Refunding with interest
Royal Bank of Scotland and NatWest have set aside GBP10M in order to refund customers who forgot to pick up cash dispensed at the cash machine.
Up until now, forgotten cash has been diverted to the bank’s own reserves. Unlike other banks which automatically re-credit consumer accounts when the machine retracts the forgotten cash, RBS and NatWest diverted the funds into its own ‘reserves’ account and only repaid if the customer asked for a refund.
The bank is to compensate up to 300,000 customers who made a withdrawal at the ATM but walked away without the cash. Records over the past seven years are being checked and the banks will repay the money, plus the interest earned on the sum, to customers who lost out.
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