Morgan Stanley says 'sorry' for overcharging

Morgan Stanley has apologised to around 15,000 customers after a computer glitch caused it to overcharge their credit card accounts.

The bank sent out August statements showing incorrect interest charges after it moved its IT systems in-house last month.

A spokeswoman told silicon.com: "As soon as we learned of it a refund was given. Nobody would have been out of pocket. With a paper statement you couldn't see the refund but you could online."

Morgan Stanley has 1.5 million credit card customers. It also owns the credit card brand Goldfish but none of these customers were affected.

The company said in a statement: "All cardholders who contacted the customer service centre prior to receiving the refund were instructed to disregard the interest charges when making their monthly payment.

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"For the customers who paid back in full before the issue had been identified, a refund was posted immediately to the cardholders' accounts as part of the work we did to rectify the problem."

In April Morgan Stanley customers in the UK were hit by a major security breach that resulted in thousands of MasterCard credit card details being stolen by fraudsters.