KBC Bank avoids sanction over interest rate mix-up

KBC Bank Ireland will not be sanctioned by the Central Bank for erroneously printing an incorrect interest rate on customer statements.

It was reported yesterday that the wrong rate was printed on statements received by 7,000 of the bank’s customers.

An internal review, conducted in April, found that while the correct interest rate was being applied to accounts, 7,000 customer statements showed an incorrect rate printed, suggesting 1% more was being paid.