Up to €100m to be repaid to overcharged bank customers
Banks could be forced to repay up to €100m to overcharged customers.
The head of an Oireachtas committee said this morning that he would be meeting with people from within the banking sector this week after claims of massive overcharging by banks over the past decade.
Cork North West TD Michael Moynihan said that judging on the information he would receive, he would bring it and any evidence of overcharging to the Financial Regulator.
The Fianna Fáil TD is chairman of the Joint Oireachtas Committee on Economic Regulatory Affairs and the allegations are believed to have been supplied to him by whistleblowers from within the banking sector.
The alleged overcharging took place in the form of additions to interest rates or fees charged to customers.
The Fianna Fáil TD is chairman of the Joint Oireachtas Committee on Economic Regulatory Affairs.
It is thought that all the main banks, except for permanent tsb, figure in the allegations. Just last week, Financial Regulator, Matthew Elderfeld, told the committee that overcharging was an area for enforcement action.
“I fear that some level of over-charging may always be with us due to systems problems, but I want to make sure that firms respond to problems with more energy and speed than in the past,” Mr Elderfield said.
Over the past 10 years, Irish banks have been forced to pay back some €180m to overcharged customers.
Article courtesy of The Evening Echo newspaper.
