ICS Building Society has refunded 1,500 customers after overcharging them for their mortgages.
ICS, which is a subsidiary of Bank of Ireland, was supposed to apply a discount of 1pc to the mortgage when it was drawn down, but ended up applying a smaller discount. It is understood 1,500 customers are getting refunds, with an average €300 being paid out.
The bank said: “We identified a number of customers where the interest rate margin quoted on letters of offer was different from the interest rate margin applied to the mortgage account on drawdown, as a result of rate changes in the intervening period. The average refund is €300.”