Sunday 27 May 2018

BoI blames 'technical glitch' as cash vanishes from customer accounts

BoI CEO Francesca McDonagh
BoI CEO Francesca McDonagh

Gretchen Friemann

Bank of Ireland yesterday insisted that money apparently missing from customer accounts was a result of a "technical processing issue" and not a cyberattack.

The lender rushed to correct the fault which caused panic and distress to a number of customers and disrupted payments.

A number of agitated Bank of Ireland customers contacted the Irish Independent claiming money paid into their accounts had disappeared.

One woman said her wages, which were paid into her personal account last week, appeared to have been wiped. When she contacted Bank of Ireland she was told the missing funds were caused by a "computer error".

Another customer said tens of thousands of euro in a business account had suddenly disappeared, which he only discovered when a business payment was declined.

The customer, who wished to remain anonymous, slammed what he described as the bank's abysmal customer service and communications.

He said customers were forced to do "all the footwork" in relation to the source of the problem, and endured "the embarrassment of payments being declined" while Bank of Ireland made no attempt to "contain a significant IT issue".

There were also reports of customers being challenged over payments into accounts - with the bank allegedly instructing customers to check whether payments had in fact been made, despite records documenting the transfers.

Affected Bank of Ireland customers claimed the problem emerged on Tuesday.

However, a spokesperson for Bank of Ireland declined to detail or clarify the scale of the computer error or detail when it occurred.

The bank blamed the glitch on a "process issue" that "has resulted in some customers not seeing all transactions reflected in real time in their accounts".

She said the bank acknowledges "the inconvenience this may cause some customers" and added "we wish to sincerely apologise for this delay. We are currently working to resolve the issue as soon as possible".

Bank of Ireland is in the midst of a €900m technology overhaul of its core processing capacity. Bank of Ireland's recently appointed CEO Francesca McDonagh has said some of the bank's systems are 30 years old.

Indo Business

Business Newsletter

Read the leading stories from the world of Business.

Also in Business