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reverses an earlier policy at HSBC which laid the burden on the customer to request a refund of a cash withdrawal that was retracted into the ATM uncollected.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

Network Processing

http://global.networldalliance.com/new/images/products/4336.png

4336/Network-Processing

EMV Kernel Certification for Self-Service Applications

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

690/EMV-Kernel-Certification-for-Self-Service-Applications

Full-function island ATM

http://global.networldalliance.com/new/images/products/6919.png

6919/Full-function-island-ATM

First Line Maintenance

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

540/First-Line-Maintenance

KAL Kalignite Software Platform

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

740/KAL-Kalignite-Software-Platform

Refurbished ATMs

http://global.networldalliance.com/new/images/products/Refurbished_ATMs_100.gif

1174/Refurbished-ATMs

BankWorld ATM

http://global.networldalliance.com/new/images/products/5595.png

5595/BankWorld-ATM

ATM Testing On-Demand Worldwide - Web FASTest™

http://global.networldalliance.com/new/images/products/WebFastest_logo100.gif

3710/ATM-Testing-On-Demand-Worldwide-Web-FASTest

ATM Canopies & Buildings

http://global.networldalliance.com/new/images/products/1079.png

1079/ATM-Canopies-Buildings

True Multi-Vendor Solution

http://global.networldalliance.com/new/images/products/Phoenix_TS.jpg

1150/True-Multi-Vendor-Solution

NCR
Media Kit
Request Information From Suppliers
Save time looking for suppliers. Complete this form to submit a Request for Information to our entire network of partners.