Rabo charged me 27% dirt on interest for 2010 instead of 25%

We’re Sorry!

The truth is....we messed up! We applied the new 2011 rate of DIRT tax, 27%, on all accounts subject to DIRT on the 31st of December 2010 when we should have applied the 2010 rate of 25%.

Honestly? It was a system glitch. But we’ll save you the lame excuses and system spiel and instead tell you the good news which is....all customers are due a refund.

We hope to have all revised interest payments calculated on the correct DIRT rate, back in affected accounts by the end of the week. And no days interest will be lost. We’re just working out how quickly we can get this all sorted.

So sorry again!

RaboDirect
 
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Godfather - Fair play to you for raising this and getting it sorted. Looks like the pay date had nothing to do with it after all.

Rabo - Thanks for your post and honesty about the situation.
 
Nationwide Also Charge 27% DIRT

Nationwide UK have also charged 27% DIRT on interest applied on 31/12/10. I've sent them a note to let them know.
 
Pity it took an AAM member to point this out to Rabo. Why didn't they spot it. It really makes you wonder.
 
That's grand, these things happen. Happy enough with that customer experience, to be honest.
 
Tintagel said:
Pity it took an AAM member to point this out to Rabo. Why didn't they spot it. It really makes you wonder.
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No offence to bank staff, but as someone who briefly worked in a bank I noticed they want to hire people who will do as they're told and who don't think too much or question things...
 
Isn't it funny how bank errors are ALWAYS made in the banks favour?

Nope actually not funny at all.
 
peterwilson said:
Isn't it funny how bank errors are ALWAYS made in the banks favour?

Nope actually not funny at all.
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yeah funny for them all right but in this case they wouldn't have gained as the 27% would have been just passed on to revenue.
 
Response from Nationwide UK Irl

Just got the following response from Nationwide UK Irl. Not quite as grovelling as Rabo but same result except that I have to wait till next interest payment date for the correction to be made.

I'm still amazed that their own checks and balances do not catch these errors. What are their accountants and auditors doing? Is it because both Rabo & Nationwide UK Irl are both non Irish banks and DIRT is a foreign concept for them?


Due to a system error on the evening of December 31st the incorrect DIRT rate was indeed inadvertently applied to your December account. As you have correctly pointed out the DIRT rate which should have applied up to that date was 25% and as of January 1st 2011 the new rate is now 27%. We are currently working on remedying this problem and can assure you that the entire issue will be resolved prior to your next interest payment thus having no negative impact on your account. Our backdated remedy will ensure that the interest which was paid on December 31st was subject to the lower DIRT rate of 25%.

I would like to take this opportunity to thank you for highlighting this issue and to apologise on behalf of Nationwide UK Ireland for any inconvenience it may have caused.
 
Godfather said:
Isn't it funny how bank errors are ALWAYS made in the banks favour?

Nope actually not funny at all.!
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Nah, you just forget about those a lot quicker - if you hear about them at all. For example, BOI ATMs got generous a few weeks ago.

Also, in terms of PR, what bank would chase people en mass that it has undercharged?

I don't work in a bank or anything, I can just imagine it's no peachy deal at the moment- on the front line at least.
 
I have a 1 year fixed account due to expire in Feb 2011.
Will this be at the 27% rate, or will it be broken into two rates?
 
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