Rabobank to compensate customers who have paid too much interest

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Photo: Rabobank

Rabobank is working on a settlement for thousands of private clients who have paid too much interest on their loans, the cooperative bank said on Tuesday.

The move follows several rulings by the financial services complaints authority, Kifid, highlighting the high interest rates charged on loans and overdrafts. In short, Kifid decided that banks should recalculate the variable rate and reimburse the difference to their customers.

Rabobank says about 15% of clients who had loans or overdraft facilities were subject to a variable interest rate that “did not always closely track the market interest rate.”

The bank hopes to inform those affected of the compensation program by the end of the year.

The bank did not give financial details, but a spokesperson told broadcaster NOS that most compensation deals would be between € 100 and € 200. Some 150,000 customers are affected, said the spokesperson.

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