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11/09/2009
AIB To Refund €400k In Overcharges
There is no let up at the troubled Allied Irish Bank, as announces it is to return almost €400,000 to customers it overcharged on tracker mortgages.
The overcharging affects 436 mortgages with the average refund being €906.
The bank said the Financial Regulator had been informed of the mistake.
AIB said it provides varying tracker rates to mortgage holders depending on the loan to value ratio of their mortgage.
"The error arose when customers were charged an interest rate that did not correspond to the loan to value ratio for their account. Additionally, in some instances a 'new business' discount was not appropriately applied," the bank said.
AIB has been on the rocks since the beginning of the Irish economic meltdown, with crashing share prices and internal turmoil.
The news coincides with the an appointment by Manchester-based financial services group WH Ireland who have hired former AIB Independent Financial Services leader, Lindsey Hamilton, from Allied Irish Bank to be its new head of wealth management.
Hamilton led AIB's Independent Financial Services unit, where she led the high net worth regulated sales force in the UK.
It said the appointment takes effect immediately and that she has brought with her "an experienced wealth management team".
(DW/GK)
The overcharging affects 436 mortgages with the average refund being €906.
The bank said the Financial Regulator had been informed of the mistake.
AIB said it provides varying tracker rates to mortgage holders depending on the loan to value ratio of their mortgage.
"The error arose when customers were charged an interest rate that did not correspond to the loan to value ratio for their account. Additionally, in some instances a 'new business' discount was not appropriately applied," the bank said.
AIB has been on the rocks since the beginning of the Irish economic meltdown, with crashing share prices and internal turmoil.
The news coincides with the an appointment by Manchester-based financial services group WH Ireland who have hired former AIB Independent Financial Services leader, Lindsey Hamilton, from Allied Irish Bank to be its new head of wealth management.
Hamilton led AIB's Independent Financial Services unit, where she led the high net worth regulated sales force in the UK.
It said the appointment takes effect immediately and that she has brought with her "an experienced wealth management team".
(DW/GK)
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