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https://www.independent.ie/business/personal-finance/i-cant-afford-this-and-i-wont-stand-for-it-new-bank-blunder-will-cost-homeowners-up-to-600-more-a-month-on-their-mortgages/a826147046.html
#DataQuality issues impact on people. This is another #IQTrainwreck from Ulster Bank but highlights how small data quality issues can have significant impacts on people.
Given PTSB has told me their systems can’t retrospectively calculate repayment amounts I would wonder if this type of error will be more widespread https://castlebridge.ie/insights/data-driven-indecision-making/
@CastlebridgeChief I’ve always been confused by the fact that banks here treat (or are allowed to treat) the repayments and cost per €1k/per month numbers as some sort of arcane magic.
If you have an amount for a loan, an interest rate, and a term, then there is a single basic formula to give you the data you want. It’s fair enough that customers might not be able to apply that, but everyone working with loans in banks surely should be expected to.
@helvick Computer says no.
@CastlebridgeChief If this was some property speculation / venture capitalist BS they'd suck it up and write it off - but they won't absorb the cost of their own mistake. I hope all those mortgage holders can find a way to stop this.
@RasherMurphy The ethical approach would be for AIB to recoup the under payment from Ulster Bank as the cost of *their* error.
@CastlebridgeChief True. But holding mortages to hostage is easier than tackling an institution with means to fight back, I'm guessing.