Friday 28 October 2016

AIB refund: Over 100,000 customers may be entitled to compensation over card protection policies

Published 19/08/2015 | 08:44

The AIB branch on Dame Street.
The AIB branch on Dame Street.

AN estimated 110,000 AIB customers may be entitled to a refund following a review by the bank of their card protection policies.

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According to AIB, the customers in question may not have been given enough information when they bought the product - they were paying for cover for fraudulent or unauthorised use of the card that the bank was already paying.

Card protection is an optional policy - it has a premium of €16 a year.

The scheme was provided by Pinnacle Insurance and customers may have selected it when they were applying for an AIB credit card.

AIB said it is working with the Central Bank to established a voluntary redress scheme for those who bought the policy from August 1 2006.

According to the Central Bank, consumers who believe they are affected and do not receive a letter from AIB by 30 September, should contact it directly.

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