TSB waives overdraft fees, raise savings rate and pays £40 compo after banking meltdown
TSB boss Paul Pester insists the 'engine room' of the bank is fine, but admits 'we have tripped up big time' after an online meltdown
THE boss of TSB said yesterday the bank was “on its knees” after an online meltdown hit up to a million customers.
Paul Pester revealed experts from IBM were working round the clock to fix the problem though he was still unsure what caused it.
Many customers have been unable to access accounts after a botched IT upgrade last weekend. Some reported they could access others’ funds.
TSB said it would waive overdraft fees this month and offer a five per cent raise in its savings rate after millions were locked out of their online banking.
The bank is also handing compensation to customers on a case-by-case basis by means of an apology - with one frustrated customer handed £40 yesterday morning.
The bank’s Spanish parent company Sabadell warned the problems may continue next week.
TSB meltdown: what are your rights?
IF you’re one of the potentially millions of customers affected by TSB’s online banking problems then here are your rights.
- Will your expenses be covered? If you suffer knock-on costs then the bank has confirmed it will reimburse you. Make a note of dates, keep reciepts and a log of how much you've been left out of pocket.
- What are the alternatives? Visit a branch or try telephone banking if you urgently need to access cash.
- Is it a data breach? The bank has denied that there has been a data breach but we've asked for more information on this and will update asap. Don't spend money in your account that isn't yours as you will be liable to pay it back.
- How to complain about your bank? Firstly, complain to TSB. If the problem is not resolved to your satisfaction after 8 weeks then you can complain to the Financial Ombudsman Service.
Customers have bee plagued by technical issues from the banking giant for five days.
TSB initially warned its 1.9million customers its internet and mobile banking services would be down at the weekend due to a system upgrade.
But by Wednesday customers began to flag problems with making transfers and balance statements.
By Thursday mobile and online banking went offline for all customers just after midnight on Thursday.
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Despite tweeting services were back up and running customers were still experiencing problems by midday yesterday.
Boss Pester said: “We have tripped up big time, we are on our knees. We will get back up, we will come back.”
Mr Pester insisted that the “engine room” of the bank was working “fantastically well”.
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