The Central Bank has fined credit card company MBNA Europe €750,000 and reprimanded it for breaching the consumer protection code.
In 2009, MBNA had to refund around 370,000 customers after mistakenly overcharging them by almost €17m.
The company made a mistake in the way the charging of interest was described to customers in its credit card terms and conditions. This meant that it applied interest to some accounts where its own terms and conditions prevented it from doing so.
The Central Bank said today that MBNA Europe had failed to 'act with due skill, care and diligence' in the interests of customers, and that it failed to put enough resources, checks and controls into making sure it complied with the consumer code.
The bank said MBNA had reported the problem, co-operated in settling the issue and refunded the affected customers with interest.
