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Dublin: 11 °C Saturday 18 May, 2013

Poll: Is Ulster Bank’s compensation package sufficient?

Ulster Bank has announced a compensation package for the customers who were affected by its prolonged ‘technical glitch’ – what do you think of it?

Image: Paul Faith/PA Archive/Press Association Images

ULSTER BANK HAS announced a compensation package for hundreds of thousands of customers who were affected by a “technical glitch” this summer – which left them unable to properly access accounts for weeks.

About 600,000 customers were directly affected by the problem between 19 June and the beginning of August, with many unable to access their current account, withdraw money or pay bills.

The bank is offering a four-strand package in compensation:

  • A one-off payment of €25 to each account holder who had to visit a branch more often than usual between 19 June and 18 July
  • Reimbursements for any “reasonable out-of-pocket expenses”, such as bus trips and phone calls, will also be paid along with a 20 per cent goodwill top-up (this ‘top up’ will be limited to €120)
  • Savings account holders will see an automatic credit in their account, while the bank has also promised to refund any charges made in error
  • Certain other fees and surcharge interest will be waived for a three-month period and a commitment has been made to not introduce account maintenance fees until at least July 2013

The package has been met with a mixed response, with some welcoming the plan as fair and others labelling it ‘insulting’. Non-Ulster Bank customers who were impacted by the glitch have complained that they will have to apply to their own banks for compensation.

What do you think – is Ulster Bank’s compensation package sufficient?


Poll Results:





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Comments (47 Comments)

  • Despite waiting weeks for my salary to arrive in my bank account, instead of waiting in line at my local branch I borrowed money from friends and family so as not to make the branch any busier than it already was. I now discover that I will not be receiving any compensation because I didnt add to the wait times in the branch. thanks for that Ulster bank!

    Reply
    • Same here! Proves that trying to be nice gets you no where in this world; I should have just gone into my branch and started shouting at the poor employees, like almost everyone else did!

      Reply
    • Same here, my wages were delayed by weeks but there was only a 24hr delay in them taking out the mortgage even though my wages weren’t there to cover it. After the 3rd day of the problems Meteor (a company well known for customer problems) text to say they were aware I was an Ulster bank customer and for me not to worry they would take the direct debit once it was sorted, I had no communication from Ulster Bank.

      Reply
  • Julian 01/09/12 #

    Me too! I also deferred a few things and changed some plans just so I could leave money in my account to cover the direct debits. While I fully acknowledge that I was at the much milder end of the scale, I’m a bit peeved that I apparently don’t qualify for any compensation.

    Reply
    • A lot people worked around it without going into a branch, that DOES NOT NEGATE the inconvenience caused by Ulster Bank to me and those people just because we didn’t go into a branch!!!!! The €25 compensation should have been a starting point applied to EVERY account holder affected by this disaster whether they went into a branch or not. I now have to go into a branch and explain how THEY inconvenienced me if I want any form of compensation for MY inconvenience. UNBELIEVABLE!!!!!!!!!!!

      Reply
    • well u know what to do now move ur money to a real bank like the credit union

      Reply
  • What about non Ulster Bank customers who had to wait for payments for wages who had companies banking with Ulster Bank

    Reply
    • I’d like to know about this too as I was without wages for a period of time too but I’m with BOI

      Reply
    • true tony, i am not a customer of ulster bank but a couple of my direct debts are paid to the recipient company’s via ulster bank, this meant that some did not get their payments even though the money had gone from my bank account, this led to problems with catalogue payments for which i was charged interest , my heating oil d/d was not paid this led to me being charged for them sending a letter (though this was later refunded) and worse of all my car insurance was cancelled because ulster bank was the clearing bank of the insurance company, i had to get letters and statements from my own bank to verify that these payments had in fact left my account on time, send them /take them to the relevant company’s, and then i had to re-arrange my car insurance, it could have cost me my no claims bonus due to cancellation for non payment . on top of that i also found out that missed direct debt /standing order payments also effect your credit rating. i contacted ulster bank but was basically told “if your not a registered customer ,we dont want to know”. the whole board of directors should be brought before the banking ombudsman and personally fined from their own pockets.

      Reply
  • Business and customers 6 weeks with cash, and this is the compo.

    The Financial Regulator should crack down on them severely, massive fines on them etc.

    The reaction has been so muted that it just goes to show that unprofessional attitudes in the banks, their disregard for their customer base and the country is still not viewed as a problem by Leinster hse.

    Reply
    • That is so true and a very important point you make about it showing an unprofessional attitude. They simply don’t have a clue how the rest of us live from day to day and week to week totally dependant on our income now more than ever because money is so scarce. For us the customer money is vital for our survival but for them the guys with big salaries its just a glitch because they have unlimited credit from other sources. They don’t even handle money. its all plastic for them.

      Reply
  • The compensation package is an attempt to apply a “one size fits all” solution to a problem that affected people in vastly different ways. Some may be happy with it, others will be insulted. If Ulster Bank use this as a starting point to compensate their customers then it seems fair enough. Customers that were seriously inconvenienced should be further compensated.

    I know that at my place of work, which banks with UB, the person who did the wages had to write cheques for each person and go to each bank to lodge them. ?25 euro for all that extra work is an insult.

    Reply
  • All things considered. Its pathetic and an insult and shows a complete lack of understanding and awareness of what happens when you stop peoples income and the consequences for them.

    Reply
  • Lauren are u in the real world at all? People are living from wage to wage for goodness sake. We’re in a recession if u didn’t notice. Petrol is just one weekly bill… I could go on! Grrrrrr u make my blood boil.

    Reply
  • I hope everyone complaining about this leaves Ulster bank. Then they might learn.

    Reply
  • Lauren obviously doesn’t understand what happened,

    Reply
  • The bank should be fined 10m and made to pay €200 euro and free banking for a year to all customers. They should also compensate Cust for holiday days they had to off work to queue for banks. People have had enough of treated like the small fry while the big fish does what it likes.

    Reply
  • Damocles 02/09/12 #

    So the same compensation the UK gets for a week of disruption they give you for upwards of 3 weeks.

    They really don’t care about you, do they?

    Reply
  • Monies aside, I want the results of the internal investigation (that I presume is going on) to be made public. I doubt highly this will happen, but if I am to stay as a customer I want to know *they* know what happened, why it happened, and how to make sure such an amateur, avoidable farce never happens again. This is not about wanting an apology. I want a forensic, detailed explanation.

    Reply
    • Same here. What exactly was the software problem that caused the ‘glitch’. If there is still no technical explanation forthcoming then I have to assume outside interference. In that case your money is not safe.

      Reply
  • If every one who is in credit withdrew their money which I have done.Then the banks compensation will rise.

    Reply
  • They were in the wrong, it was not an ‘act of god’, it was a f$%k up. A f%k up due to neglegence so do not accept their abismal offer of compensation (you are not obliged to) and take your own legal action. You might not get much out of it financially but UB will have to shoulder the costs… What would they do to you if you denied them their due monies??? It’s time we stood up to the financial institutions that have ruined this (ex-) state.

    Reply
  • I don’t believe this package is fair or equitable – I was on sick leave during the debacle & (for once) was in the position of not needing to access money – I didn’t have to visit my branch as I was unable to do so. I was still inconvenienced but will not be compensated. however, I don’t believe punitive measures are the answer either. all we need in this country is another bank tottering and having to be propped up – I certainly can’t afford that. ulster bank should be censured in some fashion though, their lack of information & slow response time was a disgrace – if a private company treated its customers with such disdain they wouldn’t stay in business for long…

    Reply
  • without.

    Can I get compo with those fries?

    Reply
  • I find these polls very like the rubbish you get on tv. Do you intend to charge €1 per vote. Of course the compensation is not fair enough. If you messed a bank about the way they have messed us about one would find themselves in a legal case.

    Reply
  • I think its fair, nobody was ever going to get rich from it. Alot will say it’s unfair, so to them I ask what would be fair?

    Reply
  • Its better than nothing

    Reply
    • Low expectations and a tolerance of being walked all over.

      The reason why the country has been such a mess for decades.

      There was an interesting article how the Irish media welcomed these crumbs, thank God for small mercies while the British media lambasted it as adding insult to injury.

      Reply
  • That sounds like more than enough. People might learn to manage their money better in future.

    Reply

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