Banks paid wrong interest rates

MISLEADING brochures, incorrect interest rates and mislaid application forms are just some of the discoveries of a Central Bank inspection of banks.

Bank customers could now be in line for refunds as part of the inspection of products sold by banks with promotional interest rates. It identified “a number of concerns” including interest rate errors on home loan products. However, the Central Bank did not name the delinquent banks.

It found that in the case of several home loan products, errors were identified where customers did not receive the full period (365 days) at the promotional or discounted rate.