Ulster Bank has returned its banking license to the Central Bank after 185 years of operation in Ireland due to overcharging 90,000 mortgage customers. The issue stemmed from incorrect interest applied to loans, necessitating refunds for affected homeowners. Although the bank is now transitioning to a retail credit firm named Ulydien DAC, it has taken seven months to notify impacted customers about their refunds and the mistakes made. The errors resulted in repayment durations varying up to two months longer or shorter than originally agreed upon in the mortgage contracts.
The bank has only now written to the impacted customers telling them how much they are getting in refunds and explaining what went wrong - seven months after it was first reported.
The mortgage repayments were spread over a term that was up to two months longer or shorter than the contractual term of the loan.
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