MSE News: TSB starts paying out compensation for online banking outage

People are just going to milk this. What did people do before online banking? Go to branch and pay your credit card with cash, card or cheque; post a cheque, or phone them and pay with a card. Simple.

Seriously, there is a life outside of online banking. There are still all the other ways of paying.

Complaining because you can't pay your credit card and get £40? There's no "can't" about it. She could pay it, via post, telephone or branch, but probably left it until the night before it's due so it shows a reliance on credit and not paying it back quickly. And as part of that £40 included £15 to cover interest on the payment due, it shows that she'd left it too late, which is why she was charged interest (not because of the checks, I mean, come one. You only get charged interest for being late).

And no replies about people being too busy to go to branch, make a phone call or writing a cheque in the post please.

aj23 wrote: »

People are just going to milk this. What did people do before online banking? Go to branch and pay your credit card with cash, card or cheque; post a cheque, or phone them and pay with a card. Simple.

Seriously, there is a life outside of online banking. There are still all the other ways of paying.

Complaining because you can't pay your credit card and get £40? There's no "can't" about it. She could pay it, via post, telephone or branch, but probably left it until the night before it's due so it shows a reliance on credit and not paying it back quickly. And as part of that £40 included £15 to cover interest on the payment due, it shows that she'd left it too late, which is why she was charged interest (not because of the checks, I mean, come one. You only get charged interest for being late).

And no replies about people being too busy to go to branch, make a phone call or writing a cheque in the post please.

I'd accept this rant if she was trying to get money off of the state, or if the company was simply doing business as usual within its T&Cs and within the outage hours advertised. TSB said the systems would be back up and running on Sunday at 6pm, therefore it was perfectly reasonable for her to make plans on the basis of making an online transaction on Sunday evening. Settling for £25 plus the interest cost seems a good deal on both sides, given the time spent by the account holders trying to be put back in the place they had reasonably expected to be in before the issue occurred.

The above all being true, this is a Moneysaving forum, and as a bit of a money geek I was considering switching my TSB account anyway for a switch bonus, and more strongly considering it this week. But with the interest going back up to 5% that might be a bit hasty.

Site is mainly working for me and other family members now. The only small problems appear to be in printing pages outside the actual account. I made a FP and could not print that page, but printed a mini statement instead. No real harm and I am mightily releved: all payments appear to have restarted correctly.

It's been emotional....

Mchambers wrote: »

Please remember that TSB will be making a big announcement when it has been fixed and is all up and working. I am not touching online banking until I see this announcement. It will mean more compensation money for me as well.

I take a pretty relaxed approach to it, given all the furore I think they might give something to everyone in which case I'll get something, and if not my interest has gone up so as long as my account hasn't been compromised I'm up. I'm not going to actively apply for compensation because I've suffered some inconvenience but no loss.

That said, if you're explicitly after compensation for inconvenience caused and intend to apply for it, making no attempt to use the account seems an odd way of going about it.

HornetSaver wrote: »

I take a pretty relaxed approach to it, given all the furore I think they might give something to everyone in which case I'll get something, and if not my interest has gone up so as long as my account hasn't been compromised I'm up. I'm not going to actively apply for compensation because I've suffered some inconvenience but no loss.

That said, if you're explicitly after compensation for inconvenience caused and intend to apply for it, making no attempt to use the account seems an odd way of going about it.

Mchambers is being opportunistic by choosing to hear a comment intended to assure that they'll make an announcement when everything is back to normal as being an instruction to not bother even trying to use the account until further instructed.

I'm not really too sure it'll mean they end up with a higher pay-out than whatever goodwill standard they decide upon. It's not like there is a formula for working out such payments which relates to the length of the outage.