PTSB Products 'Review'

Received (small) mortage interest refund to bank account 31/10. A fews days later received a letter explaining what it was about.

A higher interest rate 'may' have been applied to the account in a month in 2007 and in 2009 and I 'may' have charged more interest than I should have paid. And, the refund reflects interest that I 'may' have earned had this money been available to me.

17 years later.

Do they do this stuff of their own volition or is it Central Bank initiated?

If they find an error, they will usually correct it.

I don't know this case, but some customer probably queried a calculation. ptsb realised that an error had been made. So they check to see what other customers are impacted and they give them refunds.

Brendan Burgess said:

If they find an error, they will usually correct it.

I don't know this case, but some customer probably queried a calculation. ptsb realised that an error had been made. So they check to see what other customers are impacted and they give them refunds.

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The Central Bank's consumer protection code requires them to remediate any errors they find with customers accounts.