...again.
Statement – AIB Charging Error 8 February 2010
As required under the Financial Regulator’s statutory Consumer Protection Code, AIB has reported an error to the Financial Regulator that occurred in the classification of the accounts of some customers.
The details of the charging error are as follows:
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.
Statement – AIB Charging Error 8 February 2010
As required under the Financial Regulator’s statutory Consumer Protection Code, AIB has reported an error to the Financial Regulator that occurred in the classification of the accounts of some customers.
The details of the charging error are as follows:
- Incorrect classification of some accounts that determine the fees/charges and interest to be paid on the account that differ for both personal and business customers’ accounts.
- Those accounts that were incorrectly classified resulted in some personal accounts being classified as business customers and some business accounts being classified as personal accounts, resulting in incorrect fees/charges and interest being applied to customer accounts in certain cases.
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.