AIB to refund 85,000 customers following a ‘process error’

85,000 customers overcharged by AIB following a 'process error' are to be refunded.

The issue effects customers who successfully applied to top-up their loans via phone or online.

Releasing a statement, the bank said that the average refund will be €25.

"For customers who had successfully applied to top-up their loan, we made additional funds available, where we credited accrued interest owed from the previous loan to the customer’s loan account.

"While the customer did receive this amount as new money, it was an error. As this was a mistake, any interest charged in relation to this will be repaid. The average interest to be repaid in relation to each top-up is €25."

They will also be "reducing customer loan balances relating to interest amounts for previous loan top-ups as a result of this matter".

According to the statement, "the average loan balance reduction per top-up is €75".

The bank will contact all impacted customers, stating that customers "don't have to take any action", and all refunds will be complete by early August. 

If you wish to discuss the matter with the bank, you can contact them on their dedicated number: 0818 300 072 (9am to 5pm Monday to Friday).

You can read the full statement here.