The bank has announced that customers who entered into an “unauthorised overdraft” on August 15 will have the opportunity to repay the balance without any interest charges. This decision comes after an IT glitch allowed withdrawals of up to €1,000 without incurring any fees.
During a hearing at the Oireachtas Committee on Finance, Myles O’Grady, Group CEO of Bank of Ireland, stated that their main objective is to ensure that customers do not experience any financial harm as a result of their mistake.
To assist affected customers in regularizing their accounts, the bank initially implemented a 90-day fee-free overdraft. They have now extended their support by introducing a 90-day fee-free loan.
Susan Russell, CEO of Retail Ireland with Bank of Ireland, has confirmed that every customer has been contacted via letter and requested to reach out to the bank to discuss their individual circumstances.
While many customers have already contacted the bank regarding their “unauthorised overdraft,” the exact number of affected customers has not been disclosed.
BOI typically imposes a referral item charge for each transaction resulting in an unauthorised overdraft, as stated in their terms and conditions. However, for customers who entered into an unauthorised overdraft during the IT glitch on August 15, the bank is allowing six months to settle their accounts without any interest charges, thanks to the newly added three-month interest-free loan offer.
After this grace period, Bank of Ireland has expressed willingness to work with customers who have not yet settled their accounts to find an appropriate solution.
When asked about the largest withdrawal made by a single customer, Susan Russell stated that she was unable to provide an answer to the question.
Jim O’Callaghan TD inquired whether Bank of Ireland had any involvement in An Garda Síochána being present at ATMs on August 15. Mr. O’Grady clarified that the bank had no role in that decision, as it was made by the Gardaí based on public order considerations.
Summing up, Mr. O’Grady acknowledged the bank’s failure during the summer IT outage and expressed deep regret for the incident.
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