Two PBA Claims

Can someone please advise me on the following please?

I have made two packaged bank account claims to two separate banks, both of which were upheld. They were similar amounts I paid to the bank but the amount they paid out is very deifferent:

Barclays:

Refund of monthly fees: £175
Interest at 8%: £72.10
Deduction for tax: £14.42
Total refund: £232.68

RBS:

Refund of monthly fees: £109.55
Interest at 8%: £34.86
Deduction for tax: £6.97
PLUS net interest: £27.89
Total refund: £137.44

Considering Barclays didn’t add on any net interest, do these figures look correct? I would have expected that RBS was close to the £200 mark (based on what Barclays paid out).

Comments

  • -taff
    -taff Posts: 14,402
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    It doesn't matter what one company paid, you only get back what you paid plus 8 percent compentsatory interest.
    You can claim back your tax if you haven't reached your personal threshold allowance of 1000 by the end of the year
    Shampoo? No thanks, I'll have real poo...
  • Hello

    I understand that, but what I mean is by my calculations, the figures do not add up.
  • It looks right.

    Though of course you haven't told us what period each of the refunds covers, so it's impossible to say for sure.
  • Thanks for your replies. I am not querying the amounts paid back as they look accurate, its more the total amounts. Oh, you mean the amount of time as that makes a difference to interest paid?

    RBS was approx 11 months and Barclays was 14 months.

    Plus RBS mention NET interest, is that what they owe to me as they dont appear to have added it on to the total?
  • The different capital amounts and the different timescales account for the difference.

    Both have added the net interest on. RBS just show the detail of the calculation.

    You can either calculate it as refund plus net interest, or refund plus interest minus tax. It gives the same answer either way.
  • Makes sense, thank you.

    The way she worded it to me was;

    Refund of monthly fees: £109.55
    PLUS Interest at 8%: £34.86
    MINUS Deduction for tax: £6.97
    PLUS net interest: £27.89
    Therefore total refund how she explained it should have been £165.33
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