ABN Amro compensates customers who paid too much interest | Financial

ABN AMRO did not follow the market interest enough with its interest rates. The Kifid disputes institute previously ruled that customers could expect this, unless the bank had expressly stated otherwise. Rabobank already decided on compensation earlier.

ABN AMRO’s compensation scheme covers the period from 2008 and also applies to customers of lender Alfam and customers with loans from credit card provider ICS. ABN AMRO will approach these customers itself. The bank expects to have paid them all compensation by the end of next year.

Director Sandra Molenaar of the Consumers’ Association is pleased that ABN AMRO is taking its responsibility. That happened after a series of talks between the two parties. “Sometimes those were quite tough conversations, but a neat arrangement has been made.”

ABN AMRO had previously set aside 30 million euros for possible compensation. The company will book the remaining 220 million euros in the current quarter.

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