Bank charged customers extra day’s interest in leap year

Bank of Scotland has been forced to compensate thousands of customers for incorrectly charging an extra day’s mortgage interest for the 2008 Leap Year.

According to the bank, the 10-year-old overcharging error only came to light during a recent review of its Irish mortgage accounts — conducted prior to its sale in September of Irish retail mortgage loans to Australian-owned loan portfolio and property manager, Pepper Asset Servicing.