THERE are a few ways to cut overdraft costs, and which suits you will depend on your situation. Metro Bank has been wrongly charging customers the unarranged overdraft fees since February 2018 until now. Metro Bank is a UK-based retail and commercial bank. Moderator Mark as New ; Bookmark; Subscribe; Mute; Subscribe to RSS Feed; Permalink; Print; Email to a Friend; Report Inappropriate Content ‎Nov-13-2017 01:54 AM ‎Nov-13-2017 01:54 AM. But – remember those bills are coming out, so don’t treat it like you’ve extra money to spend. To see all content on The Sun, please use the Site Map. But what if your account falls victim to fraud? The Competitions Markets Authority (CMA) made the call after it found that it hadn't informed customers that they would be charged if they exceeded their overdraft limit. Could you cut your morning coffee, or go down a brand at the supermarket? If you believe you’re owed a refund and haven’t been contacted by 30 June 2020, you’re … Meme. SEARCH. Nearly 130,000 customers were not properly warned they would face charges when becoming overdrawn. Metro Bank customers are set to receive a £10.5m refund after the bank failed to provide unarranged overdraft warnings. Metro Bank will refund £10.5 million in these charges to customers, plus 8% interest, taking the total payout to £11.4 million. View our online Press Pack. Call us now! Bank accounts and credit cards; Technical Issues; Tags (1) Tags: Metrobank. 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. Additionally, some of these alerts were sent later than they should have been.As well as refunding £10.5m in fees, Metro Bank has offered to pay back 8% interest on the charges bringing the expected total remuneration to around £11.4m. Metro bank continues to use text messaging to verify online customers. Sort by. Which financial services employees are classed as key workers. It was launched in 2010, and was the first of the number of … Meet the parents. Metro Bank will return £10.5 million in fees, and pay customers 8% interest on the charges, bringing the total amount to around £11.4 million. News; National News Thousands of Metro Bank customers set for overdraft fees refund. Thousands of Metro Bank customers set for overdraft fees refund UK News Published: Apr 20, 2020 Nearly 130,000 customers were not properly warned they would face charges when becoming overdrawn. best. 2.6k. Metro Bank Corp: Bank guarantee - Letter of credit - Proof of funds. Instead, they are following new temporary guidelines from the Financial Conduct Authority (FCA) that ensures struggling customers are given £500 interest-free overdrafts if their household finances have been negatively impacted but the pandemic. Hang up immediately or do not reply to any correspondence asking for those details. Use this technique to make payments to your overdraft, eg £100 a month, treating it like any other bill. Metro aims to refund customers by summer. This breach has been continuing since February 2018, when the order was introduced. It will also consider reasonable claims for extra costs incurred by affected customers.Refunds are expected to be completed by summer 2020.Adam Land, CMA senior director for remedies, business and financial analysis, said: ‘The text alerts we ordered banks to send to customers have been crucial in helping people avoid unexpected fees from entering an unarranged overdraft.‘While it is disappointing to see so many customers being charged wrongly, Metro Bank’s commitment to refund those affected – and to cover interest charges and consider claims for extra costs suffered – will put this right.’. save. If someone contacts you claiming to be from Metro Bank or another organisation and asks for your bank details to send you a refund, it is a scam. The UK Competition and Markets Authority (CMA) has told Metro Bank to refund £11.4 million of overdraft fees to its customers because the bank did not provide adequate warning to its customers about these overdraft charges. Metro Bank will refund £10.5m in fees plus 8% interest on the charges bring the total amount to £11.4m. Health. To request a check, send email from your university email account to accounts.receivable@metrostate.edu. METRO Bank has been ordered to refund £11.4million to 130,000 customers for unarranged overdraft fees. share . The measures are supposed to make overdraft charges clearer to customers but instead its seen major banks and building societies hike interest rates across the board. "While it is disappointing to see so many customers being charged wrongly, Metro Bank’s commitment to refund those affected – and to cover interest charges and consider claims for extra costs suffered – will put this right.". The Competitions Markets Authority (CMA) made the call after it found that it hadn't informed customers efficiently enough that they would be charged if they exceeded their overdraft limit. New rules that came into force on April 6 see banks charge up to 49.9 per cent interest for customers who go into either overdraft. 0 comments. But some banks have delayed the pricey hikes due to the coronavirus crisis. METRO Bank has been ordered to refund £11.4million to 130,000 customers for unarranged overdraft fees. Here are a few options advised by MoneySavingExpert: Spend less each month – do a proper budget and have a look at what you’re spending on. 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This requires banks to ensure that customers with personal current accounts receive a text alert warning about charges before banks charge them for unarranged overdrafts, so they have time to act and can avoid unexpected fees.The regulator’s investigation found that Metro Bank failed to inform nearly 130,000 customers that they would be charged for entering an unarranged overdraft.Although text alerts were sent, these did not inform customers that they would be charged. METRO Bank has been ordered to refund £11.4million to 130,000 customers in unarranged overdraft fees and compensation. save. "The Sun", "Sun", "Sun Online" are registered trademarks or trade names of News Group Newspapers Limited. To inquire about a licence to reproduce material, visit our Syndication site. Metro Bank will return £10.5 million in fees, and pay customers 8% interest on the charges, bringing the total amount to around £11.4 million. This service is provided on News Group Newspapers' Limited's Standard Terms and Conditions in accordance with our Privacy & Cookie Policy. Unarranged overdrafts come with far more expensive charges than arranged overdrafts, often through daily charges on top of interest. Visit us now! Metro Bank said it is proactively contacting all customers owed a refund via email or letter and aims to return the money the summer. Thousands of bank account holders can expect a windfall as Metro Bank agreed to hand back more than £10 million in overdraft fees. Metro Bank is to repay more than £10.5m in overdraft fees to thousands of customers after it breached a legal order by failing to send texts warning about unarranged overdraft charges, reports Pat Sweet, Reporter, Accountancy Daily, published by Croner-i Ltd, The Competition and Market Authority (CMA) found the challenger bank had breached Part 6 of the CMA Retail Banking Market Investigation Order 2017. share. 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