SIX major high street banks have been slammed for breaking overdraft banking rules.
The banks who broke the rules include the Bank of Ireland, Barclays, HSBC, Lloyds Banking Group, Metro Bank and NatWest.
SIX major high street banks have been slammed for breaking overdraft baking rules.
Among the breaches, Barclays didn’t keep information on interest rates up to date for overdrafts on two of its webpages and Metro Bank was also found to have overcharged 92 customers for entering an unarranged overdraft.
Metro customers have been refunded for the error and none of the other five banks owe refunds.
All six banks have confirmed they will make changes to the way they operate following the breaches.
The banks were found to have breached rules imposed by the Competition and Markets Authority (CMA), a government body which promotes competition between businesses.
Under a 2017 order from the CMA banks and building societies must follow strict rules on informing customers about their services.
These include showing correct interest rates for current accounts and using accurate promotional materials online and within branches.
More to follow…
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