FIRST Trust Bank has confirmed to the Detail that it has overcharged more than 8,800 customers by £347,000.
In a statement to the Detail website this afternoon, a First Trust spokesman said:
“First Trust Bank is refunding a total of £347,187 to 8,805 customers who were incorrectly charged fees.
“The average customer refund is £40 and includes compensatory interest.”
The spokesman said the bank had apologised to effected customers.
The error is understood to have arisen when fees were manually applied to fee exempt accounts.
“Changes have been put in place to prevent a re-occurrence,” he said.
A helpline (0800 328 2043) had been set up to help customers who have been effected by the overcharging with any queries they may have.