Overdraft Interest Refund

David1968

David1968

Member
Mixed Farmer
Location
SW Scotland
Got a letter in from the Bank, saying there had been times since Feb 2015 when they could've offered a lower rate, but didn't, and so were refunding about £900 (inc interest) 😲

Is this some kind of PPI type thing, that's passed me by, where they've been forced to do this?

I can't think of an annual review where I haven't at least tried to get a bit chipped off the rate, so I don't think it was just me not trying... :unsure:

This is Bank of Scotland, btw.
 
Two Tone

Two Tone

Member
Mixed Farmer
Location
Moreton-in-Marsh, Glos
David1968 said:
Got a letter in from the Bank, saying there had been times since Feb 2015 when they could've offered a lower rate, but didn't, and so were refunding about £900 (inc interest) 😲

Is this some kind of PPI type thing, that's passed me by, where they've been forced to do this?

I can't think of an annual review where I haven't at least tried to get a bit chipped off the rate, so I don't think it was just me not trying... :unsure:

This is Bank of Scotland, btw.
Click to expand...
In our experience, had it have been the Royal Bank of Scotland, they would have charged us more than the refund would be.
They ain’t our Bank any more!

Well done HBOS though.
 
Dry Rot

Dry Rot

Member
Livestock Farmer
Location
Scottish Highlands
I don't know about that but the BofS occasionally made a mistake when I was with them and apologised. I always invoice them. After all, they are quick enough to do it to you if you go over your limit, as I pointed out.

The first time, they refused to pay, so I told them I would go to small claims. They paid. After that, I just quoted that case. After all, our time is worth money too. I left the BofS after 40 years as a customer and never even got a 'thank you for your business'. I also left the RBOS and am now with First Direct. Lovely people!
 
D

d williams

Member
David1968 said:
Got a letter in from the Bank, saying there had been times since Feb 2015 when they could've offered a lower rate, but didn't, and so were refunding about £900 (inc interest) 😲

Is this some kind of PPI type thing, that's passed me by, where they've been forced to do this?

I can't think of an annual review where I haven't at least tried to get a bit chipped off the rate, so I don't think it was just me not trying... :unsure:

This is Bank of Scotland, btw.
Click to expand...
Sounds like a guilt trip
I’d ask them for a full break down of charges
 
F

fgc325j

Member
J 1177 said:
Wonder why all of a sudden
Click to expand...
i was watching "The Martin Lewis show" on Itv, a few weeks ago, and the Financial regulators have been made aware that Customers, when buying cars, were
automatically offered finance at a higher rate, earning the salesman/car dealer extra commission. It's going to be like the PPI scandal from a few years back,
and the Banks/Finance firms are probably beginning to sweat.
 
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finance financial lloyds mart

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From: Department for Environment, Food & Rural Affairs and The Rt Hon Sir Mark Spencer MP Published21 May 2024

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