Finance

ING refunds overpaid ‘usurious interest’ to customers

With this step, ING is responding to a number of statements made by the financial complaints institute Kifid about similar products at other banks. Further agreements will be made with the Consumers’ Association about the reimbursement.

This concerns customers who use Revolving Credit, pay in installments on the credit card and products are in the red. According to ING, this concerns ’10 percent of the contracts with these products’. The bank does not want to say how many consumers are involved. “We still have to find out, we are not making any statements about that at the moment,” said a spokesperson.

180 million euros set aside

Customers affected will receive their money back by the end of 2022 at the latest, the bank says. ING is setting aside 180 million euros for the scheme. Customers will receive more information in December.

ABN Amro and Rabobank

In September, ABN Amro announced that 200,000 customers would receive a refund of the overpaid interest on loans. This also involved a minimum amount of 50 euros. The repayment will cost ABN in its own words 250 million euros. The bank has already set aside 30 million euros.

And in August, Rabobank announced that it would refund 150,000 customers. In the coming months, the bank will investigate which customers are affected and how much they will receive back. More information about this is expected in December 2021 at the latest.

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