Sunday, June 24, 2012

"Compensate Losses"

I do not think that means what RBS is claiming it means.

RBS Group, whose NatWest, Royal Bank of Scotland, and Ulster banks have been all been affected by the problem, is pledging to compensate losses in three ways:

• Any customer who faced overdraft charges or fees caused by the computer glitch will be refunded.

• The bank will deal with credit scoring agencies, where customers missed payments because of the RBS problem and might face damaging their credit rating.

• The bank will ensure that customers stranded because of the computer problem will not be left out pocket.