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Irish banks investigated for false advertising

By Stefan Finsinger
from Quality Financial Media
08 March 2017
Between 2010 and 2013, several Irish banks have misled consumers with supposedly advertising incorrect interest rates for their credit cards. AIB, Bank of Ireland, KBC Bank Ireland and Permanent TSB are part of this review.

As there is no standardised way of calculating the APRs, the banks seemed to have found incorrectly interpreted an EU credit directive. The annually calculated APR are different to the monthly interests, which were charged to the customers.

Although the banks didn't do anything wrong, it is important that regulated firms treat their customers in a fair and transparent way. Some of the mentioned banks are planning to make a donation to charities.

Read more at http://www.irishtimes.com/business/financial-services/banks-investigated-for-advertising-incorrect-interest-rates-1.3001682