RBS faces fresh FCA probe after it reveals IT glitch led to misinforming 4,500 customers about their inactive accounts
Royal Bank of Scotland (RBS) is facing fresh controversy after it was revealed to have concealed inactive bank accounts from thousands of customers.
RBS said over the weekend that it had errantly told 4,500 customers who had asked for their money in inactive accounts that their savings were not held at the bank.
RBS said that it had set up the wrong filters on mylostaccount.org.uk, a website set up by the British Bankers’ Association (BBA) and other industry groups to track inactive accounts.
“Unfortunately we wrongly advised some customers who had made a request through the BBA Lost Account scheme that they did not hold a dormant account with us,” an RBS spokesperson said. “We are very sorry that this happened and as soon as we discovered this we took steps to correct our error.
“We are writing to all affected customers and asking them to visit their local branch with ID to reclaim their outstanding balance. We have apologised for the inconvenience caused and are making sure that we put this right.”
The FCA and BBA both declined to comment.