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BANK OF IRELAND has apologised to around 35,000 customers over an error in transferring some mortgages from KBC which affects customers’ repayment records.
The Bank said the mortgage “start date” for a number of mortgages transferring from KBC to Bank of Ireland was “incorrectly inputted into our systems”.
It said that as it was aware of this issue, Bank of Ireland did not submit the mortgage details to the Central Credit Register (CCR) for February and March while it is being fixed.
“This was to prevent incorrect credit information being reflected on the customers’ credit report,” Bank of Ireland said in a statement.
The Bank said it does “not believe this error is likely to affect the customer”.
However, it added that “if somebody applied for a loan or another form of credit, the gap in the monthly updates to the CCR may have been seen by a lender, so they can use our letter as proof of the error”.
Bank of Ireland said that to date, it has had no confirmation of a loan application being impacted, but added: “If any customer has a specific query they can contact our team and we will support”.
It said it has also informed other lenders about the error.
“We are updating the records as a priority and will write to customers again when it is resolved, which is expected in the next few weeks,” the Bank said.
In February, Bank of Ireland and KBC completed a major transfer of assets as the latter bank prepares to pull out of Ireland.
Closing a deal that was first announced in April 2021, Bank of Ireland acquired substantially all of KBC Bank Ireland’s performing loan assets and deposits, as well as a small portfolio of non-performing mortgages and credit card balances.
The acquisition involves €7.6 billion of performing mortgages, €0.1 billion of mainly-performing commercial and consumer loans, €0.2 billion of non-performing mortgages, and €1.8 billion of deposits.
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Funny how they make mistakes and suffer no consequences but if if a customer misses a payment or accidentally exceeds their credit limit or something like that they waste no time penalising them with fees. Are they offering any compensation to those affected? Or is a nice, cheap apology the best they can do?
When u are transferring such sensitive data u would think to check and double check and maybe even triple check, wouldn’t you? Doh from Homer simpson comes to mind
@Paul Keenan: Might even run a couple dress rehearsals with a test data set and validate .
@Paul Keenan: shows that they tried to automate it but didn’t test the process enough
@Paul Keenan: i have to laugh at the attatud of AIB …. just show the letter we send you to the Irish credit agency and it will be grand… until ya try contact the ICB it’s a nightmare to deal with them
@Dave Ryan: It’s BoI, not AIB. Do you work at BoI? – details don’t seem to be your thing.
@Gavin Conran: basic pre release checks.
And these are the guys who we are supposed to trust in a cashless society. Hilarious.
@Fergal McDonagh: I wouldn’t trust with cash payments either.
Bandits of Ireland
Yea bull of Ireland, not very good at anything. Think a lot of ppl are switching to Revoult for day to day banking as well
They owe the customers an actual apology. Myself and my partner were one of those customers affected by this. While on the phone attempting to deal with it he was constantly accused of not having the money in his account. Was asked numerous times if the money actually left the account, which it had. They eventually blamed KBC. When KBC was contacted they said a number of customers had called with the same issue and they put up a complaint for us. All this happened in early March. This issue was not just discovered. It’s been happening for over a month and a half.
Started the application process through a broker in July 2022. My application was lost by BOI Apparently. Deposit down on a property and still haven’t got the loan pack yet. Have eaten 4 interest rate hikes. I will be going to the ombudsman. The bank keep delaying which benefits them and screws me. Its daylight robbery . Any advice would be welcome. Broker is inept
How shocking…
It’s very unlike the bank to make a mistake
All those mortgages should now be null and void the banks dishonoured the terms and agreement of the signed contracts
Ah, the good old Irish banking system. Got my ‘apology letter today ‘. You can always count on them to screw a thing or two up.
Not good enough. Should be providing all affected with compensation for the cost of an ICB report when fix applied and ICB should review and expunge where necessary rejected credit applications where this BOI error impacted the decision.
I am so glad I didn’t go to boi from kbc. Lousy bank. Always some sort of report of mistakes in the news regarding them.
Just bankers following politicians, say ” I’m sorry ” & that it, no consequences what so ever!
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