Banks overcharging - how to check for it over past years

Bronte

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In light of the latest bank scandal how would one go about checking if a bank has overcharged one in other areas. For example how do you calculate if they have correctly charged interest on your mortgage over 20 years, given you interest on deposits etc. I've received in the last 5 years 2 refunds of piffling amounts due to bank error (less then 10 Euro including interest) Both were in relation to different areas of banking, but as the amounts were so trivial I never checked how they calculated it nor did the bank supply me with how they made the calculations.
 
I wrote a cheque recently for 135 euro.The cheque was cashed in BOI.BOI deducted 1135 from my account.When I went to ATM it said you have insufficient funds.The person cashing the cheque did not alter amount. When I discovered the discrepancy BOI transferred 1000 euro back to my account.
 
In short, it's a lot of work. You would need to find out what rates applied, when etc.

Have you kept all your old bank statements, mortgage statements etc.?

I'm not sure what rights you have in asking that the bank 'proves' its calculations to you.

There is a company called Bankcheck that specialise in this area-not sure if it would be worth your while contacting them-I would only imagine that you would have to have strong suspicions that you had been overcharged to take it this far.

It may be easier to do 'reasonableness' calculations-how accurate do you want to be?
 
This is a bit long winded......

Nowadays I keep absolutely everything in relation to my mortgages and accounts but you can't keep everything. I do this because one day if I have the time (when I retire) I'm going to sit down and cross check it! It was more a general query, it's very difficult over a long period of time to keep track of everything. It's very annoying hearing about say that x bank diddled people in relation to exchange rates on foreign currency knowing that about 10 or 15 years ago that I would have gone into certain banks and changed money. In the 1980's for example I worked in the US and sent money to Ireland weekly and the bank then used their exchange rate (the AIB) but I've no way of knowing now if I was one of those who should be refunded. I don't have any accounts from that period as I was a lot younger. Similary I worked in London. I've heard the banks were refunding people but I can't tell whether I was also one of those that were overcharged or whatever it was. In any case no bank has ever contacted me and I've been with the 2 big Irish banks in the past. My current bank out of the blue sent me as I said two refunds, my thinking was this:

If in 1995 the bank had overcharged me by let's say 1K and they refunded me with 1K plus interest in 2005. Then meanwhile in 1996 I went into unautorised overdraft of 100 resulting in punative interest and penalties but if they hadn't overcharged me in 1996 I would never have gone into overdraft etc. When they give these refunds do the banks re do your accounts from the date they did the error - I don't think they do, but they ought to really. Don't know what the rest of ye think.

It's this constant niggling feeling that somehow you're being done as over the years there is another and another bank scandal, but you have little or no power over it. I do check my accounts always but I was wondering what more I can do. Rant over.
 
I'm bringing up this old thread of mine because I was wondering if anyone has a link to the judgement in the Jim Bolger case, it is possible there is no judgement I suppose as it was only last week.
 
www.courts.ie would be the best place to get a copy. However, the most recent judgement on the site is dated 11 Sept, so you will have to wait for a copy of one from last week to be made available.

That said, I expect Mr. Bolger had to incur/risk significant legal costs over the past few years to get the justice he sought. The quantum and/or principle involved may have been, to him, worth it.

Can the same be said for your circumstances ? Also, his advisors may have had recourse to all relevant documentation. Do you ?
 
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