AIB will have to repay 3.1 million euro to customers – after overcharging them for a payment protection plan.
11,500 customers of the now state owned AIB will be refunded an average of 270 euro each – after an internal review found mistakes in the way it sold payment protection on credit cards, loans and travel insurance.
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The bank says it didn’t missell the product – but rather made errors in setting up the policies and administering them.
This isn’t the first time the bank has overcharged customers – in 2010, it was fined two million euro for failing to deal fairly with customers who were charged too much.
The Central Bank has been informed – and AIB will be writing to the affected customers in the coming weeks.
