ING will compensate customers for usurious interest: set aside €180 million | Financial

At ING, this concerns the Revolving Credit, payment in installments on the credit card and products that are overdrawn, whereby the variable interest was not sufficiently in line with the market. The bank wants to restore this by offering compensation to customers whose difference is 50 euros or more. According to the bank, this concerns about 10 percent of its customers with these products.

With this step, ING is responding to a number of statements made by the financial complaints institute Kifid about similar products at other banks. As a result, the bank investigated whether the problems also affected its own customers.

According to the financial group, the Consumers’ Association has responded positively to the compensation proposal. The organization would also be willing to enter into discussions with the bank about the precise implementation and details of the scheme.

All affected customers are expected to receive compensation by the end of next year at the latest. ING will already approach them this year and provide more information about the next steps with regard to the scheme.

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