We use a minimal number of cookies to enhance your browsing experience - you can change your settings at any time.

GREAT PRIZES TO BE WON EVERY DAY IN OUR CRACKING CHRISTMAS GIVEAWAY - FIND OUT MORE

checkmyfile
The UK's only Multi Agency Credit Report

Take a FREE 30-day no obligation trial today. Call us on 0800 612 0421 for assistance.




  
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have not previously refunded customers automatically, regardless of the fact they were aware of the money not being withdrawn.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

Early interest rate rise presents risk for UK economy

While the UK economy has been characterised by relatively low interest rates for a prolonged period of time, the British Chambers of Commerce (BCC) has advised that a premature rise in interest rates could present a significant risk to the economy.

Interest rates have been at an historic low of 0.5% for in excess of 5 years, with only 2 of the 9 members who comprise the Bank of England’s Monetary Policy Committee voting to increase interest rates over the course of the last few months.

Looking forward, the BCC anticipates that interest rates will rise to 0.75% in the third quarter of 2015, with rates increasing further to 1.75% by late 2016. The prediction correlates with the Autumn Statement forecast provided by the Office f .....

16 Dec 2014 by

Tom Magor

 in 

Banking

Full Article

Interest rates forecasted to rise in 2015

Interest rates have now remained at a historic low of 0.5% for over 5 years but it is with trepidation that financial forecasters begin to look at the impact that an increase in rates could have on consumers in the UK.

With many mortgaged borrowers currently reaping the benefits of low interest rates, the Bank of England (BoE) has released a statement confirming that they believe that the majority of people could cope with a rates rise.

Their annual survey reveals that only 4% of households would struggle if interest rates rose by 2% to 2.5% but this is based on the assumption that household incomes would rise by 10%. If incomes do not rise in line with inflation those facings problems would instead stand at 37% of mortgagers .....

9 Dec 2014 by

Kelly Luff

 in 

Banking

Full Article

FCA to investigate UK credit card market

The Financial Conduct Authority (FCA) is planning an industry-wide investigation into the way credit cards are marketed

28 Nov 2014 by

Ben Tumilty

 in 

Banking

Full Article

Accepted Payment Methods: VISA, MasterCard and Direct Debit

© Copyright Credit Reporting Agency Ltd 2000 to 2014. All Rights Reserved.

United KingdomAustraliaGive Me Credit United States

Customer Feedback