Coop bank illegally charged fee to 2,000 customers

Coop Bank wrongfully charged a fee to 2,001 customers who wanted to repay loans early. The Consumer Ombudsman’s press release states that from April 1, 2022, to March 15, 2024, a fee of 250 kroner was imposed. The fee was considered illegal as the Credit Agreement Act allows consumers to repay loans early without a charge, except for a limited compensation for fixed-rate loans, which did not apply to these variable-rate loans. Coop Bank will refund the charged fees and has removed the fee from its price list as of May 1, 2024, following intervention by the Consumer Ombudsman. In May, Coop Bank was sold to Sydbank by Coop amba as part of a capital injection deal to salvage the financially challenged Coop Denmark, with OK distributor company becoming a major shareholder with decisive influence.