Royal Bank of Scotland (RBS) accused of secretly changing customers overdrafts

Royal Bank of Scotland (RBS) has been under investigation regarding the secret changes it has made to customers accounts resulting in debts of almost £100,000.

The investigation revealed that RBS have been accused of changing customer’s accounts into personal loans and charging up to 80 percent interest, this comes just ten days after the bank was effectively nationalized.

Royal Bank of Scotland has admitted that new accounts and loans agreements were drawn up by its debt collection branch without the consent of the customer. The scheme has now come under fire as MPs question if it was legal.

RBS have insisted that the new loans were drawn up “purely” for administration purposes and that the debts were never intended to be collected, it’s still unclear why the Edinburgh based bank what the purpose of the administrative accounts was, or indeed how many customers had been affected by the banks move.

Source: Timesonline

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