ABN AMRO made to compensate clients after overcharging on loan interest
The Dutch Consumer’s Union reached an agreement with ABN AMRO to compensate clients who paid too much interest for their running credit from ABN AMRO, ALFAM and ICS.
The Consumer’s Union began an investigation into unreasonably high-interest rates in December 2020. There had been complaints prior that the ABN AMRO was charging too high-interest rates from their customers.
Included in the compensation ruling were loans with variable interest rates or accounts with the option to be overdrawn. The interest rate for these accounts needs to move with the market rate, yet the interest rate at ABN AMRO did not fall when the market rate did.
ABN AMRO will now compensate its clients for the usurious interest rates. Clients will receive compensation between 50 to 1,750 euros.
“We are happy that the bank took responsibility”, director of the Consumer’s Union Sandra Molenaar said. “They were intense discussions but, in the end, a fair decision came out with which the banks can rectify their mistakes."
“These banks really need to spot playing hide and seek”, Molenaar said. “They now have two good examples: ABN and Rabobank.”
ABN AMRO clients who suspect they paid too much interest can register at the Consumer’s Union’s website.