T308 – Overdraft Interest on Current Accounts Questions & Answers (Q&A)
We recently wrote to some customers about an error on their current account.
When we put the overdraft in place for these customers, we gave them a higher interest rate than they may have been expecting. Therefore, we are now providing these customers with a refund.
We have either sent them a cheque or paid them directly into an AIB account with the reference “ AIB Payment T308”.
If you got this letter these Q&A’s may help.
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Why have I received this letter?
When we put an overdraft in place on your current account, we gave you a higher interest rate than you may have expected, which is why we are providing you with a refund.
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I have more than one current account with an overdraft, how do I know which one is affected?
We have sent you a letter for each affected current account and we have included the date your overdraft was put in place. The account number will appear on each letter.
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What does my total refund include?
We have calculated your refund based on the difference between the higher interest rate we charged you and the lower interest rate we should have charged you, whenever this rate was lower. Your payment also includes compensatory interest.
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What changes did you make to my current account?
If your current account is open and you continued to be on an incorrect rate, we have adjusted your interest rate to the lower rate that you should have been on.
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My affected current account is closed. Why did I not get a cheque?
If your affected current account is closed and you have another current or appropriate deposit account with us, we have put your refund and compensatory interest payment into that account. This is outlined in your letter.The payment reference will appear on your account as “AIB Payment T308”.
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Has the Central Bank of Ireland (CBI) been told?
Yes, we have told the CBI. We keep them up to date on everything we are doing for our customers.
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Has this affected my Central Credit Register (CCR) record?
No, your CCR record has not been affected as a result of our error.
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What steps have you taken to make sure that this won’t happen again?
We have updated our internal procedures and put additional measures in place to ensure that this does not happen again.
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Who can I speak to if I have a question or want to complain?
If you have a question about the information included in our letter or want to complain, you can ring us on 0818 726 726, between 9am and 5pm, Monday to Friday, excluding Bank Holidays.You can use your total refund as you choose. This will not affect your right to complain.
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