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Tens of thousands to receive refund from RBS and Natwest
Guest Author:
YourMoney.comTens of thousands of people will receive a refund after Royal Bank of Scotland wrongly charged interest on student overdrafts over a 14-year period.
RBS and Natwest, both part of the RBS Group, offer interest free overdrafts to students and arranged overdraft limits can be extended.
The bank found during a business review earlier this year that interest was incorrectly charged on the extra borrowed money between November 2002 and March 2016.
It is now refunding the interest paid to all affected customers, including those who no longer bank with RBS.
A spokesperson for RBS said: “When we make a mistake we do everything we can to make it right. It was highlighted after a business review that between 2002-16 our terms and conditions on our student account were not fulfilled. As a result, we are refunding all interest charged over that period.”
RBS said anyone affected will be contacted by letter in the next couple of months.
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