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As reported in the Business Post last week, Business Post - Paywalled Sorry
AIB have received many complaints about the delay in applying tracker reductions to Ulster Bank customers. Previously, decreases were applied very quickly, since we moved to AIB, it can take up to 2 months to have a difference applied. AIB insist that it benefits customers when the rates increase because it would be applied just as slowly. But it's very different to the previous arrangements.
Letters will be issued from 29th August, customers will receive a goodwill payment of €75 and "crediting the customer’s mortgage account for any difference in interest paid due to the differing approaches from the time their account moved to AIB to now."
They say there is no action to be taken by customers and the letters will explain it all. However, the Central Bank is now involved so it may become a bit more of a saga...
Further information in the Irish Examiner - not technically paywalled but you may have to pay to read if you've exceeded your free articles this week.
Irish Examiner Report on AIB Trackers from ulster Bank.
AIB have received many complaints about the delay in applying tracker reductions to Ulster Bank customers. Previously, decreases were applied very quickly, since we moved to AIB, it can take up to 2 months to have a difference applied. AIB insist that it benefits customers when the rates increase because it would be applied just as slowly. But it's very different to the previous arrangements.
Letters will be issued from 29th August, customers will receive a goodwill payment of €75 and "crediting the customer’s mortgage account for any difference in interest paid due to the differing approaches from the time their account moved to AIB to now."
They say there is no action to be taken by customers and the letters will explain it all. However, the Central Bank is now involved so it may become a bit more of a saga...
Further information in the Irish Examiner - not technically paywalled but you may have to pay to read if you've exceeded your free articles this week.
Irish Examiner Report on AIB Trackers from ulster Bank.