HSBC and Santander to refund customers over unauthorised overdrafts
Banks failed to alert hundreds of thousands of account holders via text
HSBC and Santander are to refund millions of pounds to customers for failing to alert hundreds of thousands of account holders that they had gone into an unauthorised overdraft.
HSBC is to pay back £8m to 115,000 customers after failing to follow banking rules that require a text alert to be sent to warn them they have gone into an unarranged overdraft. The text alerts are designed to give customers time to move funds and avoid a bank charge.Continue reading...