Ireland’s Ulster Bank Hit With $45 Million Fine For Overcharging On Mortgages-But It’s Not The First To Be Punished

Ireland’s Ulster Bank Hit With $45 Million Fine For Overcharging On Mortgages-But It’s Not The First To Be Punished

Share to Linkedin One of Ireland's biggest retail banks was handed a record penalty Thursday for deliberately overcharging mortgage customers, highlighting how lenders in both Europe and the U. S. have overcharged mortgage borrowers for years by charging excessive fees and rates, although the ultimate cost to borrowers is unknown. Ulster Bank logo seen in Dublin city center during Level 5 COVID-19 lockdown. Bank of Ireland is due ... [+] to close 103 branches across Island of Ireland as the acceleration in digital banking has now reached its 'critical point'. A total of 88 branches in the Republic of Ireland will close leaving 169, and 15 branches in Northern Ireland will close leaving 13. On Monday, March 1, 2021, in Dublin, Ireland. (Photo by Artur Widak/NurPhoto via Getty Images) On Thursday, Ulster Bank was fined $44. 6 million by the Central Bank of Ireland“”the largest ever penalty slapped by the central bank“”for overcharging fees to mortgage borrowers on purpose during the 2008 financial crisis. That comes on top of some $151 million that Ulster Bank has already paid out in refunds and compensation to nearly 6, 000 other overcharged mortgage customers, Irish Times reported. Last summer, British bank Lloyds was