We are aware of an issue that occurred when we were making a redress payment and a payment of compensatory interest to you. These payments have been made correctly and are showing as available in your account (references are REM_CDM_ODRAFTRFND and NET).
Due to a technical issue an additional amount may incorrectly show as a ‘deferred amount/uncleared funds’ on your online/mobile banking. This will be corrected on 13th February 2021 and will no longer show thereafter.
If you have received a payment into your account with a reference starting REM, this will relate to a refund of fees/charges taken in error on a product you have or have had with us. Depending on the value, we may have written to you about this error, including what product was impacted and when. You do not need to contact us or do anything else about this.
In addition to the refund of fees/charges, compensatory interest* has been applied to make sure you're not out of pocket. This compensatory interest payment is calculated from the date any fees/charges were incorrectly applied, up to the date you received payment. This will appear on your statement on the same day as the payment starting REM and may include the reference NET.
You do not need to do anything about this.
* In accordance with HM Revenue & Customs (HMRC) requirements, Basic Rate Tax has been deducted from the gross amount of compensatory interest before paying you. If you are not a UK taxpayer, you may be able to claim a refund of the tax deducted directly from HMRC. Depending on your personal circumstances (e.g. if you are an additional rate taxpayer) you may need to include the amounts on your self-assessment tax return and pay further tax. In such a situation, you are advised to contact the HMRC Helpline on 0300 200 3300.
