Ulster Bank Announce Compensation Details

Ulster Bank have announced details of the compensation it will pay to customers who were affected by the recent computer glitch.

The bank said customers who ere left out-of-pocket will be reimbursed, as well as an additional 20% on top of theses up to a maximum of £100, to Personal and SME customers.

Customers who visited the bank more than usual have been given a £20 'incident credit' put into their account.

Jim Brown, Chief Executive of Ulster Bank, said: "Once again, I apologise unreservedly to our customers and customers of other banks for the inconvenience this has caused and thank them for their patience as we worked to resolve this issue.

"We recognise that we have work to do to restore our customers’ trust in us and we believe that this is the first step in that direction."

Meanwhile SDLP Economy spokesperson and Mid Ulster MLA Patsy McGlone, who has met senior Ulster Bank officials urging them to fully restitute customers, said: "When was the last time the bosses at Ulster Bank got a taxi? £20 is a miserly amount of money that wouldn't get anyone too far and is an insult to those customers who were left short due the bank’s failure. How this is meant to compensate for their waiting time, let alone their journeys for multiple visits to the bank is beyond me.

"Many unanswered questions still remain. For instance a lot more clarity is required on what restitution packages are available for people who are not Ulster Bank customers but were left out of pocket due to their system breakdown, such as employees of their business customers who encountered a delay in their wages; or other companies that lost income while awaiting payments from Ulster Bank business customers?

"Customers in Northern Ireland suffered most due to RBS’ technical failures and it essential that they are given assurances that the company’s I.T. structure is going to be improved so as to avoid the reoccurrence of such a crisis in the future. This crisis has not only caused reputational damage to the bank, but it has also impacted upon people’s perceptions of cashless banking and a lot will need to be done to ensure customer confidence in this system again."

(CD/GK)