AIB Bank error in account classification results in overcharging on 40,000 accounts - - requiring average refunds of €100
Feb 8th, 2010 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The Irish Financial Regulator says in accordance with its statutory Consumer Protection Code, AIB has reported an error that occurred in the classification of the accounts of some customers. AIB estimate that 40,000 accounts may require refund with an estimated refund value of €4m plus compensatory interest. The average refund is expected to be €100. However until the full rectification process is complete, it is not possible to quantify the total number of accounts and potential refunds.