The decision comes as a result of Metro Bank failing to notify its clients they had fallen into an unarranged overdraft and not providing adequate information to those affected.
According to AltFi, Metro Bank breached the Retail Banking Market Investigation Order 2017, twice, by failing to inform customers of extra charges and by incorrectly wording SMS alerts.
Following the mistakes in December 2019, nearly 130.000 customers were affected by the breach.
Metro Bank hopes to refund customers by Summer 2020, as well as offering 8% interest as compensation.
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