Bank had not directly communicated rate changes
KBC Bank Ireland has decided to offer “goodwill” payments of as much as €75 to certain former savers, after the lender was found by the Financial Services and Pensions Ombudsman last year to have breached consumer protection codes by not directly communicating rate changes. Photograph: Bryan O Brien/The Irish Times Keywords: cycling lock heritage street theft
That customer was awarded €75.47 by the ombudsman, equating to the difference between the interest paid during the lifetime of the account and the income received based off his initial 0.3 per cent rate. “Following the review, the bank concluded that the channels used, while in line with the terms and conditions of the account, may not have been of the standard expected or fully comply with the Consumer Protection Code in respect to these rate change communications and should have been accompanied by a direct communication to customers in advance of the rate changes,” she said.
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