HSBC joins RBS in refunding forgotten ATM cash
- 27 December 2012
- From the section Business
High Street bank HSBC is to join RBS in refunding customers who forget to take their cash from ATMs following withdrawals.
HSBC said it would automatically refund money left in cash machines since May 2005, although the process would not be immediate.
Notes are sucked back into a machine if the user fails to take the cash within 30 seconds.
This could occur, a bank spokesman said, if customers had been distracted.
The bank has paper receipts that allow it to work out whether people have missed out.
Both HSBC and RBS changed their policies in January 2011 so notes that failed to be collected were automatically refunded to an account.
Previously customers had to claim the money back when they realised they had failed to collect the cash.
Now the banks are working with the UK Payments Council, which oversees payments strategy, to install a system that automatically refunds those who lost money for as far back as records allow.
Customers who believed that they had lost out did not need to do anything, but would see their accounts credited in due course, a spokesman said, regardless of which institution they banked with.
However, there was a very small minority of cardholders who would still need to claim, he added.