Ulster Bank Compensation Details

Ulster Bank have finally announced details of compensation arrangements for Republic of Ireland customers affected by the IT problems in June and July of this year.
Ulster Bank have always stated that “no one will be left permanently out of pocket”.

Refunds:  The bank states that any  fees and interest that were charged as a result of the incident to customers because of  being overdrawn or exceeding their limit on their Current Account will be refunded in full.

Ulster Bank say they are also refunding any interest customers  may have lost on a savings or Current Account because the bank  delayed a payment reaching customer’s accounts. When they put this right, we will pay you interest as if all delayed payments reached your account on 19 June 2012.

This is happening automatically and the bank say that majority of these adjustments will be completed by the end of October 2012.

Details of Ulster Bank Compensation

Ulster Bank will make an automatic one-off  compensation payment of €25 to all those Personal Current Account customers who visited and transacted at a branch during the period of the incident (19 June – 18 July 2012) more frequently than in the equivalent period before the incident (19 May – 18 June 2012). They will work this out from their records.  (The amount is £20 in the UK)

In addition to this they are also offering to refund any reasonable out of pocket expenses – and will pay an additional 20% on top of these expenses. ( up to a total maximum refund of €120.)  (£100 in the UK) .
So- for example ,  if you had expenses of €50 you will get €60. It will help if you can back up your claim with any paperwork you may have; for example, phone bills, bus tickets, travel receipts, bills or invoices.

Claims for out of pocket expenses can be made online here or you can download a form here .

The bank say that if you are a Personal Current Account customer, who has not incurred any reasonable out of pocket expenses or does not qualify for the €25 automatic payment for visiting and transacting at a branch more frequently during the period of the incident, yet have suffered inconvenience, they will be happy to discuss your individual circumstances. (You need to speak to a member of staff in your local branch or call them  on 1800 205 100)

Charges Waived

A 3 month waiver will apply to the following Ulster Bank Current Account fees, charges and interest: – Ufirst , Ufirst Gold, Ufirst Private , Private Current Account from 18 June – 23 September 2012.

Also the following charges will be waived between June 19th and Sept 19th –  Surcharge interest, Irregular Account Charge, Unpaid Outwards Charge.

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Customer Retention :  Ulster Bank still don’t charge transaction fees – and they have now guaranteed not to introduce account maintenance fees for Personal Current Account customers until July 2013.

Savings : The bank has also announced an added incentive to try and retain customers . They are going to make an automatic one-off payment, which equates to an additional rate for 3 months of 0.06% Gross, 0.25% AER* (fixed) on the average daily balance between 1 September and 30 November 2012, for those Personal and SME customers with a savings account.
The payment will only be made on  accounts that were open on the 19 June 2012 which are still open on the 30 November 2012  (Excludes tracker bonds and structured deposit products.)

On a deposit of €20k – that equates to a payment of  just €19 after DIRT

 

If you are not saisfied with the bank’s final response you should make a complaint to the Financial Services Ombudsman with a copy of the   Final Response  letter within 15 working days of the Provider issuing same.

The address to write to is:

Financial Services Ombudsman’s Bureau
3rd Floor Lincoln House
Lincoln Place
Dublin 2

Lo-Call 1890 882090

Tel: 01 6620899
The link here is to a complaint form that you can print off and fill in .

 

8 thoughts on “Ulster Bank Compensation Details

  1. Hi,

    “Ulser Bank state that if you wish to ask the Financial Services Ombudsman to review your complaint – you must do this within 15 days of the date of the Bank’s final response letter.”

    Where’s this information from? It sounds dubious.

    I don’t see any mention of a 15 day expiry date for making complaints on the ombudsmans site. Ulster Bank (or anyone else) doesn’t get to set limits on your statutory rights.

    C.

    • Conor – that 15 day limit is mentioned on the Ulster Bank (ROI) website. I agree – it doesn’t sound right. I am sure that as long as you don’t leave it more than 6 years – the ombudsman will look into it.

  2. I hold an Ulsterbank Credit Card but not an Ulsterbank account. I am currently abroad (for work) and when I was home during the last week of June, I made a payment (online as always) on the 28th June. That payment has only been acknowledged today and the late payment fee is still on my account. Further I have since made a larger payment and I am still waiting for this to be processed. I am trying to book flights to return home in December (while they are still a reasonable price) but I cannot until finds have cleared and I have credit available once more on my card.
    As I don’t have an actual account and therefore no branch manager, is there a way I can “raise a concern” with Ulsterbank in relation to this?
    Thank you
    Eadaoin

    • In the short term to get your credit card in use – have you tried asking UB Credit Card to increase the credit limit temporarily until things are sorted. They should be able to do this as they will be well aware of the problem.
      Keep proof of all expenses you incur – it might be an idea to keep screen prints of the ticket prices as they are today – and if they are dearer when your credit card is sorted – keep the proof of the price you pay. You should have a valid claim . You should be able to contact UB to complain – try this address:

      Complaint Handling Centre
      Ulster Bank
      Freepost BEL4084
      Belfast BT1 5BR

      • Thank you very much for the advice. Just after I posted I actually booked the flights using my mam’s card as they have already increased in price since Sunday. But I will make sure others are aware of your advice.

        Thank you for the address I will mail them tomorrow and hopefully get it sorted!

        I’m just thankful that my issue is relatively small in the grand scheme of things. I can only imagine the stress others are feeling about mortgages and just being able to feed their family.

  3. I have been asking in Ulster Bank when I go in what about compensation we will get and they keep telling me to wait to hear. That nothing has been arranged yet. I have been waiting for our bank statment since the middle of July and have been told they are not being issued until they have it all sorted. Thank you for letting us all know that we can in fact complain now even though I canot get a formal bank statement out of them, the teller offered to do a print out.

  4. Hi all it’s shocking to think the issue has only realy been resolved this week , I actually missed the birth of my first born son due to this it f”””k up I was away working in the uk , I went the the ATM in standsted to purchase my ticket home for the planned section on the Friday and noticed my accound was empty 🙁 phoned ulster bank they wouldn’t give me a penny to get home I am discussed with the situation it will stay with me for ever it’s had a big knock on affect on me

    Rob Byrne Dublin

  5. Dont worry lads I have got this covered , going for a pint with JB later in Dáil ; pints are on you ehhh I mean me

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