NatWest owned by RBS gets ready for overdraft refunds

Royal Bank of Scotland (RBS) subsidiary NatWest is preparing to refund customers overdraft fees if it loses the test case, according to an internal bank document that’s shows how banks are preparing in the event the case is lost.

The NatWest document points out that the cost could run into millions as the group accepts that they may have to refund past charges.

Several other banks are waiting along with RBS NatWest for the outcome of the case, and if the Office of Fair Trading (OFT) decides if the overdraft charges are unfair

Many NatWest customers can expect refunds according to the leaked bank document if the bank does lose the case.

The banks paper also notes that all customers that are due refunds will be calculated as accurately as they can and that the group are preparing systems and processes to pro-actively refund charges to their customers.

Source: BBC