Ulster Bank to 'make amends' as refunding policy announced

on 31/08/2012 09:56:14

Ulster Bank have announced measures to 'make amends' to customers after a technical incident which left thousands unable to withdraw cash or access their accounts earlier in the summer.

The bank had blamed the issues on a major computer failure and 10 weeks after the initial problem, it is still warning some customers that their statements may not be correct.

They have this morning released a document outlining how they will 'make amends' to customers affected by the incident.

The document promises that the bank will:

*Refund all fees, charges and debit interest charged in error and correcting any credit interest owed as a result of the incident. This will happen automatically and the majority of these adjustments will be complete by the end of October 2012.

*Reimburse reasonable out of pocket expenses incurred as a result of this incident. For Personal and SME customers, the bank will pay an additional 20% on top of these expenses up to a maximum of €120.

*Reassure that customers' credit rating will not be permanently affected by the incident.

*Recognise the inconvenience caused with an automatic one-off payment, which equates to an additional rate for three months of 0.06% Gross, 0.25% AER (fixed) on the average daily balance between September 1 and November 30 2012, for those Personal and SME customers with a savings account.