Barclays Refunds 300000 People Interest

Barclays Refunds 300000 People Interest.

Barclays faces a bill of up to £100m as it has admitted provision in its annual reports and accounts that it has miscalculated interest payments on loans going back to 2008.

The interest calculation problems relate to personal loans and Barclays has confirmed it will be contacting all customers.

In addition, it suggest that it may also review Barclaycard credit card interest charges as well as the calculation error for interest may cross over to credit card balances too.

Comment

Barclays has found and error and it is putting it right, you cannot ask them to do more.

It is interesting that banking groups are increasingly under more scrutiny from financial regulators to ensure they are treating customers fairly and that their terms reflect how interest are bank charges are calculated.