People who bank with HSBC, First Direct, M&S Banks and John Lewis Finance could be owed up to £100-worth of compensation each, if shoppers feel they haven’t received the level of service they should have.
People who have borrowed cash from these banks in the last 10 years are eligible.
The Money Saving Expert’s latest advice says the compensation can be redeemed if customers feel they have received substandard service.
And despite some confusion after people received letters out of the blue the offer is indeed genuine, reports Kent Live.
The HSBC group, which includes all four brands mentioned above, has said an internal review showed there were instances of customers in arrears not receiving a good service.
And according to the MoneySavingExpert website, “examples of bad practice included poorly worded letters that didn’t engage customers who might have been struggling.”
Because of this those affected will be sent cheques by post of between £25 and £100, depending on how poor the service they received was.
The cheques started going out back in October and are set to continue being sent until the end of March next year.
What do I need to do?
According to HSBC, you will be contacted directly if you are due compensation and shouldn’t need to do anything even if you’ve since closed your account.
Money Saving Expert has assured those who receive letters not to worry even if it sounds too good to be true.
They said: “This is likely to mean a letter, including a cheque, turns up out of the blue, which has surprised some customers who feared it to be a scam.
“If you receive a letter and you’re unsure about its validity, you can contact your lender directly on any of its usual channels to verify its authenticity.”