Ulster Bank overcharges thousands of customers

Ulster Bank today admitted it has overcharged 25,000 customers more than €4m.

The bank did not refund borrowers who were owed money on insurance policies after they had repaid their loans early.

It has promised to pay back everybody caught up in the latest high-profile oversight to rock the Irish financial sector.

“Following an internal review, Ulster Bank can confirm that we are in the process of contacting a number of customers regarding an error that occurred when personal loans were repaid early,” said an Ulster Bank spokeswoman.

“At the time of the early repayment, a number of customers did not receive a full refund of Loan Protector Insurance for the remaining term of the loan.”

Dermot Jewell, chief executive of the Consumer Association responds on the revelations of Ulster Bank's overcharging.