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| Version 0 | Version 1 |
|---|---|
| Consumer Council in loan warning to Ulster Bank customers | Consumer Council in loan warning to Ulster Bank customers |
| (about 3 hours later) | |
| The Consumer Council has advised Ulster Bank customers not to use high interest loan companies to borrow money while the bank clears its backlog. | The Consumer Council has advised Ulster Bank customers not to use high interest loan companies to borrow money while the bank clears its backlog. |
| For the past 10 days, the bank has been trying to clear a huge backlog of transactions that was caused by a computer system problem. | |
| Up to 100,000 customers across Ireland are still experiencing difficulty in accessing money in their accounts. | Up to 100,000 customers across Ireland are still experiencing difficulty in accessing money in their accounts. |
| Some will not receive their wages or benefits until early next week. | Some will not receive their wages or benefits until early next week. |
| It is also causing problems for business owners as Friday is pay day for many employees who receive a monthly salary. | It is also causing problems for business owners as Friday is pay day for many employees who receive a monthly salary. |
| 'Extortionate' | 'Extortionate' |
| The chief executive of the Consumer Council, Antoinette McKeown, said: "The last option that people should be considering is the short-term, high interest loans because they will only stir up further problems. | |
| "Pay day and other high interest short term loans will only give you the money until pay day but you have 28 days at extortionate interest rates and on top of that if you're actually lucky enough to be given a cheque you will be charged for cashing that cheque so you won't actually get the full amount," she added. | "Pay day and other high interest short term loans will only give you the money until pay day but you have 28 days at extortionate interest rates and on top of that if you're actually lucky enough to be given a cheque you will be charged for cashing that cheque so you won't actually get the full amount," she added. |
| The initial problem was due to a failed software upgrade within the Royal Bank of Scotland (RBS) group, which includes Ulster Bank and Nat West. | |
| It started to impact on transactions on 20 June and initially, millons of customers' accounts were affected across the UK and Ireland. | It started to impact on transactions on 20 June and initially, millons of customers' accounts were affected across the UK and Ireland. |
| The software failure has since been resolved and RBS said service had been restored to 99% of its customers. | The software failure has since been resolved and RBS said service had been restored to 99% of its customers. |
| No guarantees | No guarantees |
| However, Ulster Bank staff are still working through a backlog of uncompleted transactions. | However, Ulster Bank staff are still working through a backlog of uncompleted transactions. |
| On Thursday, Ulster Bank's chief executive Jim Brown said he hoped normal service would resume next week but was unable to give any guarantees. | On Thursday, Ulster Bank's chief executive Jim Brown said he hoped normal service would resume next week but was unable to give any guarantees. |
| Almost a third of the Ulster Bank's 90 branches in Northern Ireland have extended their opening hours this weekend to deal with customer queries. | Almost a third of the Ulster Bank's 90 branches in Northern Ireland have extended their opening hours this weekend to deal with customer queries. |
| Twenty six branches will have extended Saturday opening from 10:00 to 15:00 BST, and 10 branches will open on Sunday from 10:00 to 13:00 BST. | Twenty six branches will have extended Saturday opening from 10:00 to 15:00 BST, and 10 branches will open on Sunday from 10:00 to 13:00 BST. |
| The Consumer Council has advised those affected to persist with their bank rather than turning to loan companies. | The Consumer Council has advised those affected to persist with their bank rather than turning to loan companies. |
| "Please please, insist first and foremost as an Ulster Bank customer that you don't leave you branch without your cash," Ms McKeown said. | "Please please, insist first and foremost as an Ulster Bank customer that you don't leave you branch without your cash," Ms McKeown said. |