Lloyds Bank repaying millions of pounds to customers over 2012 admin error – UKMALAYALEE

Lloyds Bank repaying millions of pounds to customers over 2012 admin error

Sunday 28 April 2019 9:04 AM UTC

LONDON April 28: One of Britain’s biggest lenders has been forced to repay millions back to customers over administrative errors dating back to 2012.

Lloyds Bank has to date paid out a collective £6million to around 200,000 Lloyds, Halifax and Bank of Scotland customers.

The average payout is around £30 – and the banking group said it’s been writing to both current and former customers affected since 1 April.

It added that anyone who has since left the bank, or moved home, will be traced and contacted by post.

The payouts are linked to a blunder in 2012 when the bank failed to tell customers about interest rate changes to their savings and current accounts.

These customers may have missed out on better deals elsewhere as a result.

The payments are calculated to put them in the position they would have found themselves had the rate not changed. As a result, payouts will vary based on how much money they had in accounts at the time of the error.

The blunder, revealed by MarketWatch, has since been rectified, but is thought to have continued for some time.

A Lloyds spokesman said that customers do not need to take action at this stage, but are free to complain if they are still dissatisfied after it’s resolved.

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