Approximately 110,000 AIB customers may be entitled to refund
AN estimated 110,000 AIB customers may be entitled to a refund following a review by the bank of their card protection policies.
According to AIB, the customers in question may not have been given enough information when they bought the product - they were paying for cover for fraudulent or unauthorised use of the card that the bank was already paying.
Card protection is an optional policy - it has a premium of €16 a year.
The scheme was provided by Pinnacle Insurance and customers may have selected it when they were applying for an AIB credit card.
AIB said it is working with the Central Bank to established a voluntary redress scheme for those who bought the policy from August 1 2006.
According to the Central Bank, consumers who believe they are affected and do not receive a letter from AIB by 30 September, should contact it directly.
Central Bank consumer protection boss Bernard Sheridan said: “We require all firms to make full disclosure to consumers of all relevant material information when selling any financial product. It is important consumers can have confidence firms are acting in their best interests and they are not sold any cover they do not need.
“Where this has occurred it is our priority to ensure consumers receive full redress.
“We encourage all affected consumers to make a claim.”