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Interest on reminder fees

In connection with the analysis of the debt collection issue, we have found that we have wrongfully collected interest on reminder fees. The error arose in connection with an amendment of the Danish Interest Act (Renteloven) in 2005 to which our systems were not adapted.

We are currently reviewing all reminder fees that we have charged in Denmark since 2005 – this concerns about 520,000 customers, whereas , 424,000 customers have received compensation. Of these, approx. 271,000 customers have received less than DKK 10, while the remaining approx. 153,000 customers on average have received DKK 73.

We have identified a similar issue in Realkredit Danmark. Our initial estimate is that approx. 40,000 customers may be affected by this issue of wrongful charging of interest on reminder fees or too many reminder fees.

Also in Norway, we have identified a similar issue, where up to 184,000 customers may be affected.. Due to differences in Danish and Norwegian legislation, Danske Bank in Norway will repay the rightfully charged fees in addition to the wrongfully charged interest.

The issues regarding the wrongful charging of interest on reminder fees also apply to Asset Finance Denmark (Nordania Leasing) and Asset Finance Norway.

We have paused charging new reminder fees in Denmark as well as the charging of interest on new reminder fees in Norway – and will ensure that all potentially affected customers in both countries are informed of the issue as quickly as possible.

Customers affected and communication to them

We are examining about 520,000 customers in Denmark and 184,000 in Norway who may potentially be affected by the issue.

Numbers below updated 3 June 2022

Numbers for Denmark



Up to 520,000 customers may potentially have paid interest on reminder fees

Almost all potentially affected customers have been informed

The majority* of customers have received compensation
*With the exception of special cases such as bankruptcy, estates and debt reliefs

Approx. 8.000 customers are not affected

Numbers for Norway


Up to 184,000 customers may potentially have paid unjustified interest on reminder fees

Almost all potentially affected customers have been informed

124,000 customers have received compensation or been requested account information

Customers affected and customer communications in Realkredit Danmark

We have identified a similar issue in Realkredit Danmark. Our initial estimate is that approx. 40,000 customers may be affected by this issue of wrongful charging of interest on reminder fees or too many reminder fees.

Numbers below updated 3 June 2022

Approx. 40,000 customers may be affected by this issue of wrongful charging of interest on reminder or too many reminder fees

Customers affected and customer communications in Asset Finance

The issues regarding the wrongful charging of interest on reminder fees also apply to Asset Finance Denmark (Nordania Leasing) and Asset Finance Norway. We expect that approximately 11,300 customers in Denmark are affected and approximately 1,800 customers in Norway are affected.

Numbers below updated on 13 January 2022

Numbers for Denmark


About 11,300 customers may potentially have paid interest on reminder fees

The majority* of affected customers are compensated 
*With the exception of special cases such as bankruptcy, estates and debt reliefs

 

Numbers for Norway


About 1,800 customers may potentially have paid unjustified interest on reminder fees

All potentially affected customers are informed

Timeline

  • Affected customers in Norway begin to receive compensation

  • Potentially affected customers in Asset Finance Denmark and Norway are contacted.

  • In July 2021 we begin to inform potentially affected customers in Norway.

  • In May 2021, we begin paying compensation to the affected customers in Denmark.

  • In March 2021, we begin to contact customers in Denmark, who potentially can have been charged interest on reminder fees. We inform them of the issue and that they may be affected.

  • In September 2020 we stop the charging of new reminder fees.

  • In connection with the analysis of the debt collection issue, we identify the wrongful charging of interest on reminder fees. In May 2020, we initiate a comprehensive analysis of the issue and its scope.

Want to know more?

Customers

Are you or do you think you are affected by the issue?

We will contact affected customers directly.
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