Is a lender entitled to charge a customer who asks for 20 years of statements?

Miss Finny

New Member
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2
I took out a business loan, as did my ( business ) partner 20yrs ago.
I contacted AIB some months ago to ask them to tell me the total amount of money paid back... capital and interest and they gave it to me.
My partner has requested the same information but they won’t give it to him.. after numerous calls and emails the best they would offer is a copy of his statements at 3€ a page !!!
Is he legally entitled to this information?
 

Brendan Burgess

Founder
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37,461
Did they not send him a statement every year?

Why did he not keep it?

He might well be entitled to it under the Data Protection legislation, but it's crazy that a lender has to go to this expense without being reimbursed for it.

Brendan
 

IsleOfMan

Frequent Poster
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712
Can you give it to him?

I think you are getting off cheap at €3 per page. The business should have kept this information to hand.
 

odyssey06

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1,529
Can you give it to him?
I think you are getting off cheap at €3 per page. The business should have kept this information to hand.
Surely that comment could be directed to AIB also? They are a business, this is information relating to a customer transaction they should have readily available. If they don't, it's not the OP's fault if AIB don't keep proper records.
 

noproblem

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1,579
It could equally be said that it's not AIB's fault the OP doesn't keep proper records. However, that's just going round in circles and at the end of the day, a person should never be reliant on someone else for the running of their own business.
 
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Monbretia

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1,579
AIB would of course have the info but going back that far it's stored on microfiche probably offsite in storage facilities. Someone has to get the correct box back out of storage, go through it, print them off etc. It's not as simple or quick as just pressing a button, might be for the recent years but certainly not for the ones further back.

Not defending the bank but that is what they are charging for, it can take time rooting around that sort of stored stuff to get the correct info.
 

Palerider

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1,336
In short, yes, the statements were already provided and additional staff time will be required to dig these out for you, from my time way back in branch banking this charge is not going to cover the costs incurred.
 

odyssey06

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1,529
In short, yes, the statements were already provided and additional staff time will be required to dig these out for you, from my time way back in branch banking this charge is not going to cover the costs incurred.
The OP isn't actually looking for every statements, that is coming from AIB. The customer is looking for the final summary on a loan account.
Shouldn't this information be more readily available?
 

Palerider

Frequent Poster
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1,336
It depends, interest is usually charged quarterly, the account history from date of drawdown will have to be reviewed, that will entail a lot of manual review, microfiche etc for information already provided, we may not be talking about the same Bank ?

The loan details may not include interest accrual/ paid on the system.

I would ask for interest certs on the loan account, they will also charge for these however you will only need one for each year the loan was in place.
 

john luc

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366
They,AIB, charged me for statements on an A/C before. My case was that I had never received the statements in the first case and was preparing a case against them at the time. They charged me but I got my revenge in the end.
 

Miss Finny

New Member
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2
Thanks for all your replies.
Yes I could ( and did for a few years) add up all the debits on the statements... painstakingly slow .
AIB supplied it to me as a total number no problem at no fee so I assumed it was just ‘ a push of a button ‘.
For him it has been constant evasion which raises questions .....
The yearly interest statements are an excellent solution thanks again
 

AlbacoreA

Frequent Poster
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3,208
We had ATM long before that I would expect all these records are in a computer somewhere. At the worst a back up tape somewhere. They should be able to provide an export of the file for a fee.
 
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