MBNA fined for overcharging credit card customers

MBNA has been fined €750,000 for imposing incorrect charges totalling almost €17m on hundreds of thousands of its credit card customers.

The Central Bank said MBNA applied interest rate charges to some credit card accounts from the transaction date rather than the statement date.

And it applied interest in error to some credit card accounts used exclusively for cash advances.

The mistakes occurred between July 1, 2007 and the October 26, 2009 and affected over 370,000 people.

"The penalties imposed in this case reflect the importance the Central Bank places on consumer protection and the requirement to have adequate systems and controls (including checks on these controls) in place," the Central Bank said.