AIB pays out €3.7m following overdraft error

AIB is to refund more than 6,000 customers a combined €3.7m after a review of its overdraft products found that it had incorrectly charged account holders.

The review found that the bank had overcharged 6,855 customers after it failed to inform them that their overdrafts had expired.

As a result, the customers incorrectly incurred fees and charges which has led to its announcement yesterday of the refund scheme.