Irish bank Permanent TSB is to refund 600,000 euro to its mortgage customers.

The refund is in light of overcharging by the bank over the past three years. The cause of the overcharging was due to the bank applying the wrong interest rate to it’s customers mortgage accounts.

1500 letters to customers will be sent out during the coming weeks.

The overcharging was discovered by Permanent TSB during the summer and the Irish Financial Regulatory Authority was informed at the time.

Earlier this year, AIB Bank also issued refunds for overcharging on it’s foreign exchange services. Some current accounts and mortgage accounts where also overcharged.

Links:

Permanent TSB

AIB