Monday 25 September 2017

Most accounts now showing the right balance, crisis-hit Ulster Bank claims

Jim Ryan, managing director for branch banking at Ulster Bank, leaving Government Buildings last week
Jim Ryan, managing director for branch banking at Ulster Bank, leaving Government Buildings last week

Charlie Weston Personal Finance Editor

CRISIS-hit Ulster Bank yesterday claimed that most customer accounts have now been updated to reflect the correct balances as at the start of this week.

Around 600,0000 customers have been affected by the IT systems crash that could happen to another bank, according to the Central Bank.

As the unprecedented breakdown of the bank's computer payments system entered its third week, the bank claimed it was now making steady progress updating customer accounts.

But it admitted that manual transactions such as cheque lodgements and withdrawals made in branches have yet to be processed.

A spokeswoman for the bank said: "The weekend has brought steady progress in the processing of automated payments and as a result, the majority of morning account balances for customers are now showing as they should on Monday, July 9."

The bank is sticking to its latest deadline of returning normal service to the majority of its 1.2 million customer accounts in the Republic by next Monday.

This is despite the bank repeatedly missing previous deadlines set by itself.

And the British-owned bank admitted some customers were still being overcharged for direct debits, and had other debits on their accounts processed twice.

"We apologise for this and can assure customers that this is being rectified and that all duplicate postings will be reversed.

"We have committed to ensuring that no customer will be out of pocket as a result of this issue," the bank said.

Months

Personal finance experts said it could take months to sort out any overcharging on customer accounts, and warned that the bank has some of the highest overdraft charges.

The bank said its ATM network was "fully available" but may not show correct balances.

Services on internet and mobile banking were now available for viewing, making transfers and payments, but customer balances and statements may not be up to date, it said.

Irish Independent

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