Thousands of Irish Revolut customers are set to receive refunds following an ATM charging error dating back to 2023, reports The Mirror.
Almost 112,000 people are due a refund after being incorrectly charged ATM access fees when withdrawing cash from their accounts, with the typical sum customers will receive back being €3.95, according to Revolut, reports The Mirror.
The digital bank stated that between 30 June 2023 and 26 February 2024, certain Revolut customers who withdrew cash from ATMs had the charge for doing so wrongly imposed.
111,873 customers have been affected and will be reimbursed, the Irish Independent has reported, reports The Mirror.
Revolut said: “This ATM access fee was applied solely by the ATM provider, was not at the instruction of Revolut, and was not passed on to Revolut. There is no relationship between Revolut and the third-party ATM provider.
“Nevertheless, Revolut is stepping in to refund affected users in the best interest of its customers, while the technical issue which initially caused the error has been resolved,” reports The Mirror.
This development follows news from earlier this year that the European-licensed bank, which serves over 3 million customers nationwide, expanded access to its main retail app for 16 to 17-year-olds.
The change provides older teenagers with access to the bulk of the Revolut app’s core functions, along with their own Irish IBAN, enabling them to receive payments directly into their accounts, reports The Mirror.
With access to most of Revolut’s primary features, older teens aged 16 or 17 can now manage budgets, monitor expenditure and plan for the future — financial skills that will benefit them throughout their lives.
Building on the younger tier available for six to 15-year-olds, these new accounts for 16 to 17-year-olds offer greater independence with fewer restrictions and reduced parental supervision, designed to develop alongside users at each stage of their financial development, reports The Mirror.
Older teenagers will now be able to receive wages from part-time or casual employment directly into their Revolut account via their own Irish IBAN, manage budgets through savings and pockets, transfer money to friends and family, while also benefiting from the same foreign exchange advantages when travelling overseas.
Certain features, including investing, credit and cryptocurrency trading, will remain unavailable to 16 and 17-year-old customers, while the accounts also incorporate safeguards such as gambling blocks, reports The Mirror.
Revolut’s youth account — formerly known as Revolut Under 18 — has been rebranded as ‘Kids and Teens,’ continuing to cater for children aged 6 to 15 under parental supervision, exactly as it has always done.
Tell us your thoughts in the Facebook post and share this with your friends.
