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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!