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Royal Bank of Scotland set to refund overdraft fees

The Royal Bank of Scotland is the first of the main UK banks to suggest that it will proactively refund overdraft fees if the banking sector loses the latest test case. While the outcome of the test case has yet to be announced, there is speculation that the banks may well come under severe pressure to reimburse those who have been charged "illegal" overdraft fees. This is a situation which has now been ongoing for two years although it could well come to a head over the next few months.

The last couple of weeks have seen a major turnaround in the attitude and strategy of the Royal Bank of Scotland with many suggesting a behind-the-scenes influence from the UK government, which now owns about 57% of the company on behalf of UK taxpayers. It would be interesting to see how these new attitudes pan out into the future and whether the Royal Bank of Scotland looks set to lead the way to a more friendly and approachable banking sector.

However, the company's initial move to extend repossession protection to 6 months is something which appears unlikely to be followed by fellow banking companies. While none have specifically confirmed they will not offer a six-month window of opportunity, the signs are they will opt for a three-month minimum if they are pushed.

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