Brit banks to refund $16.2M in forgotten ATM cash

Brit banks to refund $16.2M in forgotten ATM cash
Tags: Bank / Credit Union, Cash Dispenser / Recycler / Acceptor, Transaction Processing
December 20, 2012

Absent-minded Brits are getting a break from the Royal Bank of Scotland and NatWest. The banks have embarked on a £10 million ($16.2 million) campaign to refund cash — with interest — to customers who left theirs behind at the ATM during the past year.

According to the Guardian, a total of 300,000 distracted and forgetful customers will receive payments averaging £45 ($73) from the bank. Recipients will be notified by letter to expect a refund.

Prior to 2011, refunds were only made to customers who notified the bank that cash had not been dispensed, or had been retracted into the machine. However, in March of that year, RBS and NatWest began returning unclaimed funds automatically, along with interest paid at the banks’ best market rates.

For more on this topic, visit the bank/credit union research center.

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