Saturday 20 January 2018

Charlie Weston: Second bank admits dipping into savings of its customers

Charlie Weston Personal Finance Editor

Bank of Ireland has become the second bank to admit that it dips into consumers' savings accounts in certain circumstances if payments are missed on loans or hire-purchase repayments.

AIB admitted to this newspaper recently that it engages in offsetting, or taking money from consumers' savings accounts when the consumer does not pay a loan. Other banks are known to do it, but haven't admitted the practice.

Bank of Ireland had initially denied to the Irish Independent that it engaged in offsetting.

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