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?