IT meltdown
TSB bosses don’t know when the online banking chaos will be fixed
TSB bosses do not know when the online banking chaos will be over, after more than 10 days of disruptions.
Planned maintenance work on TSB's online services has caused serious disruption for the bank's customers, leaving millions unable to access their money, with some issues still ongoing.
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Mr Pester, together with TSB chair Richard Meddings and Miquel Montes, chief operations officers at TSB’s owner, Sabadell, were grilled by a group of MPs led by Nicky Morgan.
TSB has been inundated by 40,000 complaints in the last 10 days, more than 13 times the normal rate.
Asked by the committee when "this shambles" will be over, Mr Meddings said: "We are seeing improvement. Clearly it is nowhere near perfect. It is still not good enough.
"In terms of when it will be over, the wrong thing to do would be to give a date and tell customers that, because that could be misleading.
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.
"We are working as hard and as fast as we can to fix this as fast as we can to bring customer service levels up to the levels that they would expect, that the board would expect, and that TSB would want to offer to serve its customers well.
"But I can't give you a deadline."
The committee directed the same question to Mr Pester, who said: "Clearly I've misled you if you think that I've said that this bank is fixed.
"I can't give you a fixed date. If I give you a fixed date it is likely to be unfair to our customers. We are working hard on fixing the middleware issues we have described.
"We expect to see the service improve but I can't give you a date because I don't want to mislead our customers."
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Mr Meddings insisted neither he nor the chief executive would be removed from their posts as a result of the IT fiasco.
But Mr Pester offered to give his "integration bonus" - related tp TSB`s data migration - of about £2million.
His full pay and bonus package will not be decided until the end of this year, so he could still be eligible for other awards.
"If there is one decision in my life that I could change it was the decision to go ahead with the migration. Clearly that was a terrible decision for our bank, for our customers and for me personally," Mr Pester said.
More than a week after problems first emerged, TSB’s online services continue to run below capacity, with some customers reporting they are still blocked from their accounts.
Some customers affected by the banking glitch claim that they have seen other TSB users’ bank account details when they log into their accounts online and in its app.
More about TSB's IT meltdown
The bank has insisted that standing orders are going in and out of accounts on Tuesday, but many customers have complained that they've not gone through.
The Sun Online spoke to a dad-of-four who was forced to borrow money from his son's savings account to pay for nursery fees following the online banking service meltdown.
We also reported how a mum-of-three was left unable to pay her rent, bills or buy food due to the glitch.
Last week the bank 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.
Have you lost money in the TSB banking meltdown? Here’s our guide on how to get it back.
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