| HSBC Holdings to give back customer cash |
|
| Written by Will Peters | |
| Thursday, 11 March 2010 15:37 | |
|
HSBC Current account holders 'forget' money in old accounts. Meanwhile Lloyds Banking Group allows mortgage customers to overpay on mortgages by up to 20%. HSBC Holdings (LON:HSBA) has suggested that it will look to repatriate money, left in dormant current accounts, with their owners. The bank believes that £27.5 million is left unclaimed in dormant current accounts. Since September 2008, the company has been reuniting people with cash from lost or forgotten accounts and has so far distributed around £10.5 million. London has the highest number of unclaimed funds, while the fewest are in Scotland, HSBC revealed. Brendan Cook, HSBC Retail Products Executive Manager, commented: "Whether the account has a balance of £5 or £5,000, it is important that we continue to try to trace these customers so that we can make them aware of what is rightfully theirs." HSBC recently marked the 20th anniversary of mortgage rates hitting a record 15.4%, although it predicted that they may yet continue to rise. Lloyds Banking GroupMeanwhile, in other consumer banking news, Lloyds Banking Group (LON:LLOY) has said they will allow all customers with a variable rate mortgage to overpay their mortgages by up to 20% with no financial penalty. Lloyds Banking Group is the largest mortgage lender in the UK courtesy of the takeover of Halifax by Lloyds TSB in the financial crisis. The scheme will last for one year until 31 March 2011. 
|