# How much compensation should customers of Ulster bank receive?



## shoestring (17 Jul 2012)

Just wondering what customers would be happy with


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## Time (17 Jul 2012)

€100 cash would do me. They can shove their "free banking" where the sun don't shine.


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## Lightning (17 Jul 2012)

shoestring said:


> Just wondering what customers would be happy with



Compensation = ((4.15% * Amount * days delay) /365)

Where:

"4.15%" represents opportunity lost using the highest paying deposit account.  
"Amount" equals the money that should have moved on time but did not. 
Where "days delay" equals the calendar days that the payment was delayed.
Where "compensation" is payable regardless if you are an UB customer or not.


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## Time (17 Jul 2012)

That would be grossly inadequate.


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## vandriver (18 Jul 2012)

A correct balance would be nice for starters!And if they want to lob €50 into my account for the umpteen times I've phoned them,trying to get my balance resolved ,sure I wouldn't complain.


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## shoestring (18 Jul 2012)

I was thinking €100 myself, we shall see


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## kceire (18 Jul 2012)

Free banking for life would do me


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## pudds (18 Jul 2012)

kceire said:


> Free banking for life would do me



Not necessarily the best option as it may only last for a year or two, if UB are pulled out of the Irish market.

€100 sounds a better deal, what we have...we hold


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## Knuttell (18 Jul 2012)

I would need in the region of €200-€300 in order to compensate me.€100 just does not go anywhere near it...oh and free banking for life as well.


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## rebecca1999 (19 Jul 2012)

Hi, I think this is a difficult one.
My student daughter banks with UB and lodges her weekend wages in weekly(not a lot, but enough for fuel in the car and ebay purchases). She was unable to do a lot and we had to bail her out with ebay purchases (bids already pending before UB trouble). In this case UB wouldn't know that anything was wrong with the account as she was in effect using cash and others were paying for her online purchases. What I'm saying is - if UB decided to compensate for errors showing on the account then there would be none as she was helped out, however, in reality it was a real pain having to go to the petrol station to pay for fuel as her card was refused, having to pay for her insurance initial payment as her bank balance was incorrect (she was too embarrassed to try her own card). And also how would she prove these things. Just saying my opinion.


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## suemoo1 (19 Jul 2012)

Yes and what about the stress of your card being refused at pos, with full shopping and feeling like a twit with a big que behind you, people thinking you've no money.. standing in the que in ulster bank 4 times to do personal lodgments and work lodgements.. 77 minutes I was standing one day.. stress of not knowing if life insuarance direct debits going through, not knowing correct balance (and still dont), I dont know how they'll figure out compensation but it better cover the stress and hassle of it..


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## Guns N Roses (19 Jul 2012)

Ther is *no way* in hell that Ulster Bank are going to hand out cash as a form of compensation. 

At best it may be some form of improved service, better interest rates, reinbursement for credit history searches etc.


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## DB74 (19 Jul 2012)

Guns N Roses said:


> Ther is *no way* in hell that Ulster Bank are going to hand out cash as a form of compensation.
> 
> At best it may be some form of improved service, better interest rates, reinbursement for credit history searches etc.



I'm pretty sure they are looking at ways of compensation and my understanding is that it will be in monetary form

My guess is a flat €100 per head/account


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## Guns N Roses (19 Jul 2012)

DB74 said:


> I'm pretty sure they are looking at ways of compensation and my understanding is that it will be in monetary form
> 
> My guess is a flat €100 per head/account


 
If they adopt this approach, what's to stop customers from takng the money and switching their accounts to another bank anyway?


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## Guns N Roses (19 Jul 2012)

The following Irish Independent Article suggests the Ulster Bank Customers will only receive finiancial compensation for the following:

- Overdraft fees (both for being overdrawn and exceeding a credit limit.
- Overdraft interest.
- Late-payment fees and interest on mortgages, loans and credit cards.
- Interest wrongly charged on late payments.
- Cash-advance fees and interest on credit cards.
- People who either bank with Ulster, or who had wages or social welfare delayed because it is routed through the bank, will also be able to claim for missed savings-account interest.



The point I'm trying to make is that customers will *only* be compensated for what they have lost and will not benefit financially as a result as has been suggested by other posters.


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## Time (19 Jul 2012)

They can look forward to loads of claims in the courts in that case.


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## DB74 (19 Jul 2012)

Guns N Roses said:


> If they adopt this approach, what's to stop customers from takng the money and switching their accounts to another bank anyway?



Well if I don't receive some form of monetary compensation then I will be moving my custom elsewhere. I have re-jigged a lot of financial transactions and had to make a lot of phonecalls to various companies re DDs etc to ensure that payments were either made on time or companies were aware that the payment would be delayed. I accepted that the bank had problems and that it would take time to solve them. I didn't make one phonecall to them until last week (as detailed on the other thread). So if the best that they will do is to refund the €4.44 irregular a/c fee that I was charged for an unauthorised overdraft then there is no way I am staying with them in the future.


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## orka (20 Jul 2012)

Time said:


> They can look forward to loads of claims in the courts in that case.


Court cases alleging what?  What is the loss you are claiming for?  If you have verifiable loss of earnings or extra phone bills as a result of standing in a queue, being on the phone etc., sure the courts will probably award you that.  But you need to demonstrate a real loss to sue somebody for something - I don't think you can just sue for being annoyed and being without your money for a few weeks when they eventually 'give' it back to you.  Most people have muddled through with no permanent damage to their finances or credit rating so really what do you think the courts can do for you?

People are astonishingly inert when it comes to changing banks - there'll be lots of huffing and puffing about moving banks but then Ulster will weigh in with something like free banking for 2 years so people will stay with the intention of 'definitely' moving in 2 years time - but by then they'll have calmed down and it will be such a hassle to move all the DDs etc. that most will stay put.

I've resolved to leave UB for my credit card a couple of times in the past when they have really annoyed me but I'm still here because I eventually calm down and can't be bothered organising the move.


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## elcato (20 Jul 2012)

I won't be moving. In fact I think we all should be thanking them for giving us a dose of reality of what can occur nowadays with over-reliance on technology. What we saw in the last few weeks was how everyone managed their affairs _pre_ 90's where there were no atm machines, you queued up in a branch for cash, you cashed cheques in certain placesd who knew you, you brought cash or travellers cheques on holidays, you allowed for the fact that at weekends your choices were limited. There were more than plan A and B if things took an unexpected turn. I think the ESB should be encouraged to strike and fuel importers should take a break. Then we all get a chance to see how we cope with that.


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## Time (20 Jul 2012)

orka said:


> Court cases alleging what?  What is the loss you are claiming for?  If you have verifiable loss of earnings or extra phone bills as a result of standing in a queue, being on the phone etc., sure the courts will probably award you that.  But you need to demonstrate a real loss to sue somebody for something - I don't think you can just sue for being annoyed and being without your money for a few weeks when they eventually 'give' it back to you.  Most people have muddled through with no permanent damage to their finances or credit rating so really what do you think the courts can do for you?


Embarrassment at being made leave behind a weeks shopping. People pointing at you and staring thinking "that man has no money". I am sure a clever barrister would make a defamation case out of it.


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## orka (21 Jul 2012)

Time said:


> Embarrassment at being made leave behind a weeks shopping. People pointing at you and staring thinking "that man has no money". I am sure a clever barrister would make a defamation case out of it.


What defamation though? What slur on your character occurred? Does having no money/being poor mean you are a bad person/of bad character? I'm sure it was very unpleasant and embarrassing but it's not like being accused of shoplifting which is obviously a major slur on a person's character if untrue. And Ulster Bank's problems were well known to shops etc. - when my credit card was refused, I just made some comment about how crap Ulster Bank were and that was that. I find it bizarre that people pointed at you (really? people? more than one person?) - but that says more about their character than yours...


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## marfsmal (23 Jul 2012)

Didn't they issue a statement to the press early last week saying they hadn't lost any customers as a result of the recent problems?


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## Time (23 Jul 2012)

They did. 

It is only true because they would not allow anyone to actually close their accounts.


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## Ceist Beag (26 Jul 2012)

Given things seem to be back to normal for almost everyone for the past week or so I was expecting Ulster Bank to have announced something on how they will compensate people by now - has anyone heard anything or noticed any form of compensation in their accounts? I had my U-First fee waived for last month (even though I haven't actually been informed by UB that this was done in response to the mess, I'm just assuming it was!), has anyone else had any compensation applied to their accounts? The longer it goes on without any announcement the more sceptical I become that UB intend to do nothing more than reimburse anyone who was hit with fees or interest charges as a result of the fiasco.


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## gillarosa (26 Jul 2012)

They appear to have forgiven and forgotten......themselves, I made a payment to my UB cc on-line last week, managed to take the money from my account but it hasn't reached credit card account, so they charged me late fee and interest, hillarious!


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## ANORAKPHOBIA (26 Jul 2012)

elcato said:


> I won't be moving. In fact I think we all should be thanking them for giving us a dose of reality of what can occur nowadays with over-reliance on technology. What we saw in the last few weeks was how everyone managed their affairs _pre_ 90's where there were no atm machines, you queued up in a branch for cash, you cashed cheques in certain placesd who knew you, you brought cash or travellers cheques on holidays, you allowed for the fact that at weekends your choices were limited. There were more than plan A and B if things took an unexpected turn. I think the ESB should be encouraged to strike and fuel importers should take a break. Then we all get a chance to see how we cope with that.


 
Why don't we just revert to living in caves and be done with it?


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## shoestring (26 Jul 2012)

My account seems to be flying again and no issues since the beginning of last week. I wonder they forgive and forget themselves??


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## McGann (26 Jul 2012)

*salary from 22 june 2010 still not credited to my UB account*

just wondering if people are still waiting for transfers into their accounts.

my weekly salary from 4 weeks ago still not credited to my account and utility bill amount did not reach utility company- I am absolutely furious at the half hearted "we apologise for the inconvenience but it will be fixed in due course" speach I receive on the phone originally from the helpline and now from complaints handling centre.  My account is in the red by 400 euro & rising.   UB staff don't take your name, make any effort to check my account.   Im fit to be tied at the minute.  To be honest I had no interest in compensation but at this rate my blood pressure is hitting the roof it will take more than 100 euro to get it down to normal again.


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## Time (26 Jul 2012)

Complain in writing. Request a final response time.


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## McGann (26 Jul 2012)

I wrote to financial ombudsman who referred my complaint to UB, also to my own branch. I received a call from complaints handling centre and they have asked for 10 days to investigate, may ask for more if they need more time.  I completely understand the technical problems they are having, what disgusts me is their attitude when speaking to them on the phone - they practice what they are going to say to customers but when you ask them questions they have a cheeky reply.  All I want is my salary.


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## Kev (29 Jul 2012)

RBS is under the same umbrella as Ulster bank and about 3 weeks about weeks ago there was a huge mess up in the UK with RBS which is my and my RBS debit card was stopped while shopping, but nobody pointed at me.  

I moved to the Halifax and I go £100 for moving my account to them as they wanted to attraced now customer as they open new branch. I also get £5 a month if I depost it 1k a month with them. 

RBS is the process of moving some of there customer over to Santander bank If custome did not inform RBS that they did not want their account to be moved to Santander then the bank did it automatically.


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## Kimmagegirl (29 Jul 2012)

Still no bank statement. I had to insist that they dump a screen and send it to me in the post. Customer service did not want to do this but when I finally contacted the branch they obliged.


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## suemoo1 (31 Jul 2012)

Any one hear anything yet about their compensation, just interested to hear what its going to be?


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## McGann (31 Jul 2012)

no and I reckon it wont be any time soon


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## kceire (1 Aug 2012)

suemoo1 said:


> Any one hear anything yet about their compensation, just interested to hear what its going to be?


 

I posted this in the other thread :



kceire said:


> Just got a call from UB Complex Quieries Dept.
> Basically they are now working on a compensation policy and are awaiting approval from the Irish Regulator at present.


 
I was told it would be available in the next few days/week.


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## Knuttell (3 Aug 2012)

> But banking experts have said that if each of the 600,000 affected by the shutdown of the bank's payment system only got €100 it would cost at least €60m. *
> The bank is now understood to be recoiling at the cost of such a scheme.
> *
> http://www.independent.ie/business/...er-award-for-those-hit-by-glitch-3188762.html



Looks like UB are attempting the Banking worlds equivalent of a hit and run...

...Doubt many will be surprised at this weasely carry on.


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## Time (3 Aug 2012)

The regulator will not allow that to happen.


> The Central Bank wants Ulster Bank to write to all its affected customers and outline how it is going to refund and make a payment to them, rather than have them apply for compensation.


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## Knuttell (3 Aug 2012)

Time said:


> The regulator will not allow that to happen.



I have very little confidence in Regulators in this Country,the hinges are still hanging off the stable door as far as I am concerned and there are a few lads standing round caps lifted scratching their heads in puzzlement wondering how to fix it with a roll of tape and some blutac.

We shall see,fingers crossed.


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## kceire (17 Aug 2012)

Anybody get a call about compensation yet?
I just did.

UB are still in talks with the regulator and consumer assiciations etc in regards to a universal offer, but they are trying to narrow down the field or list of disgruntled customers by offering cash compensation offers.
I wont say how much i was offered, and i was very very lightly affected by the whole fiasco tbh, but im happy to accept it.
Just hope im not shooting myself in the foot for a future universal offer, but in fairness, i dont want to be greedy either.


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## shoestring (17 Aug 2012)

How were you contacted, post or phone?


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## Eithneangela (17 Aug 2012)

While I lost access to my accounts, and transactions were there one day and gone the next, I've scrutinised everything, including interest payments on my UB Visa CC account, and all is well (they refunded interest charged which should not have been - it was fairly minimal as I pay off my CC every month). So, I think overall I'm not going to look for any compensation for the inconvenience of not having pensions paid in to the account in time for payment of mortgages etc. I'm back online, I'm up-to-date and the balances are finally accurate.


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## Grizzly (18 Aug 2012)

My other half paid her Ulster Bank Credit Card payment on time in July but the payment was not lodged in to the account for over 10 days. She was charged €7 in interest and told that this would be refunded "probably" by the time she received her next bill.
Next bill arrives. No sign of refund of €7 interest charge and to make matters worse she was charged €3 interest on this bill. This I thought very strange as she had made her payment on time and it was processed on time but interest penalty was still charged.
Made another phone call. Usual lip service apology. Said they would refund there and then. When pressed for refund of time and phone calls she was offered €5 compensation. Not good enough.
So far our current account, fixed term deposit account and credit card all messed up. About 2 hours on the phone trying to sort out various mess ups.


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## kceire (20 Aug 2012)

shoestring said:


> How were you contacted, post or phone?


 
Phone call from UB Complaints Handling Centre, George Quay.


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## McGann (21 Aug 2012)

What really got me in the end was the lack of interest I experienced from staff in regard to answering my questions - and that includes the complaints handling department.  Not one person I spoke to on phone actually looked at my account while I on was on phone to them and one person in Complaints handling asked me why would my account be in arrears.   It was very frustrating and am very reluctant to continue direct debit of my salary.
In my case Electric Ireland received their payment 4 weeks later.  a Salary from 22nd June didnt reach my account until 5 weeks later which meant that Two mortgage payments were debited in space of 14 days which left my account in arrears.  

Todate I have received two letters from UB CH to give them more time to investigate - no phone call yet

McGann


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## pudds (24 Aug 2012)

One can't help getting the feeling that the longer time goes by the less chance we ordinary Joe Soaps have of getting even a sausage.

I've seen _death_ move quicker than this!


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## shopkeeper (24 Aug 2012)

Either way I reckon if any compensation does materialise, it will have to be after all the current issues have been resolved.  It seems to me that there are a few lingering problems yet.....


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## kceire (27 Aug 2012)

pudds said:


> One can't help getting the feeling that the longer time goes by the less chance we ordinary Joe Soaps have of getting even a sausage.
> 
> I've seen _death_ move quicker than this!


 


shopkeeper said:


> Either way I reckon if any compensation does materialise, it will have to be after all the current issues have been resolved. It seems to me that there are a few lingering problems yet.....


 
Ive been offered, accepted and received compensation already!
Got it last Monday.

Have any of you guys wrote a letter of complaint to your bank/Head Office Complaints Dept?


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## McGann (28 Aug 2012)

Kceire, were you affected hugely by the technical difficulties?

I wrote to Financial Ombudsman - who past my complaint onto UB Complaints Dept. and they have written two letters asking for more time to investigate.

McGann


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## DB74 (28 Aug 2012)

kceire said:


> Ive been offered, accepted and received compensation already!
> Got it last Monday.
> 
> Have any of you guys wrote a letter of complaint to your bank/Head Office Complaints Dept?



Can you give more information please?

Did you write to UB to complain? How much were you offered etc etc?


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## Bronco Lane (28 Aug 2012)

I received a letter of apology stating that my complaint would be fully investigated and responded to within 10 working days. Guess what?  10 working days have passed and no response yet. No doubt I will get a further letter of apology on top of the other letter of apology already received.


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## Brendan Burgess (31 Aug 2012)

The scheme has now been published and is being discussed in this thread: 

http://www.askaboutmoney.com/showthread.php?t=172036


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