Lloyds Halifax Bank of Scotland Interest Rate Refunds

Lloyds Bank is reportedly in the process of paying out £6 million to around 200,0000 customers of Lloyds Bank, Halifax and Bank of Scotland.

An administrative error that goes back as far as 2012 is expected to see customers receive an average pay out of £30, due to them not being told about interest rate changes to their savings and current accounts.

All people that were affected will be contacted by letter, including current and past customers.

The bank has calculated payments according to the position the customers would have been in if the rate had not changed and if they may have missed out on better deals elsewhere.  Payments will differ between each customer to reflect the amount held in accounts at the time.

Lloyds said that customers do not need to take any action, as they will be contacted.  However, the bank said that  if customers are not satisfied after matters have been resolved, they can make a complaint.

The industry regulator, the Financial Conduct Authority has been informed of the errors and the remedial action taken.