Pendum

Not to be left holding the proverbial bag (particularly one filled with other people's money) HSBC has said it will join the Royal Bank of Scotland and NatWest in sending refunds to ATM-users who withdrew cash but forgot to collect it from the machine.

According to a report by the Guardian, the payback plan reverses an earlier policy at HSBC which laid the burden on the customer to request a refund of a cash withdrawal that was retracted into the ATM uncollected. Until recently, RBS followed the same practice.

HSBC told the Guardian that it is still in the process of determining how many customers will receive refunds and what the total payout will be. The FI has said it will also pay a calculated interest amount for the time period when the money sat in the bank's coffers, the article said. RBC is making similar "goodwill payments."

The FI will give refunds for transactions dating from 2005 to 2011, when HSBC began to credit customers automatically for forgotten money.

For more on this topic, visit the transaction processing research center.

Related Content

User Comments – Give us your opinion!
Products & Services

Regulation and Compliance

http://global.networldalliance.com/new/images/products/6903.png

6903/Regulation-and-Compliance

Wooden ATM Cabinets

http://global.networldalliance.com/new/images/products/4292.png

4292/Wooden-ATM-Cabinets

Teller Automation Services

http://global.networldalliance.com/new/images/products/Teller_Automation100.gif

1085/Teller-Automation-Services

FREE ATMs, Turnkey Operations and Cash Services

http://global.networldalliance.com/new/images/products/5947.png

5947/FREE-ATMs-Turnkey-Operations-and-Cash-Services

GRG Global Customer Exchange 2013

http://global.networldalliance.com/new/images/products/6759.png

6759/GRG-Global-Customer-Exchange-2013

NCR Total ATM Services

http://global.networldalliance.com/new/images/products/4734.png

4734/NCR-Total-ATM-Services

Allpoint Network

http://global.networldalliance.com/new/images/products/6309.png

6309/Allpoint-Network

ECS Enhanced Card Security Anti-Skimming Device

http://global.networldalliance.com/new/images/products/4909.png

4909/ECS-Enhanced-Card-Security-Anti-Skimming-Device

Low cost ATMs, parts, paper supplies, signs, and much more!

http://global.networldalliance.com/new/images/products/5949.png

5949/Low-cost-ATMs-parts-paper-supplies-signs-and-much-more

BankWorld ATM – Management Suite

http://global.networldalliance.com/new/images/products/5619.png

5619/BankWorld-ATM-Management-Suite

NCR
ATM & Mobile Innovation Summit
Request Information From Suppliers
Save time looking for suppliers. Complete this form to submit a Request for Information to our entire network of partners.