Monday September 21, 2020

BoI refunds its customers over break fee error

Mistake led to homeowners being overcharged

22nd May, 2016
Banl of Ireland have had to issue some of their customers refunds Pic: RollingNews.ie

Thousands of Bank of Ireland borrowers have been issued refunds by the bank after it inaccurately calculated so-called break fees for mortgage customers.

Fixed-rate mortgage borrowers who choose to switch to another rate are often charged a break fee by lenders.

However, The Sunday Business Post has learned that Bank of Ireland made errors in thousands of cases when calculating these fees, resulting in customers being overcharged.

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