Query re compound versus simple interest complaint

zxcvbnm

Registered User
Messages
377
A delayed query by me here but I did not complain to aib / ombudsman about the simple interest instead of compound interest being used in calculation after the ombudsman’s decision on the ‘Karen’ case 2 years ago. I assumed that once one person complained and the ombudsman agreed then it would automatically be applied to all as basically the ombudsman would have ruled that aib misinterpreted the initial instruction from ombudsman at the time.

Is my assumption above correct? Or should I also go through the whole appeal process to ensure I am included if there is a further payout?

Thanks
 

Brendan Burgess

Founder
Messages
47,209
I would expect that if the Ombudsman gives a ruling in favour of the complainants on this issue, that AIB will be told by the Central Bank to roll it out to all impacted customers.

However, there is nothing to lose by banging in a complaint to the Ombudsman. Don't spend too much time on it though.

Brendan
 
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