I had a joint mortgage account with AIB. We came out of a fixed rate in 2012. Received the letter and 1615 cheque in March 2018. We moved house later that year and closed that mortgage.
I called them at the beginning of June and they didn't give me much info, they confirmed that we were included in the cohort being reviewed but wouldn't confirm if we were due any further redress.
I noticed yesterday that the AIB website had been updated to say that the review was complete so I called them again. This time I was told the amount of the redress was 12% of the balance of the mortgage at the time that we exited the fixed rate. The guy I spoke to looked up the balance from that date and confirmed the exact amount (a simple calculation of 12%). He said that the interest payment was still being calculated as it was a more manual process with different variables for each customer.
He couldn't say exactly when it would be completed as it was being done in batches but said it would be completed by end of August. He also said that we would receive a single cheque for the 12% plus the interest, as opposed to a redress payment followed by a cheque for the interest. Although in our case there will actually be two cheques as the total amount will be split, one in my name and one in my wife's name.
I know that AIB are taking a battering here and rightly so, but I do feel it's worth calling out that all of the front line staff I have dealt with have been excellent. They clearly haven't always been able to give as much info as we would like but they are doing their best and I feel have been hung out to dry a little bit. The issues lie at board level / with senior management where it appears to me that there is a cultural problem around transparency and willingness to accept responsibility for their previous actions.
Anyway, I'm content for now to wait another 6 weeks, now that I have had it confirmed that we are included. If you're in a similar situation to me, I would recommend calling them and asking them to confirm same. They seem to be far more forthcoming now than they were 6 weeks ago.
I called them at the beginning of June and they didn't give me much info, they confirmed that we were included in the cohort being reviewed but wouldn't confirm if we were due any further redress.
I noticed yesterday that the AIB website had been updated to say that the review was complete so I called them again. This time I was told the amount of the redress was 12% of the balance of the mortgage at the time that we exited the fixed rate. The guy I spoke to looked up the balance from that date and confirmed the exact amount (a simple calculation of 12%). He said that the interest payment was still being calculated as it was a more manual process with different variables for each customer.
He couldn't say exactly when it would be completed as it was being done in batches but said it would be completed by end of August. He also said that we would receive a single cheque for the 12% plus the interest, as opposed to a redress payment followed by a cheque for the interest. Although in our case there will actually be two cheques as the total amount will be split, one in my name and one in my wife's name.
I know that AIB are taking a battering here and rightly so, but I do feel it's worth calling out that all of the front line staff I have dealt with have been excellent. They clearly haven't always been able to give as much info as we would like but they are doing their best and I feel have been hung out to dry a little bit. The issues lie at board level / with senior management where it appears to me that there is a cultural problem around transparency and willingness to accept responsibility for their previous actions.
Anyway, I'm content for now to wait another 6 weeks, now that I have had it confirmed that we are included. If you're in a similar situation to me, I would recommend calling them and asking them to confirm same. They seem to be far more forthcoming now than they were 6 weeks ago.