'Financial Services IQ Trainwrecks' Category
Tracker mortgage off target
RTE news today reports that AIB Bank (one of the largest banks in Ireland) has admitted an error in applying interest rate changes over a 12 month period to so-called ‘tracker’ mortgages.
This has resulted in customers having underpaid their loans in recent months. The bank is, kindly, offering the affected customers the option of paying the shortfall in one go or spread over the remaining […]The Butterfly Effect
I’m sure most of you are familiar with the concept of the “Butterfly Effect“, that part of Chaos theory that tells us that the small disturbances of the air by a butterfly’s wings in Cleveland can cause a natural disaster on the far side of the world.
A popular myth is that the term ‘bug’ as […]Leap Year problem hits Irish bank
The Sunday Business Post newspaper (Ireland’s leading weekly paper dedicated to business news) carried a story this week about errors in calculating mortgage interest due to the 2008 Leap Year which have affected at least one Irish bank. This is an information quality problem we discussed previously on this blog.Of course, the bank’s are simply going to apply the interest missed […]
Irish bank sends debtor details to wrong addresses
The Irish Examiner reports today that a leading Irish bank accidentally sent details on defaulted loans to the wrong address. Two letters were sent to the one address - which was the wrong one. The contents of the letters contained the correct name and address information for the account holders (it appears from the media […]
Another error from a wunch of bankers…
The Register has this interesting story… a man in Georgia USA received a letter from his bank shortly after he closed his account with them. He believed he had cleared any outstanding charges so was a little bit surprised when he received a letter from the bank insisting he owed them $211 trillion dollars. This […]
