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HSBC and Santander to refund +£8M for overdraft text failures

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HSBC (HSBA.L) and Santander (SAN.MC) are set to hand millions of pound back to over 100,000 customers, after the two banks breached rules about unplanned overdraft alerts.

The Competition and Markets Authority (CMA) said Friday it stepped in to force refunds after the two banks failed to text customers warning them they were about to go into unplanned overdrafts. The CMA introduced new rules in 2018 that mandated the text alerts.

“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,” the CMA said in a statement.

 

https://uk.yahoo.com/finance/news/hsbc-to-hand-customers-8-m-after-overdraft-text-failure-085557688.html


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