Rabobank compensates customers who have paid too high interest
Rabobank is working on an agreement for thousands of private customers who have paid too high interest on their loans, the cooperative bank announced on Tuesday.
The decision follows several rulings by the Kifid Financial Services Complaints Authority, which focused on the high interest rates on loans and overdrafts. In short, Kifid decided that banks should recalculate the floating rate and pay the difference back to their customers.
Rabobank says that about 15% of customers who had loans or overdrafts were subject to a floating rate that “wasn’t always exactly the same as the market rate.”
The bank intends to inform those affected about the compensation package by the end of the year.
The bank did not reveal financial details, but a spokesman told NOS that most compensation deals would be between 100 and 200 euros. Around 150,000 customers are affected, said the spokesman.
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