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Royal Bank of Scotland and NatWest are set to payout £10m to 300,000 customers who have forgotten to take their money from a cash machine and as a result it has been swallowed back up.
The bank, which is 82pc owned by the taxpayer, and its offshoot NatWest, confirmed it had changed its policy on the process known as retracting in March last year and was in the process of compensating hundreds of thousands of customers. Other banks automatically credit people’s accounts when they leave money behind at the cash machine, but RBS, until recently, diverted the money into its own “reserves” accounts and only repaid if the customer asked for one. The bank will refund customers who have had money retracted since January 2005, which is as far back as records go.
January 2005. Seven years from 2012. A statement from RBS said: ““We are in the process of proactively contacting our RBS and NatWest customers who, according to our records, at some point have not collected all of their dispensed cash.....Read more here on this story: RBS to payout £10m to customers - Telegraph
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HSBC will offer refunds to hundreds of thousands of customers who made ATM withdrawals but forgot to pick up their cash. Those who left money in HSBC cash machines between 2005 and 2011 will receive compensation after the bank pocketed the money instead of refunding it to customers’ accounts straight away. HSBC’s move follows that of state-backed Royal Bank of Scotland, which also owns NatWest. The company recently promised to return £10million to 300,000 people....Read more here: HSBC will now refund customers who left money at the ATM after RBS agrees to pay customers back £10m | This is Money