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AROUND 11,500 CUSTOMERS of Allied Irish Banks (AIB) are to be offered refunds totalling €3.1 million after discrepancies with insurance options on credit cards were discovered.
The bank said it is writing to customers to inform them of the refunds – which work out as €270 per customer on average – after it began a review of credit card accounts last year following feedback from customers.
The discrepancies relate to insurance options on credit cards and concern customers who inadvertently paid charges for payment protection plan, travel insurance and card protection.
People were sold these products and offered coverage when it was not clear whether or not they wanted it.
Some cases relate to customers ticking boxes which both accepted and declined the insurance and the bank not checking which option the customer wanted.
In other instances, customers who provided contradictory information on the application form relating to their employment status may be entitled to a refund as the bank did not clarify the circumstances of the customer.
Customers who have credit card accounts that were in arrears from June 2009 and were advised that their Payment Protection plan would be cancelled after two consecutive missed payments could also be in line for a refund.
The bank has apologised to the affected customers who will be issued with letters and refunds in the coming days.
The Central Bank is aware of the issue and it is now conducting a review into the sale of payment protection insurance.
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And will anybody be held to account for this??? Bet your ass there won’t!! Same crap, different day!!!!
Most likely who ever was responsable was promoted long ago for good inititive.
What would happen to a member of the public if they took €3.1 Million out of people’s bank accounts?
Hi AIB
While you are at it, you might sort out the €20.5 Billion that you owe us.
How could someone tick boxes to both accept and decline insurance at the same time? People need to be careful when filling out forms. Insurance companies in particular are notorious for wriggling out of their responsibilities based on what may or may not be on an application form. These issues often don’t come to light until a claim is submitted.
We should all be due a very large refund …..
Plus the interest !
It just wouldn’t be the news without an article on banks making mistakes, apologising, paying bonuses to fat cats, laying off staff & generally anything that the rest of us would either serve time for or at least a criminal record.
How many of these mistakes slip under the radar? Either way, the bankers (I nomally pronounce the ‘b’ like a ‘w’) who dealt with these customers would have been payed a nice commision on all of these. Will they be looking for those redunds?
Nice try Again hard luck
Averages about €282.
Strangely suspicious that banks only ever over charge on accounts when investigated! They are never found to have under charged anyone..
Free banking available for over-60s so get
The Bank Branch Address: 40/41 Westmoreland St. Dublin.
National Sort Code: 933384.
Dear Sir or Madam
Kindly please, I strongly believe that the Aib bank charged me unfairly 12.65 € every three months for 7 years which is unfairly total 12.65 x 4 x 7 = 354.20 €. Approximately, Or around this figure which equivalent to around total 354.20 €. Please calculate the exact amount and refund to my account.
My age now over 67 years, my Date of Birth is 22/02/1947. This Date of Birth in the bank information, the bank has it, when I opened my account. I believe it is a mistake of the staff of AIB in favour of the bank against me, which I believe it is unfair.
Please refund this amount of money, to my account as soon as possible, Or please let me know”How to reclaim unfair bank charges”.
In addition the bank charged me 5€ as stamp duty several times please let me know why this 5€ and if this fairly or unfairly, for over-60s.
This story from other people which:
My parent were talking to a friend of theirs who was telling them that she had went into the bank a few months ago to query if people over 60 years of age( correct me on the age if i’m wrong) were entitled to get free bank charges, ie not paying for transactions, money transfers etc etc.
the bank said that she was correct and as she has been paying these for the last few years she looked for a refund, and she got it… worked out at almost €600.
My dad is going in shortly to check it out as well.
Please make everything fair and please do not forget to add the interest for delay of payment starting from the first day in which the bank charged me unfairly, because I trusted AIB bank, and I trusted your staff.
Waiting, your reply with anticipation.
Yes , Indeed
its an extraordinary story … but more interestingly is the lack of comment in the newspapers..
1. That a discrepancy is not seen by a financial institution as there main warning sign in dealing with any transaction
2. That the AIB data input program is not designed to reject discrepancies.
3 The scale and duration the ‘error ‘ was allowed to continue given 11,500 applications . Unless ( and the newspaper articles do not make clear) the issue was only recently highlighted, one would have to assume that they have received complaints over a long period while continuing to wrote policies.
So as usual their is a problem with AIB’s competence , credibility and integrity
and with the laziness of the reporters
Cathal O’Connor
Would another leading bank care to do the same? Further details by search in Google for ‘Devrajan Hanna Fagan’.
Cheers
The Common Informer
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