Royal Bank of Scotland (RBS), its subsidiary NatWest, and HSBC are planning to refund UK customers who lost their money after leaving it in ATMs before automatic refunding was introduced.

RBS and NatWest have set aside a £10m ($16m) pot to refund customers who forgot to pick up cash dispensed at ATMs which was then seized by the bank.

RBS and NatWest aim to compensate up to 300,000 customers who made a withdrawal at an ATM but walked away without the cash.

According to HSBC, it will automatically refund hundreds of thousands of customers who left money behind in its machines between 2005 and 2011. During this period customers were not given their money back unless they made a claim.

The cash left in the ATM prior to automatic refunding would be diverted back to an account owned by HSBC and only returned if the customer asked for a refund.

RBS and Natwest say they are checking their records over the past seven years and will repay the money, plus the interest earned on the sum, to customers who lost out.

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The banks are now reportedly working with the UK Payments Council to install a system that automatically refunds those who lost money for as far back as records allow.