Affected by a computer glitch, Ulster bank had to pay out a compensation of more than 18m pound to 300, 00 people.
In todayâEUR(TM)s world everything is done online be it paying of any kind of bills or withdrawing money from bank. The technology has made the lives of people very easy and simple. Now for withdrawing money they donâEUR(TM)t have to go to the bank and stand in long queue for their turn. But this much advancement of the technology also have many drawbacks and glitches and same happened with the Ulster Bank when their customerâEUR(TM)s are unable to access their account online and faced problems in withdrawing the money. And later on company has ended up paying 18 million pounds as compensation to their customers for the inconvenience they had faces. Which is big amount but these is due to some technical difficulties and cost the bank the big compensation amount.
s per Jim Brown bank's chief executive it was major disaster and people faced problems with cash withdrawal and with their account access. He also said that the bank had problem with its contingency plans. He also acknowledged that the inconvenience customers faced over the summer had caused great frustration for which the bank will look after.
According to the compensation promise made by Ulster bank executives to their customers was in pipeline in July but now it has been put in place. It also said to be reimbursing all reasonable out-of-pocket expenses. This was criticized by consumer bodies; business leaders and politicians. They want it to be wider compensation rather than just reimbursement scheme.
The time taken in compensation by the bank has put its scheme under question and Daithi McKay, of Sinn Fein, said that they have been misled by several statements made by bank in July- August and they also said that it seems that this scheme is some sort of scandal. ItâEUR(TM)s been 10 weeks since the first problem; still bank is warning some customers about their incorrect account statement. The whole Royal Bank of Scotland group had faced computer failure problem but it was only Ulster bank which took longest to resolve it problem.
According to Stephen Cruise the earlier figure on which the compensation was being fixed was 20 pound. The branch networks are under vigilance and review and many customers have started using electronic banking. If the customer would have visited the bank between 19th June and 18th July then they would have received a compensation of 20 pound. But at the end everything is handled cautiously by the bank on their customer part.
In todayâEUR(TM)s world everything is done online be it paying of any kind of bills or withdrawing money from bank. The technology has made the lives of people very easy and simple. Now for withdrawing money they donâEUR(TM)t have to go to the bank and stand in long queue for their turn. But this much advancement of the technology also have many drawbacks and glitches and same happened with the Ulster Bank when their customerâEUR(TM)s are unable to access their account online and faced problems in withdrawing the money. And later on company has ended up paying 18 million pounds as compensation to their customers for the inconvenience they had faces. Which is big amount but these is due to some technical difficulties and cost the bank the big compensation amount.
s per Jim Brown bank's chief executive it was major disaster and people faced problems with cash withdrawal and with their account access. He also said that the bank had problem with its contingency plans. He also acknowledged that the inconvenience customers faced over the summer had caused great frustration for which the bank will look after.
According to the compensation promise made by Ulster bank executives to their customers was in pipeline in July but now it has been put in place. It also said to be reimbursing all reasonable out-of-pocket expenses. This was criticized by consumer bodies; business leaders and politicians. They want it to be wider compensation rather than just reimbursement scheme.
The time taken in compensation by the bank has put its scheme under question and Daithi McKay, of Sinn Fein, said that they have been misled by several statements made by bank in July- August and they also said that it seems that this scheme is some sort of scandal. ItâEUR(TM)s been 10 weeks since the first problem; still bank is warning some customers about their incorrect account statement. The whole Royal Bank of Scotland group had faced computer failure problem but it was only Ulster bank which took longest to resolve it problem.
According to Stephen Cruise the earlier figure on which the compensation was being fixed was 20 pound. The branch networks are under vigilance and review and many customers have started using electronic banking. If the customer would have visited the bank between 19th June and 18th July then they would have received a compensation of 20 pound. But at the end everything is handled cautiously by the bank on their customer part.
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