Can bank claim arrears on interest if they forgot to increase my % rate

hiya

If i find that my bank forgot to raise the % rate on my loan for a number of months. Should / can the bank enforce that i pay arrears / outstanding interest that they deem i owe them for their mistake....during that period of time

 

Read the loan agreement in full, banks can reclaim the pocket money your grandparents gave you and sometimes your first born child if they are really mean

 

Did they notify you that your rate would be changed? If so, I don't think you can make any strong argument.
However, what I would do is still speak to their retention team and argue the point, I wouldn't be surprised if you were able to renegotiate the new rate down slightly on the back of this.

 

Yes they could. But if they do jump up and down about it and complain and they will probably refund it to you.

 

This - seems like a small processing error on the banks end.
Sometimes the more noise you make the more likely you'll get what you want. Banks have discretion to waive it, lower the rate back down, provide something back to you.

 

If the bank forgot to pass on an interest rate decrease, would you expect them to refund the money when the mistake was discovered?
Marg