By James Simons-
Thousands of people who took out personal loans with NatWest bank and sister bank Royal Bank of Scotland are receiving refunds on interest they were wrongly charged.
Natwest customers are being refunded in their thousands after many of them were overcharged after a mistake that led to many of them being overcharged, The Mirror reported.
In accordance with the loan terms, RBS and Natwest customers who fall behind with their loan payments should normally be sent a “notice of sums in arrears”, but the bank failed to do this. Interests should never follow late payments without adequate notice.
The error occurred between 2008 and 2015 affected tens of thousands of people. Despite the lapse in time which would have been a convenient basis for escaping responsibility, Natwest bank has been incredibly noble in rectifying the errors of their past. Unlike many other organisations that have to be taken to court, Natwest did the professional thing by offering compensation to those affected. Their very good and honest heart is priceless and should be applauded.
According to the Daily Mail’s Money Mail in one letter, someone was refunded £1,130.75. Natwest have shown an admirably respectable and dignified standard of ethics and professionalism, something not many organisations would have done. That may be cruelly unfair to other organisations that have shown similarly top quality by doing the expected thing, but many are known to evade detection where they can.
Last month, Ofcom had to charge Vodafone £4.6m for overcharges and failure to address complaints of customers in relation to those overcharges. Professional organisations are always expected to handle matters of dispute or error with the highest level of ethics and standards, and in this regard, Natwest must be applauded. Natwest through this act has raised their level of integrity and honour .
Those customers who have been duly compensated would be thrilled to receive this, and most likely put in a good word about the bank, improving their reputation.