05 September 2015

RBS and NatWest set aside £10 million to repay forgetful customers

18 December 2012  |  6104 views  |  1 Natwest branch signage 2

Royal Bank of Scotland and NatWest have set aside a £10 million pot to refund customers who forgot to pick up cash dispensed at the ATM and instead saw it diverted to the bank's own coffers.

The bank is to compensate up to 300,000 customers who made a withdrawal at the ATM but walked away without the cash.

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 paid up if the customer asked for a refund.

The bank says it is checking its records over the past seven years and will repay the money, plus the interest earned on the sum, to customers who lost out.

Comments: (1)

A Finextra member | 18 December, 2012, 11:43

The practice of taking the customer funds and paying back on demand only when you know who the owner of the cash is, is provoking. A bank that acts in that manner cannot claim any degree of caring of its customers. In most countries this practice would even be considered to be illegal since the monies left the current account but still remained in the bank but now as its own funds.  

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

22 October, 2012
15 October, 2012
08 October, 2012
31 August, 2012
03 August, 2012
13 June, 2012
18 August, 2011
11 January, 2011

Related company news

 
Your browser is unable to support Flash files.

Who is commenting?

Finextra Member Commented on: HSBC to rebrand Britsh...
Finextra Member Commented on: Zapp to use behavioura...

Top topics

Most viewed Most shared
Third of Brits expect day-to-day mobile pa...
8560 views comments | 40 tweets | 15 linkedin
UK boosts contactless limit to £30
5859 views comments | 31 tweets | 20 linkedin
PayPal rolls out personalised URLs for P2P...
5855 views comments | 34 tweets | 19 linkedin
Behold the contactless jacket
5666 views comments | 23 tweets | 18 linkedin
MasterCard extends startup search globally
5357 views comments | 14 tweets | 5 linkedin

Featured job

Basic £90-110K OTE circa £200K NO CEILING
London based with substantial travel in Scandinavia

Find your next job