Nov 29, 2019

HSBC to refund UK customers £8m over missed overdraft warnings

HSBC and Santander UK have been forced to compensate more than 115,000 customers after they failed to keep up with new regulations designed to help them avoid falling into their overdrafts. Since February 2018, banks have been required to text customers when their accounts are close to running out of money, to give them time to avoid being charged high fees for using an unarranged overdraft. HSBC will refund £8m to 115,000 customers who were charged without receiving warning texts. The CMA said Santander had broken the order six times and had agreed to issue a refund but had yet to work out exactly how many customers were affected or how much it would cost. The announcement on Friday follows a similar ruling on building society Nationwide earlier this year, which was forced to refund 300,000 customers.

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