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Bank to repay money owed

RBS offers refunds over dormant accounts error

RBS banknoteRoyal Bank of Scotland is to reimburse about 4,500 customers who were wrongly told they did not hold a dormant account with the bank.

RBS said it would launch an internal inquiry and apologised for the error It said that after the mistake became apparent it put measures in place to correct the situation. The average amount involved is less than £50 and customers are being asked to contact the bank to reclaim the cash owed.

The error came to light via a British Bankers’ Association scheme which connects bank customers with dormant cash. RBS said that it had set up the wrong filters on the scheme’s mylostaccount.org.uk website.

An RBS spokesman said: “Unfortunately we wrongly advised some customers who had made a request through the BBA Lost Account scheme that they did not hold a dormant account with us.”

“We are very sorry that this happened and as soon as we discovered this we took steps to correct our error.

“We are writing to all affected customers and asking them to visit their local branch with ID to reclaim their outstanding balance.

“We have apologised for the inconvenience caused and are making sure that we put this right. ”

The mistake was particularly badly timed as chief executive Ross McEwan told the BBC that rebuilding trust in the banking fraternity would take “a long time”.

> Daily Business Comment:

This is another embarrassing episode for Royal Bank of Scotland and chief executive Ross McEwan who has been at great pains to put the customer at the top of his agenda for repairing its reputation.

That said, this is more cock-up than conspiracy and headlines referring to a new ‘scandal’ are stretching the point. The average sum owed is £50 and only 4,500 customers are affected. While the bank is guilty of another IT blunder, any criticism should be kept in proportion.

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