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AIB pays compensation over error
01 Sep 2015 18:06
AIB has had to refund customers and pay compensatory interest of €3.7m after it overcharged 6,855 clients, RTÉ News has learned.
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The bank had failed to inform the customers in writing that their overdrafts had expired.
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As a result the clients had been surcharged interest by the bank in error.
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AIB has reported the issue to the Central Bank, with the average refund being around €543.
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In a statement to RTÉ News, AIB said it apologised for the error and the inconvenience caused.
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It said it had made appropriate changes to procedures as a result of the issue and that the bank was writing to the affected customers, most of whom were business clients.
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In a statement the Central Bank confirmed it was aware of the issue.
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It said the Consumer Protection Code required errors to be resolved speedily and for customers to be notified and refunded appropriately.
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The Central Bank did not say if it would take any further action.
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