We use a minimal number of cookies to enhance your browsing experience - you can change your settings at any time.
checkmyfile
The UK's only Multi Agency Credit Report

Take a FREE 30-day no obligation trial. Call 0800 612 0421 9am-5pm, Monday to Friday for help.




  
Forgotten Password? Not a Customer? Sign Up

‘Lost’ money appears in bank accounts

Posted in 'Banking' by Arron Dickens

27 December 2012

had a nice surprise yesterday when I checked my online banking statement; an unknown credit of £32.15 was showing on my account. As a previous victim of banking fraud, I am very careful about checking through my statements regularly to ensure I recognise any transactions and obviously this unexpected credit caught my attention.

The details of the transaction simply read ‘RBS ATM Refund’, which I naturally stuck into my usual internet search provider to find out what this may relate to. It appears that RBS and NatWest have decided to refund customers who have left money at an ATM machine at any point within the last 7 years. Whilst my partner and I (we have a joint account) do not recall having done this, it is entirely possible this could have occurred several years ago.

An ATM machine will automatically suck the money back into its internal safe after around 30 seconds if the customer does not take the cash; a process known as a “cash retract”. Most providers will refund the amount retracted directly to the customer, regardless of whether or not the customer contacts the bank.

But RBS and NatWest have not previously refunded customers automatically, regardless of the fact they were aware of the money not being withdrawn. They decided instead to stash all of the unclaimed funds in a ‘reserve’ account and only release funds if a customer noticed; and complained.

A spokeswoman for the bank, which is 82% owned by the taxpayer says, “We are proactively contacting our RBS and NatWest customers who, according to our records, at some point have not collected all of their dispensed cash. We will be refunding the value of their transactions in full, with an additional goodwill payment."

RBS and NatWest will be refunding almost 300,000 customers a total of £10 million, including an additional “goodwill” interest payment based on what you would have accumulated in a high-interest savings account over the period that your money was held by the bank. This would indicate an average refund of £33.33, or slightly more than I received.

This is the second compensation scheme to be announced this week. It was recently found that incorrect wording of personal loan statements by Northern Rock will cost the taxpayer up to £270 million in refunds to over 150,000 customers.

Arron Dickens is a Credit Analyst at checkmyfile and has a Bachelor of Arts degree in Business Administration and is an Associate of the Institute of Credit Management. He can be contacted at arron.dickens@checkmyfile.com.

Arron Dickens

Arron has a degree in Business Administration from Cornwall Business School. He is also an Associate of the Institute of Credit Management. He writes mostly on matters relating to personal finance.

Arron is a Credit Analyst at checkmyfile.

Related Articles

First plastic banknotes enter circulation

Plastic bank notes have been introduced into circulation in Britain for the first time, in what is thought to be the start of an effort to phase out the traditional notes.

Clydesdale Bank have today issued 2 million of the £5 polymer notes, a year before the Bank of England introduces plastic banknotes into general circulation. This is to commemorate the 125th anniversary of the opening of the Forth Bridge and features both the bridge and a portrait of Sir William Arrol, whose company was responsible for its construction.

These notes are made entirely out of a plastic polymer and are expected to last 2.5 times longer than its paper equivalent, which are prone to tearing and are easier to copy. They are thought to be able to .....

26 Mar 2015 by

Kirstie Brown

 in 

Banking

Full Article

TSB agrees £1.7bn sale to Spanish bank Sabadell

TSB, the UK’s seventh biggest bank which was formally owned by Lloyds Bank, has agreed a £1.7bn takeover offer from Sabadell, Spain’s fifth biggest bank. The sales comes less than a year after TSB entered the stock market following Lloyds Banking Group sale of the business.

Sabadell has agreed to buy a 10% stake in the bank from Lloyds, and Lloyds has confirmed it will accept the offer for its remaining 40% shareholding in TSB.

The deal first requires the approval of UK regulator the Prudential Regulation Authority, and the approval of the European Commission. Lloyds Bank was ordered to sell the bank by European regulators as a condition of its bailout by the UK government at the height of the financial crisis.

The Sp .....

24 Mar 2015 by

Tom Line

 in 

Banking

Full Article

Interest rates as likely to fall as they are to rise

The chief economist of the Bank of England (BoE) has said that the interest rate is just as likely to fall as it is to rise further

23 Mar 2015 by

Kelly Luff

 in 

Banking

Full Article

Accepted Payment Methods: VISA, MasterCard and Direct Debit

© Copyright Credit Reporting Agency Ltd 2000 to 2015. All Rights Reserved.

United KingdomAustraliaGive Me Credit United States

Customer Feedback