MSE News: Ulster Bank reveals compensation for meltdown victims 31 August 2012 at 11:55AM in Budgeting & bank accounts 10 replies 1.7K views

Former_MSE_Helen

"Ulster will return all charges and interest it levied, and any knock-on costs incurred ..."

Read the full story:

Ulster Bank reveals compensation for meltdown victims

spike7451

Twenty Pound 'Incident' payment made into my bank today...this is gonna cost them millions!
So if you live in the country & have to travel to your nearest branch that is open,say a thirty mile trip each way,& have to do this three times,then this twenty quid will barely cover your petrol!

NAR

I'll be very suprised if at least 10% of their 600,000 customers don't leave. I consider the £20 an insult, after banking with them for 42 years. It should have been a minimum £50 for having to check your account every day for 6 weeks (which UB advised), irrespective of the money people were out of pocket.

I will be looking round for the best deal. I will keep the account open with a minimal amount in it, just to cost them as much as possible to administer it!

Toe-Jam

Absolutely insulting compensation.

Santander sent me a debit card with a Typo in my name and gave me £50 for the inconvenience. They gave me £100 when they accidently sent my statement to the wrong person.

And for having no access to funds for a month and having to queue in the rain for an hour Ulsterbank give £20. Wouldn't even cover the cost of the extra petrol used to go to the branch.

spike7451

I moved to Barclays a few weeks ago,according to the girl who opened my account (can only get a basic account due to dodgy credit) quite a lot of Ulster customers have moved accross to them.

Pincher

Some people might remember boycotting Barclays because of their South Africa interests during the Apartheid era. If the Anti-Apartheid movement was around today, they might very well use the internet to launch Denial of Service attacks. No commercial organisation can guarantee availability of service under that kind of assault.

It is likely that new Terms and Conditions for accounts will refuse liability if their service came under attack, so availability is on a best effort basis.

It is therefore advisable to have an extra account as backup.
You need to have some extra money of course.

That's the problem with backup systems, it's money sitting idle, like a hospital generator, but it saves lives when it kicks in.

amiehall

The system for allocating the £20 is stupid anyways... Surely those most inconvenienced were those unable to access the branch network when faced with the problems. Yet they receive £0 compensation.

Hooloovoo

NAR wrote: »

I'll be very suprised if at least 10% of their 600,000 customers don't leave. I consider the £20 an insult, after banking with them for 42 years. It should have been a minimum £50 for having to check your account every day for 6 weeks (which UB advised), irrespective of the money people were out of pocket.

Seems an odd way of looking at things to me.

One massive error in 42 years? Sounds pretty good going I would have thought.

And surely they are now one of the safer banks to use since they will never allow themselves to get into this sort of situation again. Switch to another bank and who knows what will happen?

spike7451

Considering they only had a fraction of their branches open after hours compared to Southern Ireland,some customers no doubt had to travel a very long way to get to an open branch.for them the £20 is a bit of an insult but for me I was able to get into the local branch easily,although I'm more angry at loosing my phone & internet for 3 days because I couldn't pay the bill & the hassle of getting the reconnection charge refunded.

happy_with_my_lot!!

One massive error in 42 years? Sounds pretty good going I would have thought.

And surely they are now one of the safer banks to use since they will never allow themselves to get into this sort of situation again. Switch to another bank and who knows what will happen?[/QUOTE]

I have been toying with this idea since all this happened - and I see that now Northern Bank customers are experiencing difficulties with their accounts this morning. Nationwide had problems with duplicate payments etc not long after the Ulster Bank one and the reputations of the likes of Barclays and Santander with scandals and reports of appalling customer service - is it a case for "better the devil you know"?

NAR

And how long did it take Northern Bank to rectify the problem - answer 2 hours. They were not having to wait two weeks for two other banks to rectify their problems first.

However I do accept what you are saying that all the banks could have problems.