Rabobank is introducing a compensation scheme for people who have paid too much variable interest for their consumer credit. 150,000 customers will receive compensation, a spokesperson said. Products that fall under the scheme are the revolving credit and products for overdraft.
Rabobank acknowledges that “the market interest rate has not always been followed closely” with these variable-rate products. About 15 percent of the customers who had such a product have been duped, an inventory shows. The bank does not mention specific amounts, but a spokesperson estimates that it usually concerns amounts between 100 and 200 euros.
Rabobank has yet to find out exactly which customers have been duped and how they will be compensated. The Consumers’ Association will be involved in the development of the compensation scheme, which must be ready by December at the latest.
The victims are customers and former customers of Rabobank and its subsidiaries Freo and Fideaal.
–
