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 us free on 0800 612 0421 from 8am to 6pm today.




  
Forgotten Password? Not a Customer? Sign Up

FREE Multi Agency Credit Report

See more than twice the information compared to any other UK Credit Report

Our Credit Report Monitoring service features:

Multi Agency Credit Reports

FREE checkmyfile Credit Scores & Ratings

FREE Identity Theft Assistance

Independent, Impartial, Expert Advice

See your Credit Report FREE

30 Day Trial - Cancel Anytime

trustPilot

More about Multi Agency Credit Reports

Proud to be different

The UK's most detailed online credit report is backed up with outstanding customer service

‘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have not previously refunded customers automatically, regardless of the fact they were aware of the money not being withdrawn.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 Product Manager at checkmyfile.

Related Articles

FCA urges consumers to make compensation claims before March deadline

Credit card holders have been encouraged to submit their compensation claims, for being sold ‘useless’ security products, as the deadline is just around the corner.

It is estimated that roughly 2m consumers qualify for compensation for being miss-sold credit card protection. The add-on from high street giants such as Barclays, Lloyds, Royal Bank of Scotland and Santander assured customers that they would provide protection if their card was lost, stolen or if they’d fallen victim to fraud. All of which have been deemed unnecessary, as the bank or card issuer is typically responsible for any transactions after a card has been reported as lost or stolen.

Jonathan Davidson, of the FCA says, “The FCA has worked closely with Affi .....

25 Jan 2016 by

Jasmin Stopford

 in 

Banking

Full Article

RBS deny access to customers' forgotten cash

Royal Bank of Scotland’s plans to restore public trust in the state-backed bank have been dealt another blow, after it emerged that it has denied thousands of customers access to their cash.

Around 4,500 former customers were trying to track down long lost cash worth a total of £225,000. However, when an official tracing service pointed to RBS as holding the money, the bank in error turned them away.

A spokesman for RBS says, “Unfortunately we wrongly advised some customers who had made a request through the BBA Lost Account scheme that they did not hold a dormant account with us. We are very sorry that this happened and as soon as we discovered this we took steps to correct our error. We are writing to all affected custome .....

16 Dec 2015 by

Kirstie Brown

 in 

Banking

Full Article

Bank of England makes changes to stress tests

The Bank of England is set to leave small-scale British lenders and overseas investments banks out of its annual stress tests

22 Oct 2015 by

Simon Hadley

 in 

Banking

Full Article

Accepted Payment Methods: VISA, MasterCard and Direct Debit

© Copyright Credit Reporting Agency Ltd 2000 to 2016. All Rights Reserved.

Authorised and regulated by the Financial Conduct Authority

United KingdomAustraliaGive Me Credit United States

Customer Feedback