De Volksbank provides compensation scheme for customers with a revolving consumer credit
De Volksbank N.V. (de Volksbank) will compensate retail customers of SNS and RegioBank who paid too much interest on their revolving consumer credit during the life of this facility.
Kifid, the Dutch Institute for Financial Disputes, ruled that a number of banks did not sufficiently move in line with market rates when calculating the floating rate on revolving consumer credits. This was reason for de Volksbank to investigate if this was also the case with its own customers. The investigation revealed that although the interest charged generally remained in line with market rates, some of its customers did pay too much interest.
In the period ahead, de Volksbank will work out the compensation scheme in consultation with the Dutch Consumers’ Association. SNS or RegioBank customers eligible for compensation will receive more information in the first quarter of 2022 and do not need to take any action at the moment. Customers, and former customers, can find more information on the scheme on the website of SNS and RegioBank.
De Volksbank will make a provision for the compensation scheme and costs of executing the scheme in the amount of € 15 million.