RBS ‘hides’ cash from 4,500 customers

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Royal Bank of Scotland has admitted “misinforming” 4,500 customers who contacted the bank looking to access inactive accounts.

The Sunday Times reports customers were told their money was not held at the bank, when in fact it was.

The bank blames software errors for the problems, and said the typical balance in the accounts was £50.

RBS could not be reached for comment, but a spokesman told the newspaper: “We are very sorry this happened and as soon as we discovered this we took steps to correct the error.”

The bank has informed the FCA of the errors, and has launched its own internal probe.

Chancellor George Osborne announced a sale of the state’s RBS holding this summer. The bank is currently 73 per cent owned by the taxpayer.