Thousands Of Lloyds Customers Could Be Due A Share Of £6m

26 April 2019, 15:22 | Updated: 26 April 2019, 15:30

The banking group will be repaying around £6m
The banking group will be repaying around £6m. Picture: PA

Banking giant Lloyds is replaying customers millions of pounds following the discovery of administrative errors relating to interest payments.

Hundreds of thousands of current and former Lloyds account holders are due cash back after the bank failed to send just under 200,000 customers the correct paperwork relating to their accounts.

In some cases, customers did not get updated terms and conditions, and in other cases savers weren't notified about introductory interest rates changing.

These customers could have missed out on better deals with other banks as a result.

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.”

The bank said those impacted were sent letters in April. Anyone who had left the bank, or who has moved home, would be traced, the bank said.