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See https://www.gov.uk/government/news/h...ter-cma-action for details
The refunds paid by the banks cover all fees incurred by customers from going into unarranged overdrafts where they had not been warned beforehand by the required text alerts.
HSBC failed to text 115,000 customers who went into unarranged overdrafts
Santander made six different errors including failing to inform customers
Competition and Markets Authority agreed for HSBC to pay £8million in refunds, while Santander is still to work out how many customers it owes
The breach was against a new rule which had been created in February 2018
The average payout figure for a HSBC customer is £69.57.
The refunds paid by the banks cover all fees incurred by customers from going into unarranged overdrafts where they had not been warned beforehand by the required text alerts.
HSBC failed to text 115,000 customers who went into unarranged overdrafts
Santander made six different errors including failing to inform customers
Competition and Markets Authority agreed for HSBC to pay £8million in refunds, while Santander is still to work out how many customers it owes
The breach was against a new rule which had been created in February 2018
The average payout figure for a HSBC customer is £69.57.
