RBS to refund all victims of computer meltdown

Royal Bank of Scotland will issue refunds to all victims of last month's computer meltdown – whether customers and otherwise.

The lender plans reimbursing people hit by the IT blunder, which caused widespread payment delays. Though the group's NatWest arm was the most affected, RBS and its Ulster Bank subsidiary was also hit.

According to documents, customers would be reimbursed any charges for exceeding agreed overdraft limits, or interest on agreed limits, due to the delays.

The same was true for credit card customers who were charged late-payment fees. The bank would also pay up any lost interest that savers missed out on and waive all cash advance charges, where applicable.

RBS also said its bosses have agreed to special terms with credit ratings agencies to ensure that the records of victims did not suffer due to the glitch.

Meanwhile around 100,000 customers of Ulster Bank are still not able to access their money, as the IT crisis that hit the RBS network stretched into its 14th day.