# MBNA has overcharged its customers by €18m!



## Brendan Burgess (14 Dec 2009)

From [broken link removed]



> *MBNA refunds €18m to customers*
> 
> MBNA is to refund about €18 million to customers after it discovered an error had been made in how interest was calculated.
> The company said those affected by the error would receive about €38 each or less, and had written to its customers to let them know of the mistake.
> ...



MBNA cannot be allowed to do these calculations themselves. 

This overcharging has a huge knock on effect. It may have meant that someone could not clear their account, so they would be hit for interest and penalties on the entire bill.

In addition, they have been torturing people who were in arrears. If this was partially caused by their errors, then these people should get compensation for the pain suffered.

Brendan


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## Brendan Burgess (14 Dec 2009)

If you are affected, you can call MBNA on 1800 818 704


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## Bronte (14 Dec 2009)

MBNA said it was starting a review of accounts to see who was affected by the error, warning it was "complex and lengthy". 

That's really rich coming from an organisation that has set out to be really complex and lengthy in it's terms and conditions on how it applies interest on accounts and on it's dealings with it's 'client's'. 

How was this error discovered, did no one other than MBNA notice this, what about regulators/etc

What exactly is the error and the additional error?  Who discovered it?


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## jhegarty (14 Dec 2009)

Brendan said:


> If you are affected, you can call MBNA on 1800 818 704



How would one know if one was affected ?


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## bond-007 (14 Dec 2009)

It looks like they owe you if you were paying them interest before 2007.


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## Brendan Burgess (14 Dec 2009)

I have issued the following press statement today:

*Financial Regulator must arrange independent supervision of MBNA overcharging. *

  Brendan Burgess, consumer advocate, today called on the Financial Regulator to make sure that there is some independent oversight of MBNA’s refund of credit chard overcharging.

  It is not as simple as refunding interest charged and interest on interest.

  The interest on the overpayment must be refunded at the same rate which MBNA charged on their arrears. 

  MBNA imposes very high penalties on people who have been in arrears. These penalties are among the highest charged by Credit Card companies in Ireland and include 

Increasing the interest rate from 14.9% to 25%
  [broken link removed] of €12.70 each time you go over the credit limit 
  [broken link removed] of €15.24 for not meeting the minimum repayments
  [broken link removed] of €19.05

*They don’t appear to highlight the actual charges on their website.*

  If the overcharging has caused people to fall into arrears, then the penalties and charges associated with going into arrears will have to be refunded as well. 

  The company also is very aggressive in pursuing arrears calling customers up to 18 times a week. Posters on Askaboutmoney.com have described themselves as being “tortured” and “stalked” by MBNA. One person reported being called 6 times a day.

   If these customers fell into arrears due in part to MBNA’s own errors, then they should get compensation for the aggravation they suffered. 

  MBNA has recently introduced new terms and conditions which make it much more difficult for customers to qualify for an interest free period. In summary, a customer must pay the balance in full and on time for two months in a row to avoid interest charges – all other credit card companies restore the interest free period as soon as the customer pays the bill in full and on time, once only.

*Brendan  Burgess*

*burgess7@eircom.net *



*MBNA provides credit cards on behalf of *
  Ryanair.com
  EBS
  AXA
  Sony
  PigsBack.com
  Irish Nurses Assoication
  Irish Farmers Association
  Postbank
  DSPCA
  Liverpool Football Club
  Celtic Football Club
  Munster Rugby Credit Card
  Dublin GAA


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## Towger (14 Dec 2009)

Brendan said:


> *MBNA provides credit cards on behalf of *



That list (from their site?) is not complete. For example they have a large number of alumni credit cards.


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## Brendan Burgess (14 Dec 2009)

HI Towger

They were the only ones I could find on the website. 

Google has identified the following. Please let me know of others

Ladies Gaelic Football Players
Contract Bridge Association of Ireland 
Irish Heart Foundation 
Certified Public Accountants in Ireland

*Third Level Colleges
*Griffith College
Institute of Technology Tralee
National College of Ireland
Royal College of Surgeons in Ireland
University College Cork 



Brendan


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## Towger (14 Dec 2009)

From 

RCSI
GCD
Maynooth


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## Brendan Burgess (14 Dec 2009)

Press Release


Reporters May Contact:
Suzanne Holmes, MBNA Press Office, Dublin
+353 86 811 6141
DUBLIN, 14 December, 2009 - We have identified an error in the way the charging of interest
was described to customers in the terms and conditions of our credit card product.
As required by the provisions of the Consumer Protection Code we have reported this error to
the Financial Regulator and are working closely with them to ensure that our affected
customers are fully reimbursed. The relevant terms and conditions have now been corrected
to address this issue and steps have been taken to prevent a reoccurrence.
Although we have applied interest as outlined in our marketing material, a drafting error within
our terms and conditions from 2007 prevented us from applying interest to accounts in certain
circumstances; however, interest was applied in these circumstances in error and this was not
in accordance with our terms and conditions.
When this issue was identified, we immediately conducted a full review of all our terms and
conditions stretching back to 1997. As a result of this we discovered an additional error and
therefore we will refund any interest which may have been applied on the annual Government
Tax charged on accounts up to 2007 on the basis that we didn’t set out how interest would be
applied. No other remediation is necessary; all terms and conditions have now been corrected
and issued to customers to address these issues.
We are now assessing the impact, if any, on each of our customers. The time period, the
number of customers and number of transactions involved make this review a very complex
and lengthy process. As a result this will take some time to complete; however, we will ensure
that if a customer is due a refund, plus related interest, they will receive this by March 2010 at
the latest.
The refund to the majority of affected customers is likely to be around €38 or less. In total, we
expect to refund around €18 million to customers.
We have written to our customers to advise them of the issue. If a refund applies, we will
notify them as soon as the assessment is completed. No action is necessary on the part of our
customers at this time.
We sincerely apologise for any inconvenience and assure customers that it is our intention to
resolve this matter fairly, correctly and in a timely manner.
ENDS
Notes to Editor
Basis on which interest will be refunded
Although we have applied interest as outlined in our marketing material, a drafting error
within our terms and conditions (Section 2b on how we work out interest) from 2007
prevented us from applying interest to accounts in certain circumstances; however,
interest was applied in these circumstances in error and this was not in accordance with
our terms and conditions.
Accordingly, we are refunding interest that we charged customers, on the following
basis:
interest charged for the period between the transaction date and the
statement date
interest charged on non retail purchase (i.e. ATM or cash withdrawal)
transactions where the customer has not made a prior card purchase.
interest charged where a customer has been a full balance payer for at least
two consecutive months
When this issue was identified, we immediately conducted a full review of all our terms
and conditions stretching back to 1997. As a result of this we discovered an additional
error and therefore we will refund any interest which may have been applied on the
annual Government Tax charged on accounts up to 2007 on the basis that we didn’t set
out how interest would be applied.
Customers can write to us at MBNA Europe Bank Limited, Freepost, Reference
IR2BMB1/2 PO Box 25, Carrick-on-Shannon, Co. Leitrim; or call 1800 818704. From
overseas dial +353 71 9656 267. Lines are open Monday to Friday 9am – 5pm and
Saturday 9am – 1pm (Ireland time).


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## Towger (14 Dec 2009)

They must be having a good laugh at their original 1997 T&C, I have a very old copy (somewhere) and it is just version of their UK T&C with incorrect currency etc!


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## GreenQueen (14 Dec 2009)

I wonder what exactly they are going to do about their past customers?  I closed my account with them a year ago but obviously would have had an account during the time mentioned.  I've not had any correspondence from them since I requested they remove me from their marketing list.  Should I ring them directly?


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## bond-007 (14 Dec 2009)

I don't suppose the FR is going to penalise them at all for this?


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## helens (14 Dec 2009)

I Really Hope the Financial Regulator Tortures them now The Same way they have tortured me And other customers who found them selves in Difficulty....


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## jhegarty (14 Dec 2009)

Anyone fancy calling them 6 times a day until they get their refund ?


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## helens (14 Dec 2009)

jhegarty said:


> Anyone fancy calling them 6 times a day until they get their refund ?


Pmsl


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## bond-007 (14 Dec 2009)

Use your included calls to call them without revealing your number 071 9656 267. 
Calling their 1800 number will reveal your landline/mobile to them.


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## NorfBank (14 Dec 2009)

Brendan said:


> This overcharging has a huge knock on effect. It may have meant that someone could not clear their account, so they would be hit for interest and penalties on the entire bill.



I wonder how many people missed a payment because of this and how quickly MBNA were to record this on the ICB which could result in an impaired credit record for those people. If this has occurred will MBNA repair their ICB record?


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## Brendan Burgess (14 Dec 2009)

bond-007 said:


> I don't suppose the FR is going to penalise them at all for this?



It doesn't look likely unfortunately

From the 



> The regulator said its consumer protection code was being followed closely by MBNA to make sure customers were fairly and quickly reimbursed. A spokesman said: "The Financial Regulator is satisfied with how this matter is now being dealt with and it is engaging with the firm to ensure that procedures and remedial action is undertaken to prevent this type of issue reoccurring.


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## Blackberry (14 Dec 2009)

If they find it difficult to calculate interest, how is the average punter expected to work it out!


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## dtlyn (15 Dec 2009)

My MBNA credit card funded my college excesses between 03 and 07ish.. but I have since paid off and closed it. However, I was overlimit a few times (and charged for it) and paid interest on a significant balance. Also, due BOI laziness I sometimes incurred late charges. I would occasionally withdraw cash from the ATM also. 

I've kept most of my statements (I knew it would be handy!) but I'd be interested in 

a) Seeing if they get in touch at all, considering the account has been closed for over a year .
b) Getting a handle on exactly what the calculation error is and running through it myself. 



> 1. Interest charged for the period between the transaction date and the
> statement date
> 2. Interest charged on non retail purchase (i.e. ATM or cash withdrawal)
> transactions where the customer has not made a prior card purchase.
> 3. Interest charged where a customer has been a full balance payer for at least  two consecutive months



The first 2 above would have been common scenarios (I expect) on people carrying full balances or near-to-full balances.  Possibly 3 would apply in the case where loans may have been drawn elsewhere to pay off full balances. 

Therefore I agree with Brendan's assertions and am very eager to see how this plays out.


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## Papercut (15 Dec 2009)

Something similar arose with AIB credit cards back in 2006. I got a letter from them stating that following a comprehensive examination of fees & charges applied to all of their products, they had discovered that they had incorrectly calculated cash advance interest charges on Low Interest & Budget MasterCard accounts from 2001 to 2004. I received a credit of about $20.00 at the time, which comprised of €13.00 for the actual miscalculation & €7.00 interest.

  As far as I can remember the ‘_comprehensive examination_’ stemmed from the discovery that they had overcharged many customers for foreign exchange transactions. 

  It does go to show that the automated interest & fees charging system of any financial institution is only as good as the way it is programmed/set-up to begin with, though it’s amazing how these things don’t seem to be checked on a regular basis by internal audit departments. It’s funny how these sort of errors never seem to be in the customer’s favour.


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## dtlyn (15 Dec 2009)

> It does go to show that the automated interest & fees charging system of any financial institution is only as good as the way it is programmed/set-up to begin with, though


Some of these calculations are very complex (with accuracy of calculation being quite a particularly difficult thing to pin down), difficult to capture in computer systems and this is often amplified by the volumes of the transactions. While understandable, however, that is not really excuse for inaction or proper testing and controls. 



> it’s amazing how these things don’t seem to be checked on a regular basis by internal audit departments. It’s funny how these sort of errors never seem to be in the customer’s favour.


I would say that is because error's in the companies' favor would be written off in most circumstances. Can you imagine the uproar if MBNA went chasing customers if they had undercharged interest?

I would say that as long as the company is honest and open with customers, and once discovered prioritizes reimbursement programmes, then that's all you can ask. 

The question is are MBNA being honest and open and will they reimburse fairly? 

My guess is from an accounting perspective, they will, however on an earlier point made by Brendan, compensation for arrears harassment or otherwise intangible side affects of this case will be ignored by MBNA and the FR.


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## Papercut (15 Dec 2009)

I received a letter today from MBNA about this issue. The wording is much the same as the press release.

''_We are now in the process of assessing the effect on each of our customers' accounts and will consider your account as part of this process. No action is required by you at this time and once our assessment has been completed we will be in a position to confirm the extent to which your account may have been affected by this, if at all._''

So, at least they seem to be on the ball as regards contacting customers.


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## Aimee (17 Dec 2009)

I paid off my credit card with MBNA in December 2007 and I received a letter from them today confirming they are looking into matter as per previous page and a refund will issue together with interest if applicable.


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## jhegarty (17 Dec 2009)

Got the same letter myself.

I notice the letter only mentions interest and not penalties. I seem to remember going over my credit limit by €5 and been charged a penalty. 

This refund would possibly mean I didn't go over the limit that time.


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## bond-007 (17 Dec 2009)

No letter received here.


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## Bronte (17 Dec 2009)

bond-007 said:


> No letter received here.


 
You're in the special category batch of letters, the one marked "watch this one he knows how to calculate interest, has kept all paperwork and could be a bit of bother so handle extra carefully" .


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## bond-007 (17 Dec 2009)

Very good.


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## Blackberry (17 Dec 2009)

dtlyn said:


> Some of these calculations are very complex (with accuracy of calculation being quite a particularly difficult thing to pin down), difficult to capture in computer systems and this is often amplified by the volumes of the transactions. While understandable, however, that is not really excuse for inaction or proper testing and controls.
> 
> 
> 
> > The issue at present has nothing to do with the computer systems.  It appears they were calculating correctly but incorrect terms and conditions were sent out to cardholders.


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## Papercut (17 Dec 2009)

Blackberry said:


> dtlyn said:
> 
> 
> > Some of these calculations are very complex (with accuracy of calculation being quite a particularly difficult thing to pin down), difficult to capture in computer systems and this is often amplified by the volumes of the transactions. While understandable, however, that is not really excuse for inaction or proper testing and controls.
> ...


There are *two* issues:
1)A drafting error in the way that interest charges were laid out in their terms & conditions affecting accounts between 1st July 2007 & October 2009. Some transactions may have been charged at the wrong interest rate.

 2)Rates of interest charged on the Govt Levy on accounts going back to 1997. Some accounts may have been charged cash transaction interest rates instead of retail transaction rates.
*This was caused by a computer programming error.*

All accounts will have to be examined to ensure that the correct interest rates were charged. Any errors will be corrected & adjusted to the correct interest rate that should have been applied & refunds which will include interest to date will be issued to all existing & previous customers.


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## dtlyn (18 Dec 2009)

Blackberry said:


> dtlyn said:
> 
> 
> > Some of these calculations are very complex (with accuracy of calculation being quite a particularly difficult thing to pin down), difficult to capture in computer systems and this is often amplified by the volumes of the transactions. While understandable, however, that is not really excuse for inaction or proper testing and controls.
> ...


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## bond-007 (18 Dec 2009)

Got the letter today.


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## Blackberry (18 Dec 2009)

dtlyn said:


> ..and further to Papercuts reply if the computer systems are not calculating interest in accordance with the terms and conditions (drafted incorrectly or otherwise) then they are not working correctly.


 

MBNA never said there was an issue with their systems, what they did say and I quote from their own press release

 "We have identified an error in the way the charging of interest
*was described to customers in the terms and conditions* of our credit card product."


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## Papercut (18 Dec 2009)

Blackberry said:


> MBNA never said there was an issue with their systems, what they did say and I quote from their own press release
> 
> "We have identified an error in the way the charging of interest
> *was described to customers in the terms and conditions* of our credit card product."



   They did to me when I rang them. If you are in any doubt you should ring & hear it from the horse’s mouth. 

As I have already posted:

There are *two* issues:
1)A drafting error in the way that interest charges were laid out in their terms & conditions affecting accounts between 1st July 2007 & October 2009. Some transactions may have been charged at the wrong interest rate.

 2)Rates of interest charged on the Govt Levy on accounts going back to 1997. Some accounts may have been charged cash transaction interest rates instead of retail transaction rates.
*This was caused by a computer programming error.*

Freephone: 1800 818 704


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## Blackberry (20 Dec 2009)

Papercut said:


> They did to me when I rang them. If you are in any doubt you should ring & hear it from the horse’s mouth.
> 
> Freephone: 1800 818 704


 

Thanks Papercut.......Don't need to ring them........Not foolish enough to have a card with them!!!!


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## Papercut (20 Dec 2009)

Blackberry said:


> Thanks Papercut.......Don't need to ring them........Not foolish enough to have a card with them!!!!


   No problem Blackberry….I wasn’t implying that you were foolish in any way – be that foolish enough to have a card with them or foolish enough to post misinformed information about them…I was merely clarifying the facts regarding their computer programming error!!


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## Brendan Burgess (21 Dec 2009)

[broken link removed] in today's Irish Times, reports that the Consumer Panel of the Financial Regulator has asked to meet the Financial Regulator about this. 



> Mr O’Rourke [Chairman of the Consumer Panel] is seeking a meeting with the regulator over the €18 million being repaid by credit card company MBNA to customers it overcharged.
> 
> 
> The panel wants to know why MBNA was not fined for overcharging when much smaller operators are penalised for minor infractions.


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## bb12 (11 Mar 2010)

Just wondering if anyone had had any refunds or any further information about the overcharging from MBNA yet? I received a letter at the time also, but haven't heard anything back from them since.


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## Wishes (11 Mar 2010)

I haven't heard a word since the letter and haven't received any refund.  I thought we were meant to be credited by now.


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## Papercut (11 Mar 2010)

The original letter said that the process of checking all accounts would be completed by March 2010 at the latest, & that anyone affected would be notified. So I suppose this would give them until the end of the month.


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## jhegarty (11 Mar 2010)

Nothing here since the first letter either.


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## jhegarty (20 Mar 2010)

Got my refund today.

REFUND INTEREST, REFUND INTEREST GOVERNENT TAX and COMPENSATORY INTEREST listed in my online banking.


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## Aidan78 (21 Mar 2010)

I've just checked my MBNA account online and I've also been given a refund.  Only amounts to about €100 but still, better than nothing!

Aidan


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## Tomorrow (21 Mar 2010)

I got a refund as well. Approx €50. 

I hope its correct but I suppose we have no way of checking!


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## Wishes (21 Mar 2010)

Brendan, have not received anything in paper as yet.

Received refund of approx. Eur 147.  

My minimum payment for this month is approximately that so it would have been nice if they'd deducted the above amount from this months payments instead of lobbing it off the entire bill.


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## bond-007 (21 Mar 2010)

I got €147 back!


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## Brendan Burgess (21 Mar 2010)

_Have they written to you about how it was calculated?  

You should demand a schedule to show the calculation so that you can  check it. 

Brendan 			_


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## bond-007 (21 Mar 2010)

I shall be watching the post with *interest *from tomorrow! 

Strange how 2 of us got €147.


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## Wishes (21 Mar 2010)

Definitely.  I'll look forward to hearing the amounts other posters received.


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## jhegarty (21 Mar 2010)

25/02/2010 20/03/2010     refund interest                          €51.78 cr  
25/02/2010 20/03/2010     refund interest governent tax            €8.63 cr  
25/02/2010 20/03/2010     compensatory interest                    €3.03


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## bond-007 (21 Mar 2010)

18/03/10 20/03/10 refund interest Government tax €1.82cr
18/03/10 20/03/10 compensatory interest €3.67cr
18/03/10 20/03/10 refund interest €143.45cr


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## Towger (21 Mar 2010)

19/03/2010 20/03/2010 COMPENSATORY INTEREST €0.20 CR
19/03/2010 20/03/2010 REFUND INTEREST €2.92 CR

I don't know there they got the figures from, only once in the last 10 years was I a couple of days late in paying off the balance. Could they be from cash withdrawls abroad?


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## Bronte (22 Mar 2010)

Wishes said:


> My minimum payment for this month is approximately that so it would have been nice if they'd deducted the above amount from this months payments instead of lobbing it off the entire bill.


 
I don't think that's good enough.  You should be entitled to the money into your hand for you to decide what to do with it.

MBNA should explain how they have arrived at the figures and also how they decided on how much compensation they have paid.  Who decided on the amount of compensation, presumably a percentage of the overcharging.  They should also be fined by the regulator for allowing this to happen in the first place.  Some people will have been hit with other charges which if they had the amounts repaid in their accounts they would never have been penalised, how are they looking at that.  May a large ad in the natioanl papers outlined the error, the dates and how they calculate the overcharge would clear the air.


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## Towger (22 Mar 2010)

Bronte said:


> MBNA should explain how they have arrived at the figures and also how they decided on how much compensation they have paid.


 
No point in asking here. Log on to their website, click on 'My Messages' on the top of the screen and ask the questions. I did, and the site told me I would have a response to my message in two working days. We shall see.


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## bb12 (22 Mar 2010)

em....i got a HUGE refund! Half afraid to query it  if in case they put the decimal point in the wrong place!


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## vandriver (22 Mar 2010)

88.87 refunded here
04/03/2010 20/03/2010 REFUND INTEREST €39.44 CR
 04/03/2010 20/03/2010 REFUND INTEREST €32.74 CR
 04/03/2010 20/03/2010 REFUND INTEREST GOVERNENT TAX €11.93 CR 04/03/2010 20/03/2010 COMPENSATORY INTEREST €4.76 CR


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## dtlyn (23 Mar 2010)

Has anybody who has since closed their MBNA account received a communication with a refund from MBNA?


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## Towger (23 Mar 2010)

dtlyn said:


> Has anybody who has since closed their MBNA account received a communication with a refund from MBNA?


 
I don't think so. But I have changed card number after the first was scammed, so I want to see if they took it into account when calculating the refund.


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## triona (23 Mar 2010)

dtlyn said:


> Has anybody who has since closed their MBNA account received a communication with a refund from MBNA?


 
I'm in the same position, I closed my account with them. I got the standard letter from them when they announced they were doing the reveiw but I haven't heard anything since. 

Triona


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## xpot4 (23 Mar 2010)

This is what i got 

 19/03/2010 20/03/2010     COMPENSATORY  INTEREST                    €11.09 CR
 19/03/2010 20/03/2010     REFUND INTEREST                           €224.22 CR


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## GreenQueen (23 Mar 2010)

triona said:


> I'm in the same position, I closed my account with them. I got the standard letter from them when they announced they were doing the reveiw but I haven't heard anything since.
> 
> Triona



I'm also in the same position. Interesting I can still log into my account online even though it has been closed. There have been no credits made to my account but considering my account is closed that doesn't surprise me.  I guess we'll just have to wait for the post.


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## dtlyn (23 Mar 2010)

Agreed, I can log in but there are no refund transactions against my account. 

I assume there is a communication in route.


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## SteveW9 (23 Mar 2010)

are you supposed to get a letter first saying you have been refunded?


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## bond-007 (23 Mar 2010)

Well no letter has arrived here yet.


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## Towger (24 Mar 2010)

MBNA don't seem to want to supply the details:



> Received: 23/03/2010
> from Customer Service
> Dear Towger, The analysis completed required us to look back over a period of time dating back to 1999, consider the impact throughout that period at a transaction level. Assess the interest paid, compare it to what you should have been charged and it is that difference that we are refunding, which includes compensatory interest. Our analysis has been very thorough as it required us to look back over a period of time, assess the impact, if at all, on customers. The Financial Regulator has been kept updated on the assessment process, its findings and outcomes. For more information or a more detailed breakdown of the interest you have been refunded, we can arrange a call back for you. If you would like a call back please reply to this message with your best contact number and time to receive a call. Kind Regards, MBNA


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## bond-007 (24 Mar 2010)

Why only by phone? MBNA hate dealing with customers in writing. I wonder why?

Send them a snail mail letter asking for a written breakdown of the calculations.


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## Tomorrow (24 Mar 2010)

I fully expected to receive a letter detailing how this refund has been calculated.

I am going to write to them today requesting this, surely they have to provide a detailed breakdown to all customers


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## Towger (24 Mar 2010)

I told them it was too complex to explain over the phone. To post me the details and then ring me, so they can explain it! How do they expect anyone to follow, understand and check 10 years of transactions and complex interest formulas over the phone?


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## Papercut (24 Mar 2010)

I closed my account with them a few years ago, but am awaiting news of a windfall, as I had the account for over ten years.

I do think that they should either be fined by the Financial Regulator - or a fixed amount for every customer that they overcharged, or both. Either that or they should pay a late fee to each customer similar to the late payment fee that they charge customers if they are a few days late on their payments. 

I know that they have paid backdated interest, but they also charge interest, so, seeing as the amounts were overcharged in the past & they are only paying what's owed now, it's seems logical that they get a taste of their own medicine & pay a late payment fee. What is the current late fee, about €15?


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## SteveW9 (24 Mar 2010)

Towger said:


> I told them it was too complex to explain over the phone. To post me the details and then ring me, so they can explain it! How do they expect anyone to follow, understand and check 10 years of transactions and complex interest formulas over the phone?


 
And did they say the will send you a letter?


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## dublin ace (24 Mar 2010)

I didn't receive any phone call or letter but I just checked my account and there was 

REFUND INTEREST €20 ish 
COMPENSATORY INTEREST €1.40 ish
REFUND INTEREST GOVERNENT TAX €4.30 ish

Never was very fond of MBNA, they took enough money off me over the years, nice to see a bit of payback.


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## jasonr (24 Mar 2010)

Got a small refund on my current card but I've just sent an email to them regarding previous cards. I won't be holding my breath for a reply in 2 days.


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## Tomorrow (24 Mar 2010)

I just called them, I was told a letter is being sent to all customers explaining how the figures were calculated.

So I will wait and see...


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## bond-007 (24 Mar 2010)

Will anyone who is not a forensic accountant be able to decipher it?


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## Towger (26 Mar 2010)

They gave me via email a list of the transactions and interest charges, which totals the interest part of the repayment. They are sending copies of the statements via post. Only problem is this is not what I requested and only goes back to 2007.
I have almost all statements back to 1999 and have had a quick glance through them. Needless to say there are numerous interest charges from cash withdraws while on holidays pre 2007. My card number changed in 2006, so that may have botched their refund calculation or else they no longer have the data!


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## GreenQueen (9 Apr 2010)

Just to update as I was one of the customers with a closed account.  A cheque arrived today for an amount just over €100.

There was no explanation with it, no details of compensatory interest or otherwise.  I'll be emailing them and requesting a full breakdown shortly so it will be interesting to see what their response is.


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## Mixednuts (10 Apr 2010)

Here's the weird thing but a little concerning ...,

Received a cheque for a massive €9.56 today from MBNA for a account closed over 4yrs ago.
The thing is I was living in a different house at the time and MBNA would never have known my current address as I never had bills sent here etc.

Would they have access to electoral address?


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## Alwyn (10 Apr 2010)

Everyone should have got a cheque in the post instead of them putting it off the credit card balance.  It should have been up to the customer to decide what they wanted to do with their refund.


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## chrisboy (10 Apr 2010)

Just rang them, a check for a massive 6 euro 58 cent on the way out!!


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## bond-007 (10 Apr 2010)

I didn't care for the sarcastic tone of their letter where they said, we have credited your account with the refund but by the way the minimum payment is still due. This despite the fact the refund was way in excess of the minimum payment for that month.


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## desperatedan (10 Apr 2010)

Does anyone have an e-mail address for MBNA, as I have got one of those letters, for a card which was closed over 4 years ago !!

I woiuld very much like to receive a full break-down of the over-charging, how it was calculated, etc.

This form letter just will not do. 

They have given Freepost address to write to, and a Freephone 1800contact  number.

But, there is no e-mail contact.

If necessary, I will send snail-mail to the Freepoat address, but e-mail would be much more efficient.

Thanks,

I'm Desperate, Dan!!


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## browtal (5 Jul 2010)

My friend and I were recently travelling from Dublin Airport. My friend was stopped at the entry to the departure gateway by Ryanair CC repres. to take up a MBNA CC. 
She innocently signed up and duly received her cc in the post.  She never used it and some months later got a bill for about €70 for the use of the card. 
She got many reminders and eventually paid that amount to get them off her back.
Be Warned.


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## Pat Bateman (5 Jul 2010)

browtal said:


> My friend and I were recently travelling from Dublin Airport. My friend was stopped at the entry to the departure gateway by Ryanair CC repres. to take up a MBNA CC.
> She innocently signed up and duly received her cc in the post. She never used it and some months later got a bill for about €70 for the use of the card.
> She got many reminders and eventually paid that amount to get them off her back.
> Be Warned.


 
Be warned of what exactly?

Your friend signed up for a Ryanair/MBNA credit card and was (more than likely) then hit with two lots of stamp duty.

I've seen those salespeople many times and one is free to ignore them.


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## browtal (8 Jul 2010)

Hi Pat,
2 lots of stamp duty would not amount to €70 .  This happened in May and the charge was discharged following November. 2 lots of duty would not have been payable.  
Can you think of another reason?
regards Browtal


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## jhegarty (8 Jul 2010)

One stamp duty + interest + late payment fees ?


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## Moral Ethos (9 Jul 2010)

Their late payment fee is €15 each month. So that would make it alot over €70.


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## SallyM (9 Jul 2010)

Hi,

I used to have an MBNA card (between approx 1999-2005).  I was more foolish with money back then and incurred quite a bit of interest and fees.  I eventually paid it off and cancelled the bloody thing.
However, during that time I was living in various rented accomodation.  If they sent a letter to my old rented house there is no way it would find it's way to me now.  Can I contact MBNA to see if I am affected by the refund (I don't even have a record of my old CC number)!

I am currently an MBNA customer with a new card I took out but have learnt the hard way to pay off my balance in full every month.  Anytime I call them about anything it is very difficult to get speaking to a person.  Is there a hotline that deals with this? - I looked on their website but couldn't see anything.
Thanks


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## Brendan Burgess (23 Jun 2011)

helens said:


> I Really Hope the Financial Regulator Tortures them now The Same way they have tortured me And other customers who found them selves in Difficulty....





bond-007 said:


> I don't suppose the FR is going to penalise them at all for this?



Well you got your wishes in spades.

Even for MBNA €750,00 seems very high.


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