Rabobank will compensate customers who have paid too much interest on their revolving credit. In the coming months, the bank will investigate which customers are affected and how they should be compensated. More information about this is expected before the end of the year.
Customers who may have paid too much interest at Rabobank made use of the Revolving Credit product and products in the red. “With these products with a variable interest rate, the market interest rate has not always been followed closely,” Rabobank reports. “An inventory of the portfolio shows that this was the case with approximately 15 percent of the customers with the products mentioned.”
The Telegraph it concerns about 150,000 customers. They would get back a few hundred euros and in some cases thousands of euros.
Rabobank does not mention a number of customers. Followers
in the right
With the compensation, Rabobank is responding to various decisions by the Kifid, which adjudicates on conflicts between customers and their insurers or banks. Among other things, the Kifid ruled in favor of a customer who felt that ABN AMRO was letting him pay too much interest.
He took out a revolving credit with variable interest between 2010 and 2018. But where the market interest rates that the bank itself has to pay continued to fall, this did not happen with the rates that the customer had to pay on his Flexible Credit. As a result, the customer paid ‘usurious interest’.
After ABN AMRO, Santander and Vesting Finance also suffered a defeat at the Kifid complaints institute. The Consumers’ Association is in talks with ABN AMRO about a compensation scheme. Crédit Agricole was previously reprimanded for a similar case and now compensates about 70,000 people. The originally French lender reserved 123 million euros for this.
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Rabobank compensates customers who paid too much interest | Economy
Source link Rabobank compensates customers who paid too much interest | Economy