Bank of Ireland has confirmed that it is to refund 50,000 accounts it identified as having been wrongly charged.
According to Bank of Ireland, the accounts were incorrectly designated with an Irish residency code and as a result Government Duty Charges were applied to the account.
Customers will be paid a total of €1.8m, or an average of €40 per account after the bank identified the error.
The bank has said each account has now been 'coded correctly' and that it is in the process of writing to each customer explaining the situation and issuing a refund to include the amount overcharged, including an adjustment for inflation.
The bank said it "regrets any inconvenience caused to customers" and "has put in place procedures to ensure that this does not happen again".
While the bank says the majority of customers affected have been contacted, it has called on any who may have questions in relation to this issue to contact it at 00353 21 4944 207.