and regulation, because of changes to our systems and procedures and, in some cases, to make the Terms clearer. Most of the changes will take effect on 31 October Where a different date applies to a change this is set out below. If you would like a full copy of the new Terms they will be available at nationwide.co.uk, in our branches or by calling us on from the middle of August Summary of changes to the Terms 1. Single Euro Payments Area (SEPA) Credit Transfers. From 31 October 2016 you will be able to make payments to accounts in a SEPA Region Country using a SEPA Credit Transfer. The SEPA region includes the following countries/territories: Åland Islands, Austria, Azores, Belgium, Bulgaria, Canary Islands, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, French Guiana, Germany, Gibraltar, Greece, Guadeloupe, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Madeira, Malta, Martinique, Mayotte, Monaco, Netherlands, Norway, Poland, Portugal, Réunion, Romania, Saint Barthélemy, Saint Martin (French part), Saint Pierre and Miquelon, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom. We will charge you 9 for each SEPA credit transfer you make. Limits may apply to the amount you can send via SEPA Credit Transfer and details will be made available when you ask us to make a SEPA Credit Transfer and on our website. We have changed the Terms and the Charges Leaflet to reflect the introduction of SEPA credit transfers. 2. e-wallets. We have included some new provisions in the Terms that apply if you register your debit card in an e-wallet. These provisions include important security information. 3. Payment cut off times. We have made some changes to payment cut off times in the Terms. You need to provide us with your payment instructions before the relevant payment cut off time for us to be able to start making your payment that day. These changes apply from 20 June Payment security. We have clarified in the Terms that we are subject to legal and regulatory obligations which may require us to carry out checks on payments to prevent financial crime. Occasionally this may delay a payment, or we may not be able to make a payment. If you are happy with these changes you don t need to do anything. However, if you don t accept any of the changes you have the right to close your account without charge before 31 October You can do this through the internet bank or in branch. P3118 (August 2016)

2 The main changes in detail 1. The UK/overseas electronic transfers section of our Charges Leaflet will be changed to make it clearer for FlexPlus, FlexDirect and FlexAccount to read as follows: UK payments made through CHAPS 20 for each payment Payments made overseas, or foreign currency payments within the UK, made through SWIFT 20 for each payment Euro payments to a country in the SEPA Region made by SEPA Credit Transfer 9 for each payment 2. Definitions We will add new definitions at the start of the Terms as follows: SEPA Credit Transfer is a way of making payments in euros to an account within the Single Euro Payments Area. SWIFT is a way of making sterling payments overseas or foreign currency payments. 3. We will add a new sub clause (f) to clause 12 which will read as follows: 12. We will debit your account with: (a) all payments authorised by you; (b) withdrawals using your card; (c) cheques paid into the account that are later returned unpaid; (d) any funds that have been paid to your account in error and to which you are not entitled; (e) any charges and/or overdraft interest that you have to pay in accordance with the scale applicable at the time you incur the charge. You can ask us for the latest scale of charges at any time and they are available on our website or in branches. (f) the amount of any SEPA Credit Transfers paid into your account which are recalled within 10 working days by the payer. 4. We will change clause 34(b) to read as follows: (b) When making payments, the following information is required from you about the company or person you are paying: For automated payments as detailed in the table below, and CHAPs payments, you must give us: the sort code; account number; and if applicable, reference. In addition, for CHAPs payments you must give us the recipient s bank name and address. For overseas electronic payments and payments in a foreign currency, you must give us: the details of the recipient s bank, including their Bank Identifier Code (BIC) or national bank code. However, if your payment is being sent in euros via the SEPA Credit Transfer Scheme, you do not need to provide these details; depending on the destination country, the recipient s bank account number or IBAN (International Bank Account Number); additional information may be required for some international payments and; any reference.

3 5. We will change the tables in Clause 36 to reflect the introduction of SEPA Credit Transfers and changes to payment cut off times. These will read as follows: Payment Type When we can accept your payment instructions When payments normally arrive at the recipient s bank How to cancel your instruction Automated Payments Internal transfers to Nationwide Accounts At any time using the Internet Bank and Telephone Banking. During opening hours at a branch. Immediately. Future dated internal transfers to Nationwide accounts At any time using Internet Banking or Telephone Banking. We must receive your payment instruction by 10pm on the working day before you want the payment to be sent. If we don t, your payment will be sent on the next You can cancel the payment up to 10pm on the working day before it is due to leave your account. Immediate Bill Payments At any time using Internet Banking, Telephone Banking, an ATM or during opening hours at a branch. Future dated Bill Payments At any time using Internet Banking or Telephone Banking. We need to receive your payment instruction by 10pm on the working day before you want the payment to be sent. If we don t, your payment will be sent on the next You can cancel the payment up to 10pm on the working day before it is due to leave your account. Standing Orders At any time using Internet Banking or during opening hours at a branch. We need to receive your payment instruction by 8:30pm on the working day before you want the payment to be sent. If we don t, your payment will be sent on the next You can cancel the payment up to 8:30 pm on the working day before it is due to leave your account. Direct Debits To set up a Direct Debit you must complete an instruction form with the organisation you are paying. Payments are made on working days only. Payments due to be made on a weekend or bank holiday will be sent on the next On the date you have agreed with the organisation you are paying. You can cancel the payment up to 6:00pm on the working day or Saturday before it is due to leave your account. For Direct Debits, you must also contact the company or person you are paying should you wish to cancel the payment.

4 CHAPS AND OVERSEAS ELECTRONIC PAYMENTS Payment Type When we can accept your payment instructions When payments normally arrive at the recipient s bank How to cancel your instruction CHAPS sterling payments within the UK For same day payments we must receive your instruction by 3.00pm on a Payments are made on working days only. Payments due to be made on a weekend or bank holiday will be sent on the next arrives on the same Electronic payments made overseas or in a foreign currency via SWIFT For same day payments we must receive your instruction by 1.00pm on a Payments are made on working days only. Payments due to be made on a weekend or bank holiday will be sent on the next working day for EEA countries. Other countries may take longer. Payments in euros to an account in the SEPA region via SEPA Credit Transfers Payments are made on working days only. Payments due to be made on a weekend or bank holiday will be sent on the next Payment arrives within one working day. However, if we receive your payment instruction before 11.30am on a working day your payment will arrive that day. You can only request us to cancel a payment if you ve made duplicate payments by mistake or someone else has fraudulently made the payment from your account. In that case you can request us to cancel the payment within 10 working days of the payment date, although there is no guarantee that the beneficiary bank will return the payment. Cards with debit facilities Purchases You can use your card to pay for goods and services at any time. Payment will be deducted from your account on the day we receive the request from the retailer s bank and they will receive it within three working days. You cannot stop a card payment, but a retailer or supplier may make a refund. If you wish to cancel a regular payment that you have set up using your card details you can contact us by 4:00pm on the working day before the payment is due to leave your account. We recommend that you also contact the person or organisation you are paying to cancel the payment. 6. We will add a new clause 38 as follows: 38. To meet our legal and regulatory obligations, we may carry out checks before we make payments with a view to preventing financial crime. Occasionally this may lead to your payment being delayed. In some circumstances we may not be able to make the payment, we will always tell you if this is the case unless it would be unlawful to do so. We will not be responsible for any loss that results from this. 7. We will move clause 40 to be part of a new clause 44 which reads as follows: Payments in a foreign currency 44. (a) If you carry out a transaction using your card in a currency other than sterling, it will be converted into sterling on the day the transaction is processed by our card scheme provider at their rate of exchange, which may vary daily. (b) Any charges incurred by us on your behalf from our card scheme provider or other body or institution may be passed on to you. Details of these charges and how they will be applied are available on our website or from your branch. (c) For any other payments in a currency other than sterling, the exchange rate we use to convert the payment to that other currency will be our standard outbound exchange rate for that currency. Our standard outbound exchange rate may vary depending on payment type. These are variable rates that change frequently. We will usually provide details of the actual exchange rate when you ask us to make a payment. (d) If you ask us to make a payment that is in a different currency to the recipient s account, we cannot control the exchange rate applied by the recipient s bank. (e) If we receive payments in a foreign currency we will use our standard inbound exchange rate to convert that payment into sterling. Our standard inbound exchange rate may vary depending on payment type.

5 8. Clause 45 about Security will have a new section (v) added as follows: (v) If you register your debit card details in an e-wallet or on a device such as a mobile phone, you must take reasonable precautions to keep them, and any security information which relates to them e.g. your phone passcode or fingerprint stored in your phone, safe and to prevent fraudulent use of them. You should not store anyone else s fingerprint in your device if that fingerprint can be used to authorise a payment or access your debit card details. If you do, we will treat this as you deliberately failing to keep your card or security details safe. 9. Clause 48 will be changed to read as follows: 48. All cards issued by us remain our property and must be returned on demand. We can suspend or cancel your right to use cards and PIN(s) at any time without notice: (i) Where we are concerned about their security, (ii) If we believe that it is necessary for your and/ or our protection, for example where we suspect the card is being used for fraudulent purposes or in an unauthorised way, (iii) Where there is a significantly increased risk you may be unable to repay any money you owe us, or (iv) Where any e-wallet service you may have registered your card in is no longer available to our customers. If we are unable to inform you before we do this, we will inform you immediately after unless this would compromise our reasonable security measures or would be unlawful. 10. New sections (d) and (e) will be added to Clause 53 as follows: (d) In spite of what we have said above, you won t be liable (unless you have been fraudulent) for: Unauthorised payments where your card has been used in connection with a distance contract e.g. a payment made via the Internet or telephone, or we didn t provide you with a means to notify us of the loss, theft or unauthorised use of your card; or Use of your card by someone else before you receive it. (e) If you are unable to use a debit card that you have registered or stored in an e-wallet or on your device, we will not be responsible unless this is as a result of something we have done. This is because we do not have any control over the e-wallet or your device. 11. A new sentence will be added to clause 56 as follows: We can make changes to our exchange rates, which are reference rates, at any time. 12. A new clause 63 will be added as follows: 63. We can transfer all of our rights in relation to your account to someone else. We can transfer all of our obligations in relation to your account, but only to someone we reasonably consider capable of performing them equally as well as us and who is authorised or recognised by our regulator as being able to accept deposits. This won t reduce any of your rights in relation to your account. 13. The paragraph on Special payments in the Setting up payments to and from your account section will be changed to read as follows: Special payments can be made via CHAPS (for same-day transfers between different banks or building societies). Overseas payments or payments in a foreign currency can be made via SWIFT. Payments in euro to a country in the SEPA region can be made through the SEPA Credit Transfers Scheme and cannot be made through SWIFT. Fees will apply to special payments - for details ask us in branch, call or visit our website. P3118 (August 2016)