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.
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)
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.
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
Lo-Call 1890 882090
Tel: 01 6620899
The link here is to a complaint form that you can print off and fill in .