Lloyds Banking Group is set to repay nearly £10m ($13m) to customers following administrative errors.
The errors started in 2012, with the bank failing to inform customers about changes in interest rates on Halifax, Bank of Scotland and Lloyds savings accounts.
Go deeper with GlobalData
As a result, various customers who would have otherwise switched to better offers in such cases were prevented from doing so.
The news was first reported by MarketWatch, who cited a letter in this context that was sent to affected customers.
The letter said: “We didn’t send you some letters about changes to your savings account when we should have.
“If we had sent this information to you at the time, you may have chosen to put your money in a different savings account. I’m sorry this happened.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAround 200,000 will be repaid because of the errors, with the average payout expected to be nearly £30.
A Lloyds spokesman said: “We will, where appropriate, offer redress.
“Customers do not need to take any action as anyone affected will be contacted.”
Lloyds has been in a tight spot from the onset of 2019.
This February, the bank faced a technical glitch that prevented its customers from logging on to their online bank accounts. The issue was later resolved.
Earlier this year, Lloyds’ overdraft changes were slammed.
