# Refund from PTSB



## Thirsty (4 Sep 2017)

More than a decade ago, towards the time when my 2 year fixed rate was to end, PTSB sent me a letter with my options.  It didn't include any information about available tracker rates.  

Thanks to information on this board (and I really mean a huge thank you!), I rang PTSB, asked about a tracker rate and changed to that rate.  I recall pointing out at the time, that they were being a bit smart in excluding that option from their letter, but didn't take it any further. We now know the hot water banks got into over that issue.

When my first mortgage statement came out, I contacted PTSB again and pointed out that they had put me on the tracker rate some 2 weeks before my fixed rate ended and therefore had over charged me.  (At the time the tracker rate was higher than the previous fixed rate.)  I was told that the new rate took effect as soon as I had sent in the paperwork.

Hm...I thought, shrugged and left it at that.

Last Friday, more than 10 years after these events,  I got a cheque and apology from PTSB for over charging interest by applying the tracker rate 17 days early.

The moral of the story is... 

Don't take No for an answer, appeal, lodge a complaint, take it to the FSO.  At the very least exhaust all the low cost options (by which I mean avoiding court cases & legal fees) before you call it a day.


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## Brendan Burgess (4 Sep 2017)

Hi Thirsty 

That is a mad story. 

What were they thinking?  The amount presumably was very small. 17 days interest at, say, 4% on a, say, €500k loan would be €931.  I presume that the overcharge wasn't anything this big?  How much have they spent in processing this complaint? They should have just fixed it immediately and apologised. 

Brendan


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## Thirsty (4 Sep 2017)

Brendan - I didn't put in a complaint at the time, nor did I since.  I assumed (wrongly) that what PTSB told me at the time when I rang was correct.

I'm guessing that the issue came up as a result of the Central Bank's review; I'd completely forgotten about it until I got the letter from PTSB.

The point I'm making is that we shouldn't shrug and accept what we are told.


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## Brendan Burgess (4 Sep 2017)

Ah, I see. 

I think you did the right thing at the time. The amount must have been very small.   Worth raising, but not worth wasting too much time on.

Brendan


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## Thirsty (4 Sep 2017)

> I think you did the right thing at the time.


Here I have to disagree.  I believe the reason so many corporations, including banks, feel they can act with impunity is that we don't challenge them.


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## Stitcher (4 Sep 2017)

Yet the challenges still took ten years to resolve and only happened as a result of the central bank review. Disgraceful.  Did they give any compensation? Or just the overcharged amount? 

I wonder does this letter from PTSB to you mean the rest of us can start to expect letters too ?


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