Dec. 27, 2012
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reverses an earlier policy at HSBC which laid the burden on the customer to request a refund of a cash withdrawal that was retracted into the ATM uncollected.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.