Overdraft fee reclaimed cost UK bank giants £400m

Customers reclaiming “unfair” overdraft fee and interest charges cost the UK’s biggest banks nearly £400m (€595m) in the first six months of the year alone, it was revealed today.

NatWest parent Royal Bank of Scotland was the latest banking giant to disclose its liability for so-called “goodwill” current account administration charges as it unveiled half-year results showing it forked out £81m (€120m) in refunds in the six months to June 30.