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Natwest Glitch - I O M Affected?


Amadeus
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Is it legal that they can restrict withdrawals of your own money to £500.00?

 

Further, they should be personally contacting and compensating people who have been put in a financial mess by this. I think that people have got into the habit of putting up with whatever the banks throw at them.

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Is it legal that they can restrict withdrawals of your own money to £500.00?

 

Further, they should be personally contacting and compensating people who have been put in a financial mess by this. I think that people have got into the habit of putting up with whatever the banks throw at them.

 

It's not 'your' money once you deposit it into a standard bank account. It becomes the bank's property - and your 'asset', so yes they can impose restrictions on what they allow you to do with it.

 

Other types of accounts and banks do exist but are outside of most people's knowledge or reach.

 

There is a very large flight of capital from European banks at the moment, especially from Greece, Spain, Italy and Portugal, this is having a knock on effect to the rest of the system. Banks in France have been limiting cash withdrawals, and closing branches and or shutting down computer systems - now this.

 

I find it hard to believe the entire system has gone down due to certain tech update glitches. A bank of this size will have mutiple back ups for their systems in bunker type facilities.

 

Watch for more of this and job cuts within the sector.

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Agree totally, if I was Bernie Eccelstone and had a couple of billion banked with them I may expect a call but normal punters? No. I actually called them first thing yesterday(Thursday) when I noticed that the wages run had not gone out of my business account and it had disappeared off the Payments and Transfers page.

 

At that time they did not know what was happening. The news is probably the best place for info now as calling them will only result in you being told exactly the same thing that is on the online pages and in the news, you are just wasting the cost of a phonecall....................

 

Just wasting the cost off a phonecall, ffs, they wasted enough of the taxpayers money over this past few years! See that's the type of reply I would expect from the likes of you! Just a "normal punter" ffs catch a grip off yourself! A "normal punter" is still a customer, a customer who has as much right to decent customer service than your ecclestones. Doesn't matter if you've got 3 million or 300 in the bank. Just out of interest you say your a business man, should all your customers not be treated as equals? I think the class divide is still alive and well here on the isle of man! I won't bore you to much with this post, as you probably have golf to play, then g&ts in the club house after! Tally hoe

 

This - If I ran my business this way, I wouldn't be running it very long. The 'know-nothings' are alive & well I'm glad to report.

 

Customer service is EVERYTHING - Trust me, I know.

 

Agree that customer service is everything but I think Bladerunner is just being realistic. No way are they going to try to comfort millions of customers on an individual basis. Also, whilst it is nice to think that the person with £300 is just as important as the one with £3,000,000, in reality it doesn't work that way. Nom-de-Plume, if you sold widgets and you had two customers desperately needing a widget one of whom spent £100 with you once a year and the other one was ordering weekly and spent £100k total annually with you, who would get the widget? Please don't tell me first come first served! Money and self interest talk. Just human nature.

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Agree totally, if I was Bernie Eccelstone and had a couple of billion banked with them I may expect a call but normal punters? No. I actually called them first thing yesterday(Thursday) when I noticed that the wages run had not gone out of my business account and it had disappeared off the Payments and Transfers page.

 

At that time they did not know what was happening. The news is probably the best place for info now as calling them will only result in you being told exactly the same thing that is on the online pages and in the news, you are just wasting the cost of a phonecall....................

 

Just wasting the cost off a phonecall, ffs, they wasted enough of the taxpayers money over this past few years! See that's the type of reply I would expect from the likes of you! Just a "normal punter" ffs catch a grip off yourself! A "normal punter" is still a customer, a customer who has as much right to decent customer service than your ecclestones. Doesn't matter if you've got 3 million or 300 in the bank. Just out of interest you say your a business man, should all your customers not be treated as equals? I think the class divide is still alive and well here on the isle of man! I won't bore you to much with this post, as you probably have golf to play, then g&ts in the club house after! Tally hoe

 

This - If I ran my business this way, I wouldn't be running it very long. The 'know-nothings' are alive & well I'm glad to report.

 

Customer service is EVERYTHING - Trust me, I know.

 

Agree that customer service is everything but I think Bladerunner is just being realistic. No way are they going to try to comfort millions of customers on an individual basis. Also, whilst it is nice to think that the person with £300 is just as important as the one with £3,000,000, in reality it doesn't work that way. Nom-de-Plume, if you sold widgets and you had two customers desperately needing a widget one of whom spent £100 with you once a year and the other one was ordering weekly and spent £100k total annually with you, who would get the widget? Please don't tell me first come first served! Money and self interest talk. Just human nature.

 

greed, corruption, lies, fraud, its what makes the world go round. all the fat cats wont be wondering were there next pound is coming from, wont be worrying about the hole in the wall not giving out money, but joe bloggs the ordinary working man trying to provide for his family, with no visa cards no over draft, just a weekly wage on a friday he just has to put up with this bullshit with out any explanation other than watch the news to find out whats going on with his money. mr joe bloggs goes over on his account the banks arnt to slow in going about putting charges on him!now will all these people get compensated for the banks computer error? i think not

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It's not 'your' money once you deposit it into a standard bank account. It becomes the bank's property - and your 'asset', so yes they can impose restrictions on what they allow you to do with it.

Most current accounts are debts due by the Bank on demand so you are entitled to walk into the bank and withdraw any balance you have without notice, there and then. I guess the problem is that in this case the bank can't be sure how much they actually owe you!

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FFS the Banks affected have already said nobody would be out of pocket, they are still trying to get the back log sorted and people expect compensation now. I was told by a manager yesterday that people were able to draw upto £500.00, this is so people can get cash but as the bank have no way of establishing balances a limit of somesort had to be set.

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I find it hard to believe the entire system has gone down due to certain tech update glitches. A bank of this size will have mutiple back ups for their systems in bunker type facilities.

 

This was a code update in a payments processing system, and I gather it wasn't immediately obvious that the new code was broken. Backups don't really help in this kind of situation, as once the new code's been running for a while and has been processing payments in the kind of volumes of a large clearing bank, it's extremely difficult to roll it back.

 

I gather it may be linked to a new app they rolled out. Probably some poor project manager was under a 'get it out NOW' type of pressure from above and something was missed in testing. He's probably having quite a bad week.

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FFS the Banks affected have already said nobody would be out of pocket, they are still trying to get the back log sorted and people expect compensation now. I was told by a manager yesterday that people were able to draw upto £500.00, this is so people can get cash but as the bank have no way of establishing balances a limit of somesort had to be set.

 

See that's we're your wrong!!! I had to take time out of work, got to the iom bank on the corner of athol street, put my card in to a machine, type my 4 number pin in and she had my details on screen, now she knew what was in my account, and still informed me that the maximum withdrawal was £500! So your telling me if some one had £2.00 in there account they could withdraw the maximum £500 because the bank had no idea what they had? ffs come on now, think about lol, that nice bank manager didn't tell you that did he?

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I find it hard to believe the entire system has gone down due to certain tech update glitches. A bank of this size will have mutiple back ups for their systems in bunker type facilities.

 

This was a code update in a payments processing system, and I gather it wasn't immediately obvious that the new code was broken. Backups don't really help in this kind of situation, as once the new code's been running for a while and has been processing payments in the kind of volumes of a large clearing bank, it's extremely difficult to roll it back.

 

I gather it may be linked to a new app they rolled out. Probably some poor project manager was under a 'get it out NOW' type of pressure from above and something was missed in testing. He's probably having quite a bad week.

 

How long ago are you talking Slim, just that I noticed that a monthly transfer I set up on faster-pay between a reserve account and current account, which in the past had always left the first account and show in the second account, had always happened at the same time ie about 2-3 am in the morning when they update things.

 

The last 2 months however it has gone out on the specified day, early morning, but not shown up in the second account until very late afternoon or early evening. Connected?

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yee haa yessir! You must have called in at the right time as most of gthe day the back office was down so everything was being done by manual methods as there was no way of accessing the clients accounts.

 

I must have! But in all fairness how do you work out that they can limit the amount of money to a rounded £500 maximum and hand it over to customers without knowing they had sufficient funds to cover that transaction? It's like giving away money for nothing!

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I think the main problem is peoples weekly wages not turning up in their accounts as normal on Friday. I called the bank today to ask what I could do to help my employees and they told me to tell my employees that if they went into the open branches today,(they all bank with IOM Bank) with their Payslips, they would credit their account manually with the amount due and when the system sorts its self out, take that money back again.

 

They also told me not to re-issue the wages payments instruction online, as although they have not happened yet, they will do, when everything is back to normal. There was a RBS big wig on Radio 4 today saying basically the same, they will give cash to people who, when they look at their previous bank statements can see that they usually get "x" amount every week.

 

They will give you that amount, Okay but you cant walk in and say you were expecting 25K and then let you withdraw that amount unless you have proof. Sounds fair in the circumstances but it still is a pain in the ass, of a thing to of happened.

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