Rabobank is working to settle thousands of customers who have paid large amounts of interest on consumer loans, Cooperative Bank said Tuesday.
The decision focuses on the high interest rates faced by customers of various banks on loans and overdrafts, following several rulings by financial services grievance agency Kifid. In short, Kifid decided that the bank would need to recalculate the floating rate and repay the difference to the customer.
According to Rabobank, about 15% of customers using floating rate loans or overdrafts “did not necessarily adhere to market interest rates.”
Banks want affected people to know more about compensation packages by the end of the year.
The bank did not provide financial details, but a spokesman told broadcaster NOS that most compensation transactions would be between € 100 and € 200. Approximately 150,000 customers have been affected, a spokesman said.
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Rabobank to compensate customers who have paid too much interest
Source link Rabobank to compensate customers who have paid too much interest