Ulster Bank to 'make amends' as refunding policy announced

Ulster Bank to 'make amends' as refunding policy announced

Ulster Bank have announced measures to ‘make amends’ to customers after a technical incident which left thousands unable to withdraw cash or access their accounts earlier in the summer.

The bank had blamed the issues on a major computer failure and 10 weeks after the initial problem, it is still warning some customers that their statements may not be correct.

They have this morning released a document outlining how they will ‘make amends’ to customers affected by the incident.

A one-off €25 compensation payment is to be given to personal account customers who transacted at a branch of the bank when a software upgrade caused a major glitch in the system.

In addition, customers will be refunded all fees, charges and debit interest which may have been charged in error.

Customers who missed a mortgage repayment will also be refunded those charges.

The document promises that the bank will:

*Refund all fees, charges and debit interest charged in error and correcting any credit interest owed as a result of the incident. This will happen automatically and the majority of these adjustments will be complete by the end of October 2012.

*Reimburse reasonable out of pocket expenses incurred as a result of this incident. For Personal and SME customers, the bank will pay an additional 20% on top of these expenses up to a maximum of €120.

*Reassure that customers’ credit rating will not be permanently affected by the incident.

*Recognise the inconvenience caused with an automatic one-off payment, which equates to an additional rate for three months of 0.06% Gross, 0.25% AER (fixed) on the average daily balance between September 1 and November 30 2012, for those Personal and SME customers with a savings account.

Meanwhile, the Consumers Association of Ireland is urging anyone affected by the Ulster Bank systems failure to get in touch.

They are asking all customers and non-customers affected by the glitch to advise the CAI of the detail of their loss, their interaction with Ulster Bank, the offer of refund and assistance and any compensation offered and/or received.

The CAI says that the long-awaited response from Ulster Bank must be examined to see if further action is necessary.

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