Saturday 16 December 2017

AIB hikes cost of borrowing as EU fires fee warning

AIB heaped further pressure on its already embattled customers yesterday by announcing an increase in its overdraft and personal loan rates.

The move comes as the EU urged banks to come clean on the fees they charge customers or face new rules forcing them to be transparent.

The interest rate on an AIB overdraft will rise by 0.25pc to 12.7pc, starting today, with another 12pc charged on top of this to those who end up overdrawn without permission.

Yesterday, the EU told banks they had until mid-September to come clean on the fees they charged customers or they would face mandatory transparency rules.

Irish Independent

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