Irish Customers Overcharged
Thursday 23rd August 2007 Ulster Bank has admitted this week to overcharging around 25,000 customers in Ireland by an average of 170 euro each totalling over 4million Euro. These charges were for customers who have paid back their loans early yet had not received a refund on the insurance policy covering their borrowing.
Although the bank has apologised and stated that all borrowers affected will receive a full refund along with an interest payment The Consumers' Association of Ireland has criticised the bank for allowing this overcharging to happen.
The Consumers’ Association has also stated that internal auditors should have spotted the overcharging before now and has criticised the bank for the inconvenience caused to its customers.
The problem is said to have affected policies up until 2005 and a special helpline has been set up for customers who think they may have been affected.
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