Santander To Refund £1.4M To Customers For Overdraft Error

Law360, London (May 24, 2019, 4:29 PM BST) -- Santander is refunding £1.4 million ($1.8 million) of charges levied on approximately 20,000 customers after the bank failed to warn them that their accounts had become overdrawn, the U.K.’s antitrust regulator said Friday.

The Competition and Markets Authority said Santander UK PLC failed to alert customers who opened accounts between February 2018 and February 2019 that they had fallen into unarranged overdrafts, in breach of retail banking rules.

“Santander breached the order by charging around 20,000 customers holding either an everyday current account or an essentials current account for going into unarranged overdraft without first sending them an alert,” the CMA...

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