NatWest Technical Problems Could Cost the Bank Millions

Posted on 26 June, 2012 by Neil Bird

The technical problems that have caused chaos for NatWest customers for several days could end up costing the bank millions of pounds in additional costs and wages. The software glitch left thousands of NatWest, Royal Bank of Scotland and Ulster Bank customers without money and led to 1,200 commercial property branches opening on a Sunday for the first time ever.

The difficulties began last Tuesday when a software upgrade led to the bank’s computer system failing to credit accounts. Customers were also unable to withdraw cash, pay bills or use credit cards. Some customers also found direct debits had been taken out at the same time leaving them seriously overdrawn.

The bank’s website was flooded with complaints and crashed on more than one occasion as a result. In response staff have been working around the clock to resolve the problem with 7,000 employees working between 9am and noon on Sunday. In addition the bank will continue to keep their commercial properties open for extended periods until the backlog is cleared.

It is not known how many of the bank’s 7.5 million customers were affected but director of customer services Susan Allen has pledged that no-one will suffer financial penalties as a result.

She said; “We will automatically waive any overdraft fees or charges on current accounts. This will be processed over the next few days.” She also added that the bank will work with credit agencies to ensure no one has their credit score adversely affected.

Some customers have complained that despite the extended opening hours they have still experienced problems. One said; “I was left over a thousand pounds overdrawn because of this fiasco and had to go to the bank on Sunday simply to do the weekly shop. This was time I’d planned to spend with my family.”

However another NatWest customer praised the bank for the way they had responded to the crisis. After visiting her branch Sarah Smith said; “I didn’t get paid on Friday because of this and desperately needed cash. I went to the bank on Sunday and the staff were very understanding and helpful. I came away with enough money to last me for a few more days by which time they should’ve fixed the problem.  They were great.”

With the additional costs involved in opening its commercial property branches for extended periods this software glitch could leave the bank itself with a bill running into millions. Many customers will have little sympathy given the difficulties they have faced and there are growing calls for a full explanation of how a simple upgrade caused such chaos.

Were you affected by the NatWest chaos? Do you think their response was adequate? Let us know what you think.




One response to “NatWest Technical Problems Could Cost the Bank Millions”

  1. Alan says:

    Thank you for another great article.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Recent Posts

Interest Rates Impact on Commercial Property

Commercial Property Investment Outlook for 2023

The best places to stay on the Riviera

The latest property data has identified Newquay as the fastest property seller’s market in the UK

Investing in your garden can increase your property’s value

French Riviera temping high-end homebuyers

How can the ownership rights of my commercial property impact a business sale?

Should I incorporate virtual property viewings permanently?

Investment expected to increase across Asia-Pacific in 2021

UK property industry slows as the conclusion of tax break looms

BNP Paribas cautioned investors on Friday as debt-trading bonanza that increased its earnings this past year

Over 300,000 property purchases fell through in 2020 – we show the most frequent motives and the best way to get your house sale back on track

House Prices in the Capital Surpass £500,000

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants