Britain’s competition watchdog said HSBC and Santander UK had agreed to refund customers after they broke a legal order that ensures customers receive text alerts before banks charge them for going into an unarranged overdraft.
HSBC was found to have broken a part of the Competition and Market Authority’s (CMA) Retail Banking Market Investigation Order twice and is refunding 8 million pounds ($10.26 million) to 115,000 customers, the CMA said on Friday.
Santander broke the order six times and has agreed to issue a refund, but has yet to confirm the number of customers affected and how much it will refund, the watchdog added.
Full Content: BBC
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
