Consumers’ Association is considering a multi-million dollar claim against ABN AMRO...

The Consumers’ Association is investigating the possibility of submitting a multi-million dollar claim against ABN AMRO. The claim must serve as compensation for the usurious interest rates that ABN AMRO charged with Santander and Vesting Finance on revolving credit.

The organization will first await the decision of the Appeals Committee of the Financial Services Complaints Institute (Kifid). On December 7, this committee will give a final judgment on the matter.

However, the Consumers’ Association expects that this judgment will provide sufficient reason to submit a claim for millions. The advocate estimates that ABN AMRO has provided approximately 80,000 doubtful loans.

Earlier this year, Kifid issued a final verdict for a customer of Crédit Agricole subsidiary Interbank. According to the judgment, customers who take out a revolving credit can expect the interest on that loan to match the market interest rate. That turned out not to be the case at Interbank. According to Kifid, the bank therefore had to recalculate the interest due and reclaim the overpaid interest.

Stichting Geldbelangen previously estimated that ABN AMRO, Santander, Vesting Finance and Crédit Agricole would jointly spend approximately 500 million to a billion euros to compensate customers who paid too much interest.

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