ABN AMRO rectifies penalty interest calculated on mortgages

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On 11 May 2015, the Dutch news programme Radar will report on the calculation of penalty interest on mortgages. The show will feature cases of ABN AMRO clients for whom the penalty interest was calculated incorrectly. There is also a discussion on the interpretation of older general conditions for penalty interest, and clients believe the calculation is not transparent.

ABN AMRO has responded to individual clients with questions about their penalty interest by recalculating the interest and providing compensation. This relates mainly to clients with an individual discount on their mortgage interest rate who repaid their mortgages after 1 January 2013.

In the coming period, the bank will look into which clients are affected and will compensate them, if applicable. ABN AMRO regrets that this investigation has not taken place sooner. ABN AMRO will also take steps to make the calculation of penalty interest more transparent.

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