AIB AIB Prevailing Rate refund calculator

AIB called myself and my wife last Christmas, asking us to come into the branch regarding this.
We had received something in the post 2 years or so earlier but we couldn’t believe our luck when we received €660.00 just in time for Christmas.
Was twice as much as we originally thought.
 
Hi @October2019

I used your calc which was very helpful but was wondering if you could validate my figures if you have a moment please?

Our balance at 26.12.10 was €320,128.09 so we received a write down of €38,415.37. The mortgage was redeemed fully on 30th May 2019 and the interest figure AIB gave was €11,991.01.

In total we received €50,406.38 but the calc shows €55,480.26. Obviously we were over the moon to receive a cheque for €50k (thankfully the account was closed so it was all in a cheque) but if AIB shortchanged us by €5k then by god we'll go back and get it!

Cheers!
 
CTScan said:
Hi @October2019

I used your calc which was very helpful but was wondering if you could validate my figures if you have a moment please?

Our balance at 26.12.10 was €320,128.09 so we received a write down of €38,415.37. The mortgage was redeemed fully on 30th May 2019 and the interest figure AIB gave was €11,991.01.

In total we received €50,406.38 but the calc shows €55,480.26. Obviously we were over the moon to receive a cheque for €50k (thankfully the account was closed so it was all in a cheque) but if AIB shortchanged us by €5k then by god we'll go back and get it!

Cheers!
Click to expand...
Just to bring you up to speed, AIB (wrongly, some would allege) calculated the interest owed on a simple interest basis.

The calculator uses compound interest. This gives rise to the discrepancy in your figures.

Many on the site had the same issue.
 
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