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Tuesday 6 December 2016

MBNA fined for overcharging customers

independent.ie reporters

Published 23/06/2011 | 12:43

Credit card company MBNA has been fined €750,000 for overcharging over 370,000 customers nearly €17m.

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The overcharging occurred between July 2007 and October 2006, the Central Bank said today.



It added that the company reported the overcharging once it had been discovered and has repaid those affected.



MBNA applied interest rate charges to some credit card accounts from the transaction date rather than the statement date.



It also applied incorrect interest rates on some credit card accounts used exclusively for cash advances.



"The penalties imposed in this case reflect the importance the Central Bank places on consumer protection and the requirement to have adequate systems and controls (including checks on these controls) in place," the Central Bank said in a statement.



It added that the case is now closed.



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