Undercharging of customers by Ulster Bank and First Active

This research page on ValueIreland.com tracks the number of overcharging incidents by some of Irelands best known companies since 2004.

Just to be fair, we also keep track where companies have revealed that customers have been undercharged – but have a look just to see how the overcharging (in favour of the company) vastly outnumbers the undercharging (in favour of the customer).

Last week, it was revealed by Ulster Bank and First Active (essentially the same bank now that they’re both owned by Royal Bank of Scotland (RBS)).

According to this article from the Irish Times:

AT LEAST 13,000 Ulster Bank and First Active customers have been told their banks under-deducted Deposit Interest Retention Tax (Dirt) on their savings accounts. The two banks have written to affected customers in the past week about the miscalculation of Dirt. A spokeswoman for Ulster Bank said letters had been sent to 6,500 customers of its subsidiary, First Active. The bank says the miscalculation occurred as a result of a systems error and the average amounts involved for each customer are small – just €1 in the case of First Active.

In this situation, as it’s a tax deduction, the extra money was taken from the customers accounts. In some previous cases, the undercharging banks took the hit instead of taking the money.

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