HUNDREDS of thousands of customers of Lloyds Banking Group could be due a share of around £6million after an interest payments blunder by the bank.
The banking group, which is made up of Bank of Scotland, Halifax, and Lloyds Bank, wouldn’t tell us how much people will get, only saying it will vary by customer.
Alamy Customers of Lloyds Banking may be due a payment of about £30 after a blunder by the bank
But a basic calculation indicates it could be around the £30 mark.
The bank is stumping up the cash after an administrative error saw it fail to send just under 200,000 customers the relevant paperwork about their accounts dating back to 2012.
In some instances this was terms and conditions, while in other cases the bank didn’t notify users when introductory interest rates were about to drop.
This meant some savers – with savings accounts or interest-paying current accounts – may have left their cash in low paying accounts when they may otherwise have moved their money elsewhere.
How to complain about your bankIF you’re unhappy with your bank, you first need to complain directly to it.
If it doesn’t respond within eight weeks or you’re unhappy with the response you do get. You can take your case to the Financial Ombudsman Service.
This service is free to use and the Ombudsman can force banks to payout.
To make it up to users, Lloyds will pay them the interest rate they would have got had rates not dropped.
So say you had an account that paid 1 per cent interest until January 2016 when it fell to 0.2 per cent, you’d get 0.8 per cent back from January 2016 until now or until you closed the account.
We’re awaiting confirmation from Lloyds on how this money will be paid but it’s thought to by cheques in the post.
We’ve also asked Lloyds if customers will be paid 8 per cent interest on top, which is the amount that’s usually awarded on compensation claims by the Financial Ombudsman Service.
We’ll update this story as soon as we get a response.
Affected customers are being written to from this month onwards and Lloyds says you don’t need to do anything to get your money back.
Of course, if you’re unhappy with the amount you’ve been offered or you think you may be affected but haven’t been contacted, then get in touch with Lloyds.
Alamy Customers of Halifax and Bank of Scotland are also affected
We’ve asked the bank if it will contact former customers and we’ll update this story when we get a response.
We’re also waiting to find out if TSB customers may also be due some money back. This is because TSB was part of Lloyds Banking Group up until September 2013.
A spokesman for Lloyds Banking Group said: “We have identified that some of our customers have received delayed information relating to their account with us.
“We are contacting customers to apologise and make them aware of any missed information.
“We will, where appropriate, offer redress. Customers do not need to take any action as anyone affected will be contacted.”
UNDER PRESSURE Mum worked while in LABOUR as cosmetic firm ‘pressured her’ to make cash DRIVING DOWN COSTS Single mum saves £550 a year on car insurance – here’s how you can too CHECKOUT THIS Tesco Clubcard members to get up to 50% off as part of special promotion WHEELY CHEAP Man saves £1K a month living in home on wheels that costs £4-a-week to run POSTCODE LOTTERY Drivers pay DOUBLE for car insurance depending on where they live PromotionNEIGH JOKE! This is how you can claim two FREE tickets to the races with Sun Savers
It’s the latest failure by Lloyds, which saw its internet banking going down late last year leaving customers unable to access cash and accounts.
The bank also axed another 15 branches by the end of last month.
Meanwhile, one Lloyds bank customer claims he was offered £50 to silence him after staff member called him “a gay fairy”.
Countdown’s Rachel Riley stars in Lloyds Bank’s new TV ad #GetTheInsideOut
We pay for your stories! Do you have a story for The Sun Online Money team? Email us at firstname.lastname@example.org