About 20,000 customers with Lloyds, Halifax and Bank of Scotland will receive a share of a collective £6million following the administrative error dating back to 2012. Lloyds Bank said it has been writing to customers who will receive compensation since April 1. For previous customers who have since left the bank, or moved home, Lloyds will trace and contact them by post. The payouts are in compensation to customers potentially missing out on better deals elsewhere as a result of the 2012 interest rate blunder.
Lloyds Bank failed to tell customers about changes to their interest rates for savings and current accounts.
Compensation amounts have ben calculated to put account holders the position they would have found themselves if the rate had stayed the same.
The money received will therefore vary per customer, depending on how much money they had in their accounts at the time.
Divided equally, the payouts would be around £30 per customer, but this is unlikely to be the case.
The more money a customer had in their account at the time, the higher payout they will likely receive.
The error, which has since been fixed, was initially revealed by MarketWatch.
Customers have been advised by Lloyds Bank that they do not need to do anything to received the payout and will be contacted in due course.
However, they will be able to open a complaint with the bank once the compensation has been paid.
Customers can contact their bank directly on their respective websites.
Lloyds Bank said in a statement: ”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.”