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reverses an earlier policy at HSBC which laid the burden on the customer to request a refund of a cash withdrawal that was retracted into the ATM uncollected.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

NCR Total ATM Services

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

4734/NCR-Total-ATM-Services

V4200 Enterprise Class Router: Integrated features in a mid-size …

http://global.networldalliance.com/new/images/products/4379.png

4379/V4200-Enterprise-Class-Router-Integrated-features-in-a-mid-size-router

Dynasty's Clients and Partners

http://global.networldalliance.com/new/images/products/Dynasty_100.gif

1170/Dynasty-s-Clients-and-Partners

V2000 M2M Router - Powerful Wireless Connectivity

http://global.networldalliance.com/new/images/products/4377.png

4377/V2000-M2M-Router-Powerful-Wireless-Connectivity

ATM Branding

http://global.networldalliance.com/new/images/products/6317.png

6317/ATM-Branding

ATM-1

http://global.networldalliance.com/new/images/products/6323.png

6323/ATM-1

Maintenance Services

http://global.networldalliance.com/new/images/products/6843.png

6843/Maintenance-Services

KingTeller - A9 TTW Cash Dispenser

http://global.networldalliance.com/new/images/products/6087.png

6087/KingTeller-A9-TTW-Cash-Dispenser

Qwick Codes Mobile Wallet

http://global.networldalliance.com/new/images/products/4294.png

4294/Qwick-Codes-Mobile-Wallet

FINsim EMV

http://global.networldalliance.com/new/images/products/6483.png

6483/FINsim-EMV

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.