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Problem overdraft? How to ask your bank for a refund of interest

Have you had big overdraft problems for a long period?

You can make an affordability complaint and ask for a refund of overdraft charges if:

  • your overdraft limit was set too high at the start or increased to a level you are unable to clear; or
  • your overdraft usage showed you were in long-term financial distress. For example, being in the overdraft all the time, or using an unauthorised overdraft a lot
  • your overdraft was originally a student account with no charges, but now interest is being added and you are in the account all or almost all of every month.

This article shows how to make an affordability complaint to your bank, with a free template letter to use.

These complaints do not hurt your credit record. And if the bank doesn’t make a you a good offer, it is free to take your case to the Ombudsman.

the three main reasons to ask for a refund of overdraft interest and charges

Overdraft affordability complaints

Overdrafts are supposed to be for short-term borrowing

Overdrafts are intended to be used for short-term problems, not as long-term borrowing. A bank should review a customer’s repayment record and overdraft limit and if there are signs of financial difficulty, offer help.

One sign of financial difficulty is hardcore borrowing for a long period. The Lending Code defined hardcore borrowings as “the position where a customer’s current account overdraft remains persistently overdrawn for more than a month without returning to credit during that period”. 

Some Ombudsman decisions

All cases are very individual.  But these examples give you an indication of what the Ombudsman thinks is important.

In this NatWest decision, the Ombudsman decided:

NatWest did have an obligation to monitor Miss K’s use of her overdraft facility.

Any fair and reasonable monitoring of Miss K’s overdraft facility would have resulted in NatWest being aware Miss K was in financial difficulty … by October 2014 at the absolute latest. So NatWest ought to have exercised forbearance from this point onwards.

In this Santander case, the bank didn’t notice hardcore borrowing:

By this point, Miss C was hardcore borrowing. In other, words she hadn’t seen or maintained a credit balance for an extended period of time. Santander’s own literature suggests that overdrafts are for unforeseen emergency borrowing not prolonged day-to-day expenditure. So I think that Miss C’s overdraft usage should have prompted Santander to have realised that Miss C wasn’t using her overdraft as intended and shouldn’t have continued offering it on the same terms.

A similar decision was reached in this Lloyds case:

Mr and Mrs C’s statements leading up to the  renewal shows they hadn’t really had a credit balance on their account for a prolonged period. Indeed, they’d had regular returned payments and had also exceeded their limit. In these circumstances, it ought to have been apparent Mr and Mrs C were unlikely to be able to repay what they owed within a reasonable period with overdraft interest, fees and associated charges continuously being added.

Decide which reasons apply to your overdraft complaint

You are in the overdraft all or almost of the month for a long while

This is the most common reason for winning a complaint

Overdrafts are meant to be used when you have a problem. Using the overdraft a lot for a few months is fine. Or for a few days at the end of a month before you are paid.

Banks should review your overdraft annually. This is in most overdraft terms and conditions. And even if it isn’t, the Ombudsman says this is good industry practice.

So at one of these reviews, your bank should have seen if you were in difficulty with the overdraft. For example if you are in the overdraft for all (or almost all) of the month for a prolonged period. Or if you were often exceeding your arranged overdraft limit.

I would say over a year is prolonged.

The bank set your limit too high

This may have been from the start when you were first given an overdraft.  Or the initial low limit may have been fine, then the bank increased it to a level which it was impossible for you to repay.

If the bank saw signs of financial difficulty, it should not have increased your credit limit, even if you asked for it. And it should have considered offering your help instead (the regulator’s word is forbearance), for example by stopping charges.

But what is too high?

This depends on your income and expenses. An overdraft of £2,000 for someone whose income is £1,800 a month is a lot –  but if you earn £5,000 a month, then a £2,000 overdraft may be reasonable.

Other points that help a complaint

You won’t win an affordability complaint by saying the charges were too high.

Instead, you say the bank should have known they were unaffordable for you because of all the financial problems it could see on your statements and your credit record.

Here is a checklist, do any apply to you?

  • often having direct debits or standing orders not being paid;
  • a lot of gambling showing on your statements;
  • significantly increasing other debts with the same bank (you may also be able to complain about those loans or credit card);
  • being recently rejected for a loan or a credit card by the bank;
  • significantly increasing debts with other lenders showing on your credit record;
  • a worsening credit record – maxed out credit cards, new missed payments, payment arrangements, defaults etc;
  • using payday loans;
  • mortgage arrears;
  • a reduction in the income going into your account.

Making your complaint

What you need at the start

You don’t need to know the dates your limit was increased before complaining, my template asks for them.

If you have paper statements or you can download them from the app, that may be useful for you. But you don’t need to send these statements to the bank with your complaint – the bank already has them!

You can’t go back and see exactly what your credit score was in say 2021 when the bank increased your limit. But your current credit record shows what was happening back six years, so download your credit report now and keep it. The sooner you get the report, the further back it goes. I suggest you get your free TransUnion statutory credit report.

Send a complaint in the app or by email

I don’t recommend phoning to start off a complaint. It’s too complicated and you will be talking to someone that doesn’t specialise in these complaints.

When the account is still open, you can send your complaint by secure message in the app or on the bank’s website. Take a copy of what you put in the message – you could email it to yourself so it won’t get lost and the date is recorded.

If you prefer to send this by email,  here is my list of bank email addresses for complaints.

A template you can adapt

The section above looked at the reasons to complain and the other good points that apply to your case – you can turn those into a complaint.

In the template below, I’ve invented some examples and dates so you can see how a complaint email could read. The bits in italics should be changed or deleted to tell your story.

The bit about other points is important – what should your bank have noticed that showed you were in difficulty?

I am making an affordability complaint about the overdraft on my current account number 98765432.

Your identity details (these are needed if you complain by email, not if you use secure message):

My name is xxxxx xxxxxxxx. My date of birth is dd/mm/yy. The email address I use/used for this account was myaddress@whatever.com.

START BY SAYING they should have noticed when your overdraft usage got worse

Overdrafts are meant for short-term borrowing but that was not what I was using the account for. The fees and charges you were adding were making my position worse.

I am complaining that [every year since [20xx] OR for many years] you have failed to notice my difficulty during the annual reviews of my overdraft. You should have offered forbearance eg by stopping interest and charges being added.

By 2017 I had been in my overdraft constantly for many months, not getting back into the black even when I was paid. This “hardcore borrowing” is a clear sign of financial difficulty. My income was only £1,850 a month – after I had paid bills, there was no way I could hope to clear an overdraft of £3500 in a reasonable length of time.
OR
By 2020, although my salary took my account briefly into credit, within a few days, I was back in the overdraft.

other points that you can include if relevant-  see the longer list above – these are just a few examples

You should have seen I was in financial difficulty because you rejected my loan application in 2019.
You should have noticed that the income going into my account decreased from 2017.
From 2020-22 there was a lot of gambling showing on my account.
In 2021 you should have seen from my credit record that I had made payment arrangements with other debts.

You should never have given me an account with such a large overdraft. When I applied in 2016, you should have checked my credit record and income and seen I had recently missed payments to a credit card and had taken several payday loans.
OR
You should not have increased my overdraft limit in about 2016. When you increased the limit, you should have seen that my debts to other lenders on my credit record had increased a lot.

I do not know the exact months of the overdraft limit increases. In your reply to this complaint, please tell me when the increases were and how much the limit went up on each occasion.

END BY asking for a refund of charges and interest:

I would like you to refund all the interest and charges that were added to my account from 2016 when you increased my overdraft limit.
OR
I would like you to refund all the interest and charges that were added to my account from 2018 when you should have realised that my finances had got worse to the point that I was no longer able to clear the overdraft.

Please remove any late payment and default markers from my credit records.

Points to note

Student overdrafts

You won’t win a complaint about a student overdraft saying you were a student and it was unaffordable at that point.

But when the bank has started charging interest, it should start doing reviews and check if you are in difficulty. So from then on, you can win affordability complaints.

You can complain if the account is still being used or if it is closed

These complaints can be made in a lot of different situations. For example:

  • you are still using the account or you have stopped using it and are paying it off;
  • the account has been closed;
  • the bank defaulted it and sold it to a debt collector (here you still complain to the bank, not the debt collector).  If the debt collector has gone to court and got a CCJ, add a sentence to the template saying you want the CCJ removed as part of the settlement of your complaint.

But if you have had an IVA or bankruptcy after these problems, or if you are still in a DRO, then you shouldn’t complain – ask in the comments below for details.

Old accounts

Banks may say FOS won’t look at an old complaint, but this isn’t right. FOS will often look at a complaint if it has been open in the last six years. How far back FOS will go seems rather random, but it should be possible to go back at least 6 years.

Open and recently closed accounts aren’t a problem – the bank will still have your statements.

If your complaint is about an account that was closed more than 6 years ago, it’s going to be very hard to win.

Packaged bank accounts

These affordability complaints are not about the fees on packaged bank accounts. MSE has a page about packaged bank account charge complaints.

Personal accounts, not business accounts

The complaints covered here relate to personal accounts. For business accounts, talk to Business Debtline about your options.

The Bank replies

They want to phone me!

People are often scared if they get this message. But it may be good news!

You can just ignore it or say you would like a reply in writing.

If you decide to take the call, it helps to be prepared:

  • have a pen and paper handy so you can write down anything
  • if they say they are partially upholding the complaint, ask them the date they are refunding the fees from, and how much. And say you would like to see this in writing before you decide whether to accept it.
  • if they ask you questions that sound complicated or worrying (this is unusual), ask them to put the questions in writing as you find the phone difficult
  • if they say they are rejecting the complaint, ask for this in writing as you will be going to the Ombudsman.

Rejection/poor offer – go to the Ombudsman , it’s free

You can’t go straight to the Financial Ombudsman(FOS), you have to wait for the bank to reply, or for them to have not replied within 8 weeks.

Banks reject many good complaints, hoping you will give up. So don’t! You know if the overdraft has caused you a lot of problems.

Here are some things banks may say to try to put you off:

  • you could have declined the increase to your overdraft limit – FOS probably won’t think that is a good reason
  • you never let the bank know you were in difficulty – FOS probably won’t think that is a good reason
  • your salary was enough to return you to credit each month – this is misleading if bills meant you very soon went into the overdraft;
  • FOS will not look into things that happened more than 6 years ago – if your account was still open in the last 6 years FOS may well look at it.

And the bank may offer to refund fees for the last 15 months say, even though your problems have been large for many years. Think twice about accepting a low offer – you won’t put this offer at risk by going to the Ombudsman.

If you are offered a refund for the last 6 years but not any further back, have a think if this is a good enough offer. It is a bit unpredictable whether the ombudsman will be prepared to go back further than 6 years.

If you aren’t sure, post in the comments below.

To send the case to FOS, complete this online form:

  • you can use what you put in your complaint to the bank;
  • if the bank rejected your complaint or made a low offer, say why you think this is unfair;
  • use normal English, not legal terms.

You don’t need to send your bank statements – the bank will send those to FOS. And you don’t need the policy documents for your bank account, the lender will supply those to FOS if they are needed.

Do these complaints work?

Yes! From 2024, some banks are making more offers directly.

A Guardian article featured a case where someone used the template letter here. Barclays denied it had done anything but made an £8,000 “goodwill” payment to the customer.

And if your bank rejects your case, people are winning cases at the ombudsman. FOS is a friendly service although it isn’t speedy. It isn’t faster to use a solicitor or a claims firm,

The comments below this article are from other people who have made this sort of complaint. That is a good place to ask for help if you aren’t sure what to do.

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Comments

  1. Polly says

    Hi Sara, I have a Smile (Co-Op) bank account that I’ve had for over 20 years. It was in my name only, but I converted it to a joint account with my partner about 10 years ago and we both pay money in to pay household bills/mortgage from it. We did manage to get it out of the overdraft (has had an £800 limit for as long as I can remember) for a while about 5 years ago, but for the majority of the time it’s significantly overdrawn. Every year Smile’s OD review approves the £800 OD limit (most recently, they renewed it from March 2025 to March 2026). They do of course put all the usual text on the approval email about overdrafts being short-term etc One of our mortgage direct debit payments didn’t go out last September because it would have taken us over our OD limit. I called our mortgage provider (Nationwide) as soon as I realised and paid it over the phone – Nationwide assured me it wouldn’t affect my credit record. Do you think it would be worth putting in an affordability complaint? I’m worried it might not go anywhere as it’s a joint account and they include all the usual ‘warning’ info in their renewal messages.

    Reply

    • Sara (Debt Camel) says

      you can still complain about a joint account – it is a joint complaint with your partner.
      All the warning info on their renewal messages is largely meaningless – they should not have a renewed a mortgage that was unaffordable.

      What other debts do you have at the moment? Often an overdraft is just a symptom of bigger financial problems

      Reply

  2. Michael says

    Just want to say a massive thank you 😊
    I raised a Halifax overdraft complaint back in Jan 24.
    Went to OMB who ruled in my favour and just been refunded £7400.
    If I hadn’t come across your page I would never have raised a complaint.
    Keep up the great work 👍

    Reply

  3. Tom says

    So I put in my affordability complaint in mid January with Lloyd’s . I was then told it would be resolved by the 13th of March. This was then pushed back until 11th of April. Today I have received a text saying “ we’re sorry we haven’t resolved your complaint. We’re doing everything we can to fix this” but no new date or anything. Does this mean I’ll have it resolved by the 11th or not?

    Reply

    • Sara (Debt Camel) says

      So far they haven’t missed one of their extended dates… you may be one of the first, I don’t know

      Reply

      • Jess says

        The same happened with me, submitted complaint with Lloyds on the 15th January, my 8 week date was the 12th March. On the 11th March they extended it until the 9th April. I received a text on Monday (7th April) that they are doing everything they can to fix it. The deadline is today so I’m hoping to hear back, interested to see if anyone else has had any communication following the ‘everything we can to fix it’ text!

        Reply

    • Amy says

      I’m jn exactly the same position with Halifax. Should have been resolved by 12th march, then pushed back to 10th April , had the same text as you yesterday and I spoke to an agent on the app and they had no information just said it’s still being looked into so I’m not hopeful that it’s going to be resolved by tomorrow!

      Reply

      • Jess says

        Hey!
        So I rang them this morning and the man on the phone said there is no update, it’s just a case of waiting and there’s no extension to the deadline, it will just ‘be resolved when it’s resolved’. He also said that he’s ’seen an influx of these kind of complaints’ and that they’re taking the banks a long time to get through. A little disheartening as it’s weighing on my mind a lot now, even if it’s a no I’d just like to know. He said that it’s up to me whether I’d like to go to the ombudsman now and I’m free to do so. I hope yours gets resolved soon!

        Reply

        • Sara (Debt Camel) says

          I think at this point you should send the complaint to the ombudsman. It is getting silly if they cant even say when they will reply by and stick to it.

          Use the Ombudsman’s online form https://help.financial-ombudsman.org.uk/help
          In the section that says “Why do you disagree with how the business has handled your complaint so far, and how would you like them to put things right for you?” say Lloyds told you at 8 weeks that you could go to the Ombudsman but they hoped to have a reply by 10 April. But they still haven’t replied so you have lost patience.

          And attach a screen shot of the text/message at 8 weeks saying you could go to the Ombudsman

          Reply

          • Jess says

            Thank you Sara. If I send it to the ombudsman and Lloyds reply with an offer/resolution that I am happy with would I be able to withdraw from the ombudsman? Or would it be removed from the Lloyd’s pile due to being with the ombudsman?

            Sorry if these are silly questions!

          • Sara (Debt Camel) says

            Very sensible question! Lloyds will carry on working on your complaint. If they reject: they just send this to the Ombudsman and the Ombudsman looks at you complaint. If the uphold or partially uphold, they usually tell the Ombudsman who tells you what Lloyds have said and asks if you want to accept, in which case the Ombudsman case closes, or you don’t think it’s adequate so the case continues

        • Amy says

          Yeah the same has just happened with me! I spoke to someone in the chat earlier who said a complaints manager is reviewing my case and will be in touch shortly. It went to 5pm and I thought this isn’t being resolved today so I rang them and they said it hasn’t been picked up by a complaints manager yet , it hasn’t been looked at and they can’t advise me a timeframe of when it will get looked at! It’s very frustrating

          Reply

  4. Chloe says

    Thank you so so so much! At first I was skeptical whether I would get anything back but couldn’t believe it when my whole overdraft had been refunded plus all the charges! Made such a difference to my life. Thinking I would never be able to get out of it or be able to pay it all back. I’m so glad I came across debtcamel Instagram and appreciate everything she has done to help me!

    Reply

  5. Abbie says

    Hi Sara, I had a reply from TSB today. They have offered me £995 refund of interest on my overdrafts for the last 6 years. They have admitted that I should never have been allowed to take 2 overdrafts out. I feel this is too low – I have had these overdrafts since 2014 and 2016, I have been in and out of them but have mostly been using them. I will be taking this to the ombudsman.

    They have have also rejected my credit card complaint so I will take this to them too.

    How long does the ombudsman take? Compensation would be nice but I am really looking to get my credit card and overdraft defaults removed from my credit record.

    Reply

  6. Amy says

    Just got my Monzo final response back and they’ve fully rejected it :( They’ve stated that they used my credit score and deemed that it was affordable, and that they sent notifications about my overdraft use. I’ve gone to the FOS saying that I don’t agree with this and that it’s clear from my statements that I couldn’t afford to repay this overdraft. Further to this, they’ve stated that they reached out to me, but then also let me increase my limit…? They never sent me any emails or post about my overdraft use, only app notifications which I feel doesn’t really suffice… Pretty disheartening but we’ll see what the FOS say

    Reply

    • Sara (Debt Camel) says

      “Reaching out to you” and “letting you increase your limit” aren’t really compatible. Point this out to FOS

      Reply

  7. Tom says

    Hi Sara

    So haven’t been given a deadline of the 13th of March originally it’s was pushed back today I had heard nothing so was given a complaints numbers by Lloyd’s. I rang them and they said they don’t deal with this type of complaint so would try and speak to their manager today to see if it can be allocated to a complaints manager to be sorted as their words “it’s been going on a while now since January” They said they can’t give me a time frame or any other information. Do I hold on or go to the FOS ?

    Reply

    • Sara (Debt Camel) says

      So haven’t been given a deadline of the 13th of March originally it’s was pushed back today
      Do you mean the 8 weeks was up on 13 March and lloyds then said they would reply by today/yesterday?

      Reply

  8. Jasmine says

    I just thought I’d update on here as I know a lot of people are waiting for Halifax. Halifax missed the original 8 week deadline for me and then extended it to the 8th April, which they’ve now missed again. As of today (the 11th) there is still no update and still no decision. Also no indication of when there will be a decision unfortunately.

    Reply

  9. Kurtis says

    Currently 2 years into an IVA of which a £3000 overdraft with charges on top is part of – in the above it states if you’ve had an IVA not to apply – if the IVA is still on going should I leave this or proceed?

    Reply

  10. E says

    Some positive news on my affordability complaints – thank you so so much Sara for all of your help and advice on this page, I couldn’t have done it without you!

    My complaints started in January last year – Monzo Loan, Monzo Overdraft, RBS Loan, RBS Overdraft. All banks rejected the complaints so I took these to the FOS. Monzo agreed with the initial outcomes, however both RBS complaints went to the final Ombudsman stage. With a lot of patience and perseverance, I kept going with these. In total I received: £1537 back from Monzo, and £1499 back from RBS. The £3036 has gone towards paying off overdrafts and clearing some loan debt and has been a massive step forward in my debt free journey.

    My advice – even if it feels like a lot of rejections, please keep going! I promise it’s all worth it in the end. The advice on Sara’s page is really helpful and I really can’t thank you enough!

    Reply

  11. Maria says

    What if you currently don’t have any interest fee’s but you will in the next year or so?

    I have a santander student edge current account now and have two years interest fees but i’m still struggling to make any sort of payment.

    how would i adjust the email template to show this?

    Reply

    • Sara (Debt Camel) says

      There is no point in making an affordability complaint at the moment as there is nothing to be refunded.

      Reply

  12. Alex says

    Do you think because a large amount of people are doing this because of seeing it on Tik Tok, your website and Martin lewis etc that the chances of being refunded are getting slimmer?

    Full disclosure I was refunded nearly £700 from Monzo and £250 compensation for an overdraft but I have a complaint open with Halifax for nearly £1000 of OD and constant interest and received today

    “We’re sorry we haven’t resolved your complaint, We’re doing everything we can to fix this”

    it sounds like they’re now inundated with complaints?

    Reply

    • Sara (Debt Camel) says

      I don’t think the chance of a refund has got slimmer, but the timescale has got longer. Halifax are still giving reasonable responses to quite a few complaints (not all – some good cases have to go to the ombudsman) so it seems worth waiting for that rather than going straight to the ombudsman when it gets to 8 weeks.

      Reply

      • Alex says

        That’s fab. Thank you for your response and for replying to all the other comments too.

        I did just ring them as they’ve text me the same message Sunday, Monday and twice today.

        My case hasn’t been escalated to a case manager yet even though I sent it in on the 21st January and today was the cut off date, debating FOS but want to give them the benefit of the doubt for another couple of days.

        Reply

  13. Chris says

    Hi Sara,

    Many thanks for the work you’re doing. I made a complaint to Lloyds in January, about the overdraft on my account. I’d been overdrawn for many years, never managing to get out of it, which was made a lot worse when the fees shot up. In 2018 Lloyds told me they were stopping my overdraft, and basically forced me to convert it to a loan of £5300, which I finally paid off this month. I’m still using the account now.
    I had a call today from a Lloyds rep, saying they wouldn’t look into my complaint, because the overdraft was converted into the loan in 2018, and therefore it was outside the timescale. They say that ‘they felt I should have known’ that I could have made an affordability complaint in 2018. I assured him that I had no idea then that I could complain, and if I had known, I would certainly have complained. He said that was their final response and that I could take it to the FOS if I chose. Do you think the FOS will consider it?

    Reply

  14. Louise Spiers says

    Can you still make a claim if you have historic debt you then paid off? I have this for Halifax and a number of CCs when it was clear I was maxed out on the mall and they just kept upping the limits. Same with Halifax.

    Reply

  15. Sophie says

    Hi my wife has had a credit card for over 12 months and has struggled to pay this off. I have just found out Christmas 2024 she applied for a £800 over draft whilst also having an £800 credit card maxed out. Is it worth speaking to her bank provider to about this overdraft. It was originally £200 and she has been upping it all the way up to this month being £800. We can’t afford this or are there any solutions to get this debt resolved before she spirals even more. I am helping her financially but there’s only so much we can afford to clear it

    Reply

  16. Tom says

    Hi Sara

    Following up on my previous message so the original date was 14th March then was pushed back to 11th of April. I then contacted Lloyd’s on the 12th who then said someone would be in contact by yesterday they didn’t so I rang up today and was told no one has even started looking at my case yet. Should I go to the FOS now ?

    Reply

  17. Robyn says

    If I have a loan out with said bank, could this negatively impact that? I don’t want them to then default me or penalise my credit score for anything to do with my loan and credit card with them by complaining about affordability (I pay these back and haven’t ever missed one).

    Reply

    • Sara (Debt Camel) says

      They cannot default your loan or credit card if you are making the usual monthly payments.

      BUT are you sure the loan is affordable if it was given when the bank could see you were in difficulty because of heavy overdraft usage?
      Are you able to pay more than the minimum to the credit card?
      You may also have good affordability complaints against both of those.

      Reply

  18. Emma says

    Refund updates
    • Llyods upheld overdraft complaint straight away, refund of £2,369.
    • Vanquis taken to FOS, upheld, refund of £2,000.
    • Newday Aqua taken to FOS, upheld, refund of £2,684.
    • Newday Marbles taken to FOS, upheld, refund of £3,335.

    All after financial abuse, I am now finally back on my feet thanks to you and your templates ❤️

    Reply

  19. Robyn says

    I struggle with the loan, it’s a lot to pay back (600 pm) but I’m worried they’ll default me or something if I complain or do something that shows negative on credit score. Could I raise a complaint against this also? I was in my overdraft when they gave me it. I’ve never missed a payment though, but they’ve been taken when in my overdraft.

    Reply

  20. Kerry says

    Hello, does anyone know whether Halifax usually just send you money once they’ve made a decision on a complaint, or do they contact you first to get you to accept the offer? Only wondering as I’ve received a random amount of money from them into my account today, but have heard nothing from them. I assumed they’d contact me first to discuss! (Will obviously call them when I’m home later)

    Reply

  21. A says

    Hi,

    I previously accepted a payment from my bank as an interim with interest, whilst my other complaint going back more than 6 years was sent to FOS to review.

    I have now received confirmation that the bank has accepted the FOS outcome and have gone back further.

    Will the 8% interest start from the beginning to the day of settlement or only until the day the interim payment was paid.

    Reply

    • Sara (Debt Camel) says

      That’s good news – which bank and how far back does the refund go?

      8% interest is only paid for the time your account would have been in credit if the bank hadn’t charged the amounts that are being refunded. This can be hard to work out. It isn’t taking the refund amount and saying you get 8 years interest on that as the refund only built up gradually and for much of the 8 years you may still have had some overdraft.

      But it should be paid up to the settlement date, the date of the interim payment is irrelevant

      Reply

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