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RBS to 'proactively' refund unauthorised charges.

Global Banking News-3 December 2008-RBS to 'proactively' refund unauthorised charges(C)2008 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 03 December 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

UK banking group Royal Bank of Scotland (RBS) (LSE: RBS) (NYSE: RBS-PP) has said that it will 'proactively' refund unauthorised overdraft charges if it loses the current High Court test case.

RBS, which includes NatWest, is one of seven banks and a building society that jointly brought a test case to the High Court with the Office of Fair Trading over unauthorised overdraft charges.

A judge had ruled in April 2008 that the fees levied by the banks were subject to regulation by the OFT, resulting in a second hearing into whether the charges are unfair and what a fair charge implied.

The Edinburgh-based banking group said that a team was 'preparing systems and processes to proactively refund charges to the group's customer base.' 'All customer accounts that are due a refund will be calculated as accurately as possible' and 'any monies will be accurately accounted for and reconciled,' it added.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:Dec 3, 2008
Words:207
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