AIB will have to repay 3.1 million euro to some 11,500 customers –
after overcharging them for a payment protection plan.
It follows an internal review into the way it sold payment protection plans.
11,500 customers of the now state owned AIB will be refunded an average of 270 euro each – after an internal review found mistakes in the way it sold payment protection on credit cards, loans and travel insurance.
The bank says it didn't missell the product – but rather made errors in setting up the policies and administering them.
This isn't the first time the bank has overcharged customers – in 2010, it was fined two million euro for failing to deal fairly with customers who were charged too much.
The Central Bank has been informed – and AIB will be writing to the affected customers in the coming weeks.