MSE News: RBS to give 10,000s refund after student account overcharging

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
22 replies 4.5K views


  • It's a small team that has been specially set up for this...believe it's called project sidi. Ring up the complaints number thats advertised and ask to speak to the lending complaints...they will put you through to this team. Dont know the direct number off the top of my head will need to find out. They did advise there will be 2 more batches around the 15th of September and 15th October.
  • Rosie111Rosie111 Forumite
    47 Posts
    Part of the Furniture 10 Posts Combo Breaker
    Kirtig - My account should have changed to a graduate account in 2005. I informed them bu they never changed it. I closed the bank account and within a week I had received a letter about the refund.
  • I see...i dont know if I will get it cos mine changed from student to student/graduate service account at some point...and I know I was definately charged interest.

    I guess il have to see if i get any comms.
  • Westie983Westie983 Forumite, Board Guide
    5K Posts
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    I too had a student account between 2008 - 2012, It changed to a graduate account in 2012, and its now a reward account.

    I will await a letter if I am due a refund.
    Save 12k in 2021 #33 Total (£2300) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~ 14 #24 Total (£150) £0.00/£500 = 0.00%
    Xmas 2021 £1 a Day #8 Total (£365) £35.00/£365 = 9.58%
    Virtual Sealed Pot #1 Total (£500) £350.00/£500 = 70.00%
    £2 Savers Club 2021 #13 Total (£4.00) £0.00/£300 = 0.00%
    Total £2885.00/£6665 = 43.28%
    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email [email protected]
  • Hi

    I contacted Natwest today and they confirmed that I have been affected but no letter has been sent. They said that you needed to an account between 2002-2005.

    The person on the other end kept saying that only those with Royalties Student account were affected, but after explaining that Natwest did not have any such account and her checking the information she confirmed that it was any student account. I did find out that my student account was active from March 2004 and I was often in my student overdraft limit. I do not ever recall changing it to a graduate account.

    I understand that more letters are coming out on 12th and 17th of this month with details

    If someone who could help me, can they clarify the following:

    Assume your interest took you into your unauthorised credit limit and there was a charge for this, are they also going to refund the charge as well?
  • I would assume they would refund the charges as technically if interest wasn't charged then you wouldn't incur them. The question is what happens to people who ended up with marks on the credit file...would these be removed?

    Was it front lune agents you were talking to or the specialist team?
  • Just been in contact with them as I had a student account with them since 2004. the guy on the phone practically laughed at me and said he had no idea what I was on about!! Got passed through to loads of different departments whom had no idea! Where to go from here?! Anyone help? K
  • Number is 0330 123 1426 they r the team that deals with it
  • SmarterNotHarderSmarterNotHarder Forumite
    250 Posts
    Eighth Anniversary I've been Money Tipped!
    I've just had a credit to my Natwest account (I don't really use it but I keep a tenner in there as it's my oldest bank account), and I was checking everything just at the start of the year quite randomly as I don't normally go into it.

    I had a student account with them from 2002 - 2005. I haven't had a letter from them, but a credit for over £400 from a manager's suspense accounton Jan 5th. Does this seem about right? I was going to call them tomorrow or Monday to check if this money really is mine, but thought I'd check here too.

    A bit of googling sent me here. Of course I should have thought of MSE first!
  • Hi,

    Can anyone help me I had a student account with both RBS and Natwest back in 2002-2006. I received letters from both but moved house and can't find them now ahhhh.

    Does anyone have contact numbers for the specific teams I have tried calling customer services for both teams but they don't seem to know what I'm talking about.

    Thanks in advance.
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