11/05/2022 - ABN Amro Bank NV: Correction to interest invoices for some clients

Late April, clients who owe negative interest over the first quarter of 2022 received an invoice to settle the amount owed. For some of these clients, the invoice amount is incorrect, and a correction will follow.

Due to a process error in the production of the invoices, the balance changes dated 11 March were not taken into account. This means that any credit or debit transactions executed on that day were not included in the invoice. Consequently, the negative interest may have been calculated over an incorrect balance amount. Some clients have been charged too little negative interest, and others too much.

For the majority of these clients - which includes both business and consumer clients - the invoice does state the correct interest amount. In cases where it does not, the average correction to be made is just a few euros. After the mistake was discovered, measures were taken to prevent the same thing from happening again.

The correction will be applied in the settlement of negative interest over the second quarter. Clients will receive an invoice late July, in which the correction will be clearly stated.