MBNA has overcharged its customers by €18m!

This is what i got

19/03/2010 20/03/2010 COMPENSATORY INTEREST €11.09 CR
19/03/2010 20/03/2010 REFUND INTEREST €224.22 CR
 
triona said:
I'm in the same position, I closed my account with them. I got the standard letter from them when they announced they were doing the reveiw but I haven't heard anything since.

Triona
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I'm also in the same position. Interesting I can still log into my account online even though it has been closed. There have been no credits made to my account but considering my account is closed that doesn't surprise me. I guess we'll just have to wait for the post.
 
Agreed, I can log in but there are no refund transactions against my account.

I assume there is a communication in route.
 
MBNA don't seem to want to supply the details:

Received: 23/03/2010
from Customer Service
Dear Towger, The analysis completed required us to look back over a period of time dating back to 1999, consider the impact throughout that period at a transaction level. Assess the interest paid, compare it to what you should have been charged and it is that difference that we are refunding, which includes compensatory interest. Our analysis has been very thorough as it required us to look back over a period of time, assess the impact, if at all, on customers. The Financial Regulator has been kept updated on the assessment process, its findings and outcomes. For more information or a more detailed breakdown of the interest you have been refunded, we can arrange a call back for you. If you would like a call back please reply to this message with your best contact number and time to receive a call. Kind Regards, MBNA
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Why only by phone? MBNA hate dealing with customers in writing. I wonder why?

Send them a snail mail letter asking for a written breakdown of the calculations.
 
I fully expected to receive a letter detailing how this refund has been calculated.

I am going to write to them today requesting this, surely they have to provide a detailed breakdown to all customers
 
I told them it was too complex to explain over the phone. To post me the details and then ring me, so they can explain it! How do they expect anyone to follow, understand and check 10 years of transactions and complex interest formulas over the phone?
 
I closed my account with them a few years ago, but am awaiting news of a windfall, as I had the account for over ten years.

I do think that they should either be fined by the Financial Regulator - or a fixed amount for every customer that they overcharged, or both. Either that or they should pay a late fee to each customer similar to the late payment fee that they charge customers if they are a few days late on their payments.

I know that they have paid backdated interest, but they also charge interest, so, seeing as the amounts were overcharged in the past & they are only paying what's owed now, it's seems logical that they get a taste of their own medicine & pay a late payment fee. What is the current late fee, about €15?
 
Towger said:
I told them it was too complex to explain over the phone. To post me the details and then ring me, so they can explain it! How do they expect anyone to follow, understand and check 10 years of transactions and complex interest formulas over the phone?
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And did they say the will send you a letter?
 
I didn't receive any phone call or letter but I just checked my account and there was

REFUND INTEREST €20 ish
COMPENSATORY INTEREST €1.40 ish
REFUND INTEREST GOVERNENT TAX €4.30 ish

Never was very fond of MBNA, they took enough money off me over the years, nice to see a bit of payback.
 
Got a small refund on my current card but I've just sent an email to them regarding previous cards. I won't be holding my breath for a reply in 2 days.
 
I just called them, I was told a letter is being sent to all customers explaining how the figures were calculated.

So I will wait and see...
 
They gave me via email a list of the transactions and interest charges, which totals the interest part of the repayment. They are sending copies of the statements via post. Only problem is this is not what I requested and only goes back to 2007.
I have almost all statements back to 1999 and have had a quick glance through them. Needless to say there are numerous interest charges from cash withdraws while on holidays pre 2007. My card number changed in 2006, so that may have botched their refund calculation or else they no longer have the data!
 
Just to update as I was one of the customers with a closed account. A cheque arrived today for an amount just over €100.

There was no explanation with it, no details of compensatory interest or otherwise. I'll be emailing them and requesting a full breakdown shortly so it will be interesting to see what their response is.
 
Here's the weird thing but a little concerning ...,

Received a cheque for a massive €9.56 today from MBNA for a account closed over 4yrs ago.
The thing is I was living in a different house at the time and MBNA would never have known my current address as I never had bills sent here etc.

Would they have access to electoral address?
 
Everyone should have got a cheque in the post instead of them putting it off the credit card balance. It should have been up to the customer to decide what they wanted to do with their refund.
 
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