ABN AMRO returned all outstanding balances on customers’ chipknips this past weekend. A total of 26 million euros was automatically repaid to 3.5 million holders of prepaid payment cards.
The balances repaid were outstanding on active as well as inactive prepaid payment cards (the latter being damaged or lost cards).
The Dutch electronic cash system chipknip was terminated on 1 January 2015. Customers had previously been asked to transfer to their own accounts all amounts outstanding on their chipknips. However, as there was still quite a large sum outstanding, ABN AMRO decided in December that it would settle this on behalf of its customers and return their balances automatically.