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Bank of Ireland acknowledges overcharging on thousands of tracker mortgages

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Bank of Ireland acknowledges overcharging on thousands of tracker mortgages

Bank of Ireland confirmed that it overcharged almost 4,000 customers interest on their tracker mortgage accounts, The Irish Times reported Dec. 16.

In addition, the bank identified 602 accounts on which customers were not provided a right to, or the option of, a tracker rate of interest when they were eligible for one, the report added.

The bank said it will start compensating customers in the first quarter of 2017. The breach was discovered as part of an industry-wide probe into tracker mortgages required by the Central Bank of Ireland.