New bank rules for HSBC, Santander, Nationwide, NatWest and Monzo customers explained

Reimbursement is mandatory up to the worth of £85,000 nether the rules acceptable by the Payment Systems Regulator and firms tin besides opt to use an excess of up to £100

A caller information nett for scam victims has been rolled out, but the afloat reimbursement for slope transportation fraud whitethorn hinge connected the victim's bank.

New regulations present necessitate mandatory compensation for those duped into sending wealth to scammers. Some banks person hinted they mightiness transcend these requirements connected an idiosyncratic basis.

The Payment Systems Regulator (PSR) mandates refunds up to £85,000, with firms having the enactment to enforce a deductible of up to £100. Certain banks person committed to dropping this excess fee, and immoderate are unfastened to considering claims supra £85,000. Some institutions reason that enforcing the £100 excess could discourage customers from making risky low-value transactions.

However, the PSR stipulates that this excess cannot beryllium charged to susceptible consumers. Here's what immoderate starring relationship providers person announced:

Nationwide Building Society

Jim Winters, manager of support astatine Nationwide, said: “We’ve decided not to complaint our customers the £100 excess if they are victims of fraud oregon scams. We volition besides proceed to reappraisal connected a case-by-case ground immoderate claims for £85,000 and over.

“It is captious we enactment victims of transgression successful their clip of request portion identifying ways to ace down and forestall fraud and scams earlier they instrumentality place, stopping organised transgression and gangs successful their tracks.”

Virgin Money

Virgin Money said it is not readying to use the voluntary excess, including claims nether £100.

TSB

TSB, which has been operating its ain fraud refund warrant since April 2019, has pledged to waive the £100 excess. The slope said it volition besides proceed to reappraisal claims extracurricular the scope of the rules connected a case-by-case basis. Nicola Bannister, lawsuit enactment director, TSB, said: “We invited these caller rules that should beryllium a crippled changer to consumers.”

Starling Bank

Starling said that, arsenic it believes the combat against fraud is simply a shared responsibility, it volition measure each case, and it whitethorn use a £50 excess per claim.

NatWest (includes RBS and Ulster Bank)

A NatWest spokesperson said: “We’re continuing to put successful our radical and processes to amended support our customers from the criminals who people them. Under these caller regulations from the PSR, we whitethorn use a fixed excess of £100 to the full magnitude reimbursed to a customer. This is assessed connected a case-by-case ground and with respect to the circumstantial circumstances of each customer.”

Barclays

Customers whitethorn beryllium required to wage an excess of £100 arsenic portion of their assertion and the slope volition measure claims connected a case-by-case basis. A Barclays spokesperson said: “The extortion of our customers’ funds and information is our highest priority.” The slope said its “continued concern successful robust information systems” and ongoing efforts to amended customers connected scams assistance to support scam rates down.

Lloyds Banking Group (includes Lloyds, Halifax and Bank of Scotland)

Lloyds Banking Group customers whitethorn beryllium required to wage a £100 excess.

The slope has said it recognises determination whitethorn beryllium extenuating circumstances successful immoderate cases.

Santander UK

The slope has said if a reimbursement is made, it whitethorn complaint a £100 excess and this volition beryllium assessed connected a case-by-case basis.

HSBC UK and First Direct

The banks volition beryllium applying the £100 excess and said they stay supportive of a reimbursement exemplary for consumers. An HSBC UK spokesperson said: “All of america person a relation to play successful preventing fraud and scams. “We privation to promote lawsuit caution, peculiarly erstwhile it comes to little worth purchases made online. This is wherefore we volition beryllium applying the excess to the full magnitude reimbursed to customers, portion taking into relationship the circumstantial circumstances of each lawsuit wherever appropriate.”

Monzo

Monzo volition beryllium implementing the £100 excess connected fraud claims connected a case-by-case basis