BOI overcharging - €50million on the way

Heard the spokesman from Bank of Ireland on Today FM this evening get a remarkably easy ride from Matt Cooper.

He assured the nation that those who had been stitched up by the bank over the last 15 years would be refunded plus interest, as if this was some act of Mother Teresaesque selflessness.

Couldn't believe that our hero from Cork didn't follow up by asking him would this be at the rates available on their deposit accounts across the period?

Indeed, does anybody know what they're currently paying? 0.5%? 0.25%? 0.1%? 0.01%?

If you have some time to spare you could try finding it on [broken link removed]. Me? I gave up.

But given that 65,000 of their valued customers (mind you there was wriggle room left in the announcement so I'm betting it'll net out at nearer 100,000 and €100million) will be in line for a refund, will anybody from AAM who gets notified of their, ahem, windfall please let us know the story on the interest rate? (If you're too ashamed to own up to having been stiffed with payment protection insurance as a callow youth, you could always post anonymously....)

15 million is the figure I heard.

I know it is something that daltonr has pointed out in the past, but I think that it is a disgrace that the banks loan you full amount to pay your payment protection premiums upfront and then charge you interest on the additional figure that they have loaned you. So if you take out a five year loan, you're paying your payment protection premiums for the 5 yr term upfront. IFSRA should certainly put a stop to this practice, maybe thats part of the report that they have brought out on payment protection???

I thought this only applied to personal loans, but Mr.V said on his way home from work that he thought they mentioned something on the radio in relation to mortgages- anyone know?

The overcharging admitted to by the BOI is the tip of the iceberg.

This site is USA centric but the problem is global. www.banksentinel.com

For the reasons that overcharging is so widespread see [broken link removed]